The New York-based company’s banking platform is designed to encourage “open and honest” discussions between parents and their kids. Till Financial describes itself as a collaborative family financial tool that aims to empower kids to become smarter spenders. If the youngster desires a big ticket item, parents or guardians can agree to meet them halfway and have them save up a portion of the cost as a Goal.Ĭhildren can track, “earn”, and manage their allowances while their parents will be able to add and withdraw money, utilise security features such as the ability to freeze/unfreeze the Junior card, and appoint a Co-Parent to give another adult the ability to control the Junior account.Today’s children and teens want more power and control over their spending.Īnd while there are a number of financial services and apps out there aimed at helping this demographic save and invest money (Greenlight being among the most popular and well-known), one startup is coming at the space from another angle: helping younger people also better manage their spend. When the child checks off the task as “complete” on their Revolut Junior app, parents simply have to acknowledge this on their own Revolut app and the promised reward is transferred to the Junior account.
Using this feature, parents can assign a task and corresponding e-money reward to their child. Revolut Premium and Metal customers will have access to additional features on the Revolut app, such as “Tasks” and “Goals”, to inspire their children to work towards and save up for a goal.
Revolut said that its customers will be able to draw parallels between the money deposited in their child’s Junior account and their own salary credits, to educate their children on the importance of earning and managing money, and demonstrate the concept of opportunity cost.Īdditionally, Revolut’s digital money tools have been adapted to make learning fun for youngsters. They will also be able to order a specially designed Revolut Junior Visa debit card for their child or ward.
Revolut Standard customers can set up 1 complimentary Junior account, Revolut Premium customers can set up 2 complimentary Junior accounts, and Revolut Metal customers can set up 5 complimentary Junior accounts.
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