Money is an essential part of any child’s or teen’s life, whether it’s pocket money or a part-time job. Every parent wants to see their kids grow independent financially! Teaching them about money while they are young by opening a savings account is a better way to help them become more financially responsible.
In this regard, Revolut, the London-based digital bank brand has launched a new app — Revolut Junior — to teach kids essential financial skills for life easily and securely. Revolut Junior is a Revolut account for young people aged 7-17. It gives them the freedom to manage their money and build essential financial skills. Right now, Revolut Junior is available to Premium and Metal customers in the UK.
Ground rules!
Revolut Junior account can be set up by a parent or guardian with an existing Revolut account. Either parents or guardians can control the junior Revolut account security features. It’s worth mentioning that instant notifications are sent to parent’s phones when a Junior card is used. With Revolut Junior, young people get the freedom to spend both offline and online (fully customisable by you).
How to set up Revolut Junior
Step 1: Open your Dashboard in the app and tap on ‘Junior accounts’
Step 2: Fill out the information for the child or teen who will be using the account
Step 3: Order a Revolut Junior card for them
Step 4: Add money to their Revolut Junior card from your account
As per the company claims, Revolut Junior is a great way of handling kids plenty of financial freedom, within safe boundaries, in addition to teaching healthy money habits. In terms of security, parents or guardians will be able to see where they spend directly from your Revolut account.
Revolut in their official blog:
Revolut Junior launches with plenty of great features, but you know us, we’re always looking ahead. In the coming months, we’ll introduce additional budgeting features to Junior, setting up a recurring weekly allowance, as well as the opportunity for kids to create vaults, to help them save for their goals and passions. We also plan on introducing Revolut Junior outside of the UK, too.
Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. This UK fintech startup offers a prepaid debit card, currency exchange, and peer-to-peer payments. It is on a mission to build a fair and frictionless platform to use and manage money around the world.
It is on a mission to build an open and frictionless platform to use and manage money around the world. To date, Revolut has raised €736 million in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global.
Main image credits: Revolut
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