Are you a fan of Revolut when it comes to your day-to-day banking needs? Then why not for your little ones too...
Revolut, now a household name, is one of the most convenient banking apps currently available, used by Gen X and Millennials alike.
Back in May Revolut stepped it up a notch when the global fintech launched Revolut Junior, the money management app for kids, but only for customers subscribing to its paid Premium or Metal accounts.
As from today, however, customers who are signed up to Revolut’s free or standard account will be glad to know they can now avail of Revolut Junior for their child for free.
To find out more read on!
What is Revolut Junior?
Revolut Junior is a money management app designed by Revolut for children between the ages of 7-17. Its purpose is to instil and reinforce good money habits from a young age.
The account for kids is made up of three distinct features:
- A Revolut Junior app
- A Revolut Junior contactless card for kids
- A specially-designed section in the existing adult Revolut app, allowing parents and guardians to manage their child’s spending
Today's announcement means that standard or free account holders can now set up a Revolut Junior account for their child - one per account. There will also be a €40 top-up limit per month.
The account comes with its very own contactless payment card (€6 delivery charge) for the child to use, allowing them to make contactless, chip & PIN or online payments - but fully overseen and controlled by their parent or guardian.
Kids don’t need the Revolut Junior app to use their card. Parents only have to top it up with funds whenever they want and away they go.
The Premium plan currently allows for the creation of two Junior accounts, while the top-tier Metal plan allows for five Junior accounts linked to it. Both of these paid plans have no monthly limit, however there is an ‘annual top-up ceiling’ of €4,000.
The paid Revolut accounts also have some new features by way of 'tasks' and 'weekly allowance'. The tasks feature allows parents to set chores and goals for kids for a reward after completion, while the weekly allowance enables parents to set up an automatic payment to the Junior account every week.
Free doesn’t allow for this at the moment, unfortunately.
Regardless of your account type, parents will be able to top up a card remotely and oversee spending, as well as the following:
- Switch on/off the ability to make online purchases
- Prevent/allow ATM withdrawals
- Switch on/off contactless payments
- Receive in-app notifications every time the child’s card is used
- If the child has trouble remembering their PIN, their parent or guardian can get a reminder in the app
Aurelien Guichard, Product Owner for Revolut Junior said:
“Helping children develop financial skills is what drives us, so we’re proud to make Revolut Junior available to all our clients in Ireland. Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians.
"We have also noticed that many shops, cafes and restaurants have switched to cashless payments only during the pandemic. This means that children, who are traditionally given pocket money in cash, can be financially excluded. We believe Revolut Junior cards will tackle this problem and allow children to pay contactless and use their pocket money in a safe and secure way, overseen by their parent or guardian."
The world is currently still undergoing a global health crisis with Covid-19 and is forcing many businesses in Ireland to re-open on a cashless basis. Not only does this have a direct impact on adults, but children too.
Having an alternative to cash for your child to use, like their own card, can be the perfect way for parents to get around the edge towards a cashless society.
Not only can it be useful for kids during the public health crisis not having to worry about not being served, but also when they eventually go back to school and start buying their lunches, or simply go for a coffee with their mates.
As highlighted above another clear advantage for parents is retaining the ability to control their child’s spending and making sure they don’t go without. And if the child's card is lost or misplaced parents can temporarily or permanently disable the card, just like with an adult account.
Being able to switch on and off the ability to make purchases is another big plus for parents, and when coupled with in-app notifications will be invaluable in helping to make sure your child isn’t overspending when it comes to their weekly allowance.
Additionally, and as an added safety feature, Revolut has made sure to print the child’s card details on the back of the card in order to reduce risk if the card somehow appears on social media.
The clear drawback for free account users is the €40 cap on the monthly top-up amount allowed, which restricts parents to an allowance of just €10 per week.
So, if you have a slightly older child or a teenager, this weekly amount might not be enough to keep them going every 30 days, especially if they live in a bigger, and more expensive, town or city.
Being able to create only one account could also be an issue for parents with more than one child. However this is probably part of a strategy to get users to sign up to Revolut Premium or Metal in the weeks and months ahead. Watch this space, as they say.
Stay in touch
Have you already signed up to Revolut Junior? We'd love to hear what you think! Get in touch by leaving us a message in the comments section below.