Revolut launches Revolut Junior, a safe and easy way for parents and guardians to teach kids essential financial skills for life. Kids and teens need to learn about money, then who better to teach them than you?
Revolut, one of Europe’s biggest fintech (financial technology) firms and the online-only bank, which claims more than 10 million users worldwide, has launched a “money management” product for children, which can be monitored by parents via the app. The accounts will come with their own bank card for the child to use.
What is Revolut Junior? 👪
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, but for added security and peace of mind, it’s owned and controlled by you. Right now, Revolut Junior is available to Premium and Metal customers in the UK.
Revolut Junior is more than just a pocket money account. It’s a way for kids to learn about saving and budgeting — because let’s be honest, they’re not learning it in school!
Revolut Junior at a glance:
– Available for kids aged 7-17
– Can only be set up by a parent or guardian with an existing Revolut account
– Funded by a parent or guardian from their main Revolut account
– Parent or guardian can control Junior account holder’s security features
– Instant notification to parent or guardian’s phone when Junior card is used
– Great way for young people to develop essential money knowledge
– Card details printed on the back of the card, to reduce risk if card is shown on social
– Built with relationships in mind 🙌
Money is an important part of any child or teen’s life, whether it’s pocket money or a part-time job. But few young people are taught how to manage their money. Imagine giving them the tools to develop greater financial sense, with resources your younger self probably never even imagined.
With Revolut Junior, young people get the freedom to spend both offline and online (fully customisable by the parent), and the parent gets the peace of mind of being able to see where their money goes. That, plus those essential saving and budgeting skills.
It’s all about starting conversations around money. Revolut Junior is the starting point for you to help them grow up feeling confident about their money.
How to set up Revolut Junior 👨🦰
Setting up a Junior account is simple:
=> Open your Dashboard in the app and tap on ‘Junior accounts’
=> Fill out the information for the child or teen who will be using the account
=> Order a Revolut Junior card for them
=> Add money to their Revolut Junior card from your account
Optional Revolut Junior app 📱
If they have a mobile device, they can download our special Revolut Junior app by scanning a QR code displayed on your phone. However, their card will still work even if they don’t have a mobile.
Where freedom meets security 🐣
In addition to teaching healthy money habits, Revolut Junior is a great way of handing kids plenty of financial freedom, within safe boundaries. Take card controls, for example. As the parent or guardian, you’re in control of how and where the Junior card can be used. Plus, only you can add money to a Junior account. You can do this via your own Revolut account.
Tracking and transaction alerts 🧐
With the freedom of a Revolut Junior account also comes the need for tracking. You’ll be able to see where they spend, directly from your own Revolut account. We’ll also send you transaction alerts whenever they spend, and by default, Junior cards cannot be used at certain age-restricted merchants.
This kind of trust and respect is central to Revolut Junior, and we hope that by giving you the tools to lead the way, that you’ll help them to grow up smarter about their money.
Real account, real responsibilities 💪
When it comes to money, no young person wants to be treated like a kid. Revolut Junior gives them the opportunity to handle their money like an adult.
That said, they’re probably still going to show off their new Revolut card on social media, which is why we’ve taken the extra security precaution of putting their card number on the back, out of sight.
Money management for the whole family 👨👩👧👦
Revolut Junior that means gaining the convenience and security of managing their money, from the same place you manage your own. It’s about ease and peace of mind, and about using technology to bring the family together.
In the coming months Revolut will 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. They also plan on introducing Revolut Junior outside of the UK, too.
Revolut was founded in 2015 and has added features like cryptocurrency trading and savings products to its app over the years in an effort to become profitable. However, Revolut’s losses doubled in 2018 to £32.8 million ($42.4 million).
Source (including pictures): Revolut blog