Mazoola Review

Is the Mazoola app and virtual debit card safe? Find out how to use Mazoola to teach your kid about financial responsibility.

Virtual debit cards are convenient and widely accepted.

But is a virtual-only debit card the right choice for your kid?

Mazoola is a banking app that offers a free virtual debit card for families. Kids can set savings goals and earn an allowance by completing chores.

In this review, find out if Mazoola is right for your family. Plus, see how it compares to top competitors like FamZoo and Jassby.

What is Mazoola?

Mazoola is a virtual debit card for kids and teens. The account is completely free to use, with no monthly fees or overdraft fees.

Mazoola was founded in 2008 with children's privacy in mind. The app takes extra steps to keep your kid's information safe. Mazoola has been certified by a third-party company to comply with the Children's Online Privacy Protection Act (COPPA).

Mazoola Key Features

Parents can open a Mazoola account for kids of any age. Here's what you can expect when you open an account for your family.

Mazoola Virtual Debit Card

The Mazoola virtual debit card is completely free, but it comes with some trade-offs. Mazoola doesn't issue physical cards. Kids can only use their card online or in-store by adding it to Apple Pay or Google Pay.

This means you're limited to stores that take contactless payments. There's also no way to withdraw cash. You can't access ATMs or receive cash back at the register.

Mazoola could be a good option if most of the stores near you take contactless payments. Otherwise, it might not offer enough functionality for everyday use.

Mazoola App for Parents

The Mazoola app gives parents a good deal of control over their kid's spending. It offers a basic set of features you'll commonly find in other banking apps for kids.

With the parent app, you'll be able to:

• Add funds to your child's account
  
• View balance, transactions, and savings goals
  
• Set purchase limits, approve retailers, or lock spending
  
• Assign chores and allowance amounts
  
• Get account alerts and notifications

The parental controls are pretty extensive. You can get full insight into your kid's spending and saving habits. You can set purchase limits, approve certain retailers, or lock spending altogether.

Assigned chores allow your kid to earn an allowance. Each time a chore is completed, your kid will get paid the amount you set. You can set up daily, weekly, and monthly recurring chores.

Mazoola App for Kids

The kid's version of the Mazoola app offers fewer features than the parent app. Kids are basically limited to transferring money, creating savings goals, and completing chores.

Mazoola encourages kids not only to save for personal goals like new shoes or video games, but it also allows kids to fundraise for charities. If you want to instill the importance of charitable giving in your kid at a young age, this could be a great option.

However, the app lacks educational content for kids. If your child is pretty new to managing money, you'll have to put in more effort to teach them the ropes.

Mazoola Privacy Features

Mazoola takes children's privacy seriously. The company is certified by a third-party organization to comply with the Children's Online Privacy and Protection Act (COPPA).

Mazoola doesn't save, store, share, or sell your kid's private information.^[1]

Mazoola Fees to Look Out For

The Mazoola app and debit card are truly free to use.^[2]

There are no monthly fees or service fees. If the account balance drops below $0, transactions won't go through. So, there are no overdraft fees.

There's no minimum deposit required when you sign up. But there is a $20 minimum to transfer money from your bank to your Mazoola account.

Mazoola Customer Service and Reviews

Mazoola offers a few ways to contact customer service if you need help. Through their website, you can send a message or request a callback. The support team is available Monday - Friday, from 9:00 am - 5:00 pm EST.

If you need banking support, you can contact their partner Synapse:

• Phone: 415-688-2943
  
• Email: help@synapsefi.com

The Mazoola app has a rating of 4.2 out of 5 on the Apple App Store and a rating of 3.9 out of 5 on the Google Play Store. The number of reviews at both stores is pretty low. There are only 62 reviews on the App Store and 400 reviews on the Google Play Store.

Customers mention the app can be quite buggy. Some customers report difficulty with linking bank accounts and making transfers. But overall, customers seem to like the app and its privacy features.

Pros and Cons

Still on the fence about Mazoola? Review these pros and cons for a quick takeaway.

Pros

• No monthly fees or service fees
  
• No minimum age requirement
  
• Virtual debit card can be used right away
  
• Kids can earn allowance through chores
  
• Good security measures/parental controls

Cons

• No physical debit card
  
• No ATM access
  
• Can't withdraw or deposit cash
  
• No educational content
  
• Negligible interest rate (0.001%)^[3]

How to Open an Account with Mazoola

Opening a Mazoola account is simple. Parents can open an account for any child, with no age limit.

Here's how to get started:

1. Visit Mazoola, the App Store or Google Play, to download the app.
   
2. Sign up for an account through the app.
   
3. Provide your personal info and choose a password.
   
4. Confirm your account.
   
5. Link your bank account or credit card.
   
6. Complete your child's account.

Mazoola doesn't perform a credit check when you open an account. But they do need to confirm your identity. Be prepared to provide information like your name, email address, chosen password, the last 4 digits of your Social Security number, and bank account information.^[4]

How It Compares

You have plenty of options when it comes to kid-friendly banking. Check out how Mazoola stacks up against other banking apps for minors, like FamZoo and Jassby.

