Revolut Junior Review

 



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REVOLUT JUNIOR

BACKGROUND INFORMATION

FOUNDED: 2013

FCA: 764292

CURRENCIES: GBP

ATM WITHDRAWALS: YES

PARENTAL ALERTS: YES

PRICE: £6.99 - £12.99 per month

APP: iOS & Android

CUSTOMER SUPPORT: Live chat

IBAN: NO

MONTHLY FEE: YES

TRANSFERS: NO

LOADING OPTIONS: Main Revolut Account

CARD DELIVERY CHARGE:  FREE

What is Revolut Junior?

Revolut has long been the popular choice for people who are traveling and wish to spend in different currencies. With over 9 million customers worldwide they are rapidly changing the way people manage their money. In essence, Revolut is a fully functional bank account controlled directly from your smartphone. There are no physical branches unlike traditional banks. Revolut Junior is the latest offering which is designed to teach children and teenagers how to manage money. Parents have full control via the app which is available on Android and iOS platforms.

Revolut Junior is a simplified account for 7 to 17 year olds. As it stands, Revolut Junior is now ready to use for Revolut Premium and Revolut Metal users throughout the United Kingdom.

“Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with the help of parents and guardians. Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.” 

Head of Product – Revolut Junior, Aurelien Guichard

Revolut Junior Features

Here is a quick summary of the key Revolut Junior features:

  • Designed for minors aged between 7-17.
  • Parents can set up and control all Revolut Junior accounts directly from the main Revolut app.
  • Money can be quickly deposited into a child’s account by parents.
  • Full security control for your piece of mind.
  • Alerts can be configured to monitor Revolut junior expenditure.
  • Simple interface allowing children to develop good financial habits from a young age.
  • Card info purposely printed on the rear of all Revolut Junior debit cards in case it is shown on social media or sent to friends.

How Much Does Revolut Junior Cost?

In order to access Revolut Junior, you will need to be a Revolut Premium or Metal account. The cost is £6.99 and £12.99 respectively. This is actually a good price when you consider all of the features and benefits you get with these Revolut accounts. Take a look at the full feature list here.

Revolut Junior Safety and Security

As a parent or guardian, you can track activity of your child’s spending directly through your Revolut app. When a transaction is made, you will be alerted via a notification. You can also set up budgets to encourage your child to spend their money wisely.

It goes without saying that age-restricted transactions particularly online, are blocked giving you extra peace of mind.

One design feature which we are particularly impressed with, is the fact that Revolut have had the foresight to put the account details on the rear side of the Revolut Junior debit card. Why? Inevitably, younger people will want to show off their card to their friends by messaging apps or social media. This means that they can do so without any security issues!

How To Get Started With Revolut Junior

If you haven’t already got a Revolut Account then you can sign up here.

  1. Once you have the app installed on your phone, simply navigate to the section named “Junior Accounts”.
  2. Next, you will need to fill out the information for each child that will be using Revolut Junior.
  3. Once done the Revolut Junior debit card will be dispatched via mail and generally arrives within 5 business days.
  4. You can add funds to a child’s account directly from your Revolut app.

Depending on your preference, you can also issue a Revolut Junior app to your child. This enables young people to understand their spending habits and encourages good practices such as budgeting and saving money. To enable access simply have them scan the QR code from your account which will download and install the Revolut Junior app on their phone. Remember, you have full control at all times including limits and real time spending notifications.

Revolut Junior Advantages

  • The ability to use the card online and offline is particularly useful. Especially if you previously gave your child physical cash.
  • Through using the Revolut Junior app, children have a log of what they have spent. Seeing this visually helps to educate them about budgeting which is a very important life skill.
  • Money can be issued to a Revolut Junior account instantly. This is useful in emergencies for example if your child needs to get home urgently but has no money.

Revolut Junior Disadvantages

  • At present Revolut Junior is only available in UK
  • Some features are lacking for example the ability to allow your child to customise their debit card.

Should You Try Revolut Junior?

Debit Cards for Children aren’t entirely a new concept. Other companies such as GoHenry and Greenlight offer similar products. Feature wise, Revolut Junior may be lacking compared to competitors, but this is set to change very soon. Apart from helping educate your children about the value of money, Revolut Junior is incredibly easy to use and plugs in seamlessly to Revolut premium or metal which are equally very solid products. We recommend trying Revolut Junior and who knows, the entire family may end up using Revolut as their primary choice for daily spending!

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Revolut Junior
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