The Copper Debit Card and App is a service that’s designed to boost financial literacy amongst teens. It comes complete with a range of quizzes and quality content that aims to boost young people’s money management skills. Also beneficial for users are the various inbuilt savings tools. Copper Banking, the team behind the facility, say around 25% of teens aren’t receiving any financial education at home. The app has been designed to help young people make smarter financial choices. One of the biggest draws of the app is that it is free to use, unlike many other services that will charge you a monthly fee.
Copper was formed in 2019 and is based in Seattle. It was designed to provide “tremendous value to teens and their parents and that would drive real positive financial outcomes”, according to Copper. Copper is a fintech company rather than a bank, despite what many people presume. It is a partner of Evolve Bank & Trust, with this partnership allowing Copper to provide banking services. Another reason why so many families are using Copper is that many banks are still failing to offer an account that’s specifically designed for teens.
👨🏫 How Does The Copper Debit Card and App Work?
The Copper debit card comes with various features that benefit not just kids but their parents too. The app allows your kids to set up savings buckets. It also comes complete with automatic savings tools which may help them meet their targets quicker. Copper also enables parents to set up allowances and start recurring transfers. Parents can monitor their teens spending to ensure they are happy with where the money is going. They can also transfer money instantly through the app, which is great for emergencies in particular.
Another benefit of Copper is that spending can begin before the physical card arrives. The vast majority of retailers accept Mastercard, which makes the service incredibly convenient. The virtual card can be used as soon as parents have added funds to the account. The card can be linked to Apple Pay and Google Pay. Parents can be notified whenever a purchase is made.
⚙️ Key Features of The Copper Debit Card?
The educational features that have been built into this service make it particularly popular amongst parents wishing to educate their kids financially. The accounts are FDIC insured and come with Mastercard debit cards that can be used not only online but in stores and with Apple Pay too. Money can be divided into different savings buckets. These buckets can be used for different purchases and things kids are saving towards. Kids can also set up shared goals with their friends and family members.
💷 How Much Does The Copper Debit Card and App Cost?
There are no fees to use Copper. This elevates it above various other prepaid cards for teens, some of which charge for ATM usage and require a monthly maintenance fee. You don’t need a minimum balance to get started with Copper.
📱The Copper App
The app is pretty straightforward to use and has been designed with parents and kids’ needs in mind. Many parents are opting for this financial service as it comes with so many interactive, educational quizzes and videos. Kids can even earn money for watching videos and correctly answering a few questions about them afterwards.
🔒 Is The Copper Debit Card Safe and Secure?
Copper comes with round-the-clock fraud monitoring to protect your kids and their money. You can expect the same kind of encryption and protection that you’ll get with a conventional adults’ account.
👍 Advantages of The Copper Debit Card and App
Comes with a Mastercard debit card
Kids can withdraw cash
Copper charges no ATM fees
Various educational tools
👎 Disadvantages of The Copper Debit Card and App
Low interest rates – just 1 cent for every $1,000 saved
Retailers may charge for cash deposits
The Copper Debit Card and App comes with a range of benefits and drawbacks. The low interest rate has proved off-putting for some. You’ll only earn 0.001% APY with Copper, whereas other teen accounts generate up to 0.25% APY. Nonetheless, many parents are opting for Copper due to the host of educational tools that have been built into the app.
Another good reason for choosing Copper over many of its competitors is that it allows you to earn rewards when your friends or family members sign up. Sometimes, rewards are unavailable but you’ll be given a notification if there is a chance to earn a reward. To refer someone to Copper, you can use a referral link sent to you by the bank.
If you want to get in touch with the team at Copper, you can send an email to email@example.com. You can also reach them via social media. Copper can be found on platforms including LinkedIn, Instagram, Twitter, Facebook, Snapchat and Tik-Tok.
It’s commonly said that many teens in America lack the financial education they need to make sensible monetary decisions. Personal finance skills are still rarely taught in high school, which means it’s often left to parents to teach their kids the money management techniques they need to prosper in life. The Copper Debit Card and App have been designed to address this and give parents more control over their kids’ spending. If a child wants to sign up for the Copper Debit Card and App, they will need approval from a parent or guardian.
The nature of the modern world and the rise of contactless payments has made it very sensible for families to embrace digital banking. Parents can send money for allowances, emergencies and more immediately without losing visibility on how and where money is being sent. Families can take a lot of kids’ spending history to assess spending and saving habits, identifying areas where improvements could be made. Positive financial behavior can also be identified and rewarded.
If you’re a parent who wants to give your child more financial freedom without losing visibility, and you want to teach your offspring valuable money management skills at the same time, Copper may be right for you and your family.