Mazoola vs. FamZoo

FamZoo is a good option if you want a physical debit card, plus a ton of extra features. The FamZoo card can also be added to a digital wallet so you can also use it like a virtual card.

	Mazoola	FamZoo
Minimum Age	No minimum age requirement	No minimum age requirement
Savings	Create savings goals; 0.001% APY	Parents can set up a custom interest rate to encourage kids saving
Checking	Virtual debit card only for contactless payments with Apple Pay or Google Pay	Prepaid debit cards for multiple kids
Monthly Fee	$0	$5.99 per month, OR $25.99 for 6 months $39.99 for 12 months $59.99 for 24 months
Kids Debit Card
Minimum Deposit to Open	$0	$0
Mobile App	iOS & Android	iOS & Android
ATMs	No access to ATMs	Any ATM, but the ATM owner may charge a fee.
	Learn More	Visit Site
FamZoo: Pricing information from published website as of 05/01/2022

Parent-paid interest teaches kids about compound interest. All you need to do is set an interest rate and frequency. You can also bill your kid for monthly expenses and set up loans that accrue interest over time. These are great tools to teach your kid about real-life money scenarios.

A subscription with Famzoo will set you back $5.99/month. Or, you pay in advance up to 24 months for the equivalent of $2.50 per month.^[5] The subscription includes 4 free cards, so the price isn't too bad if you need a debit card for several kids.

FamZoo Prepaid Card for Kids and Teens

• Order Online
• No Credit Check
• Try for Free

Your funds will be held at SouthState Bank, an FDIC-insured institution

Click Here to Learn More

Mazoola vs. Greenlight

Greenlight is a banking app and debit card that offers some impressive features. There's no minimum age to use Greenlight, and it offers age-appropriate education content for kids at any age.

	Mazoola	Greenlight
Minimum Age	No minimum age requirement	No minimum age requirement
Savings	Create savings goals; 0.001% APY	2% savings reward (3% for Greenlight Max, 5% for Greenlight Infinity) on an average daily savings balance of up to $5,000 per family
Checking	Virtual debit card only for contactless payments with Apple Pay or Google Pay	Debit card up to 5 kids. Greenlight Max and Infinity plans also earn 1% cashback on purchases
Monthly Fee	$0	Greenlight Core: $5.99 per month Greenlight Max: $9.98 per month Greenlight Infinity: $14.98 per month
Kids Debit Card
Minimum Deposit to Open	$0	$1
Mobile App	iOS & Android	iOS & Android
ATMs	No access to ATMs	Any ATM with a Mastercard, Visa Interlink or Maestro name or logo. But the ATM owner may charge a withdrawal fee.
	Learn More	Visit Site

The monthly fee covers up to 5 children and debit cards per family. There are 3 pricing tiers to choose from:^[6]

• Greenlight Core ($5.99/mo.)
  Includes kids' debit card, basic banking, educational content, parental controls, financial literacy games, credit card for parents, investing for parents with limited features, and 2% savings reward.

• Greenlight Max ($9.98/mo.)
  Adds an investing platform and research tools for kids and parents, priority customer support, protection plans, cash back on purchases, and 3% savings reward.

• Greenlight Infinity ($14.98/mo.)
  Adds family location sharing, crash detection, SOS alert, cash back, and 5% savings reward.

Greenlight is a good alternative if you want better parental controls and investing capabilities. Investing is an important financial concept that often gets overlooked with other banking apps for kids.

Greenlight Debit Card for Kids

Click Here to Get Started

Mazoola vs. Jassby

Jassby is very similar to Mazoola. It offers a virtual debit card and app with chores, allowances, and parental controls.

	Mazoola	Jassby
Minimum Age	No minimum age requirement	No minimum age requirement
Savings	Create savings goals; 0.001% APY	Create savings goals; no APY
Checking	Virtual debit card only for contactless payments with Apple Pay or Google Pay	Digital and physical debit cards; Supports up to 6 people per family
Monthly Fee	$0	$5.95 per month
Kids Debit Card
Minimum Deposit to Open	$0	$0
Mobile App	iOS & Android	iOS & Android
ATMs	No access to ATMs	No access to ATMs

The app gives kids a Financial Literacy Score based on their money habits. Higher scores get higher rewards points, which can be redeemed and transferred to their Spending account.

Because Jassby doesn't allow ATM access, you might run into similar problems with both platforms. This can be an issue if your kid needs to withdraw cash. Unlike Mazoola, you can request a physical card that can be used anywhere Mastercard is accepted.

Bottom Line

Mazoola is a solid, free virtual debit card for your child. The biggest drawback to Mazoola, or any virtual card, is that it limits you to contactless payments only. This makes it a better choice for tech-savvy kids and families.

Want to check out more options for your child? Check out this comparison of the top 10 debit cards for kids.

References