Children have little to no concept of money, let’s be honest, a majority think it grows on trees. However, teaching them to learn about responsible spending and budgeting from a young age helps build healthy money and good habits. It’s a skill that will last a lifetime.
As parents, it is essential we teach children the value of money and how to manage their spare change effectively and now thanks to the launch of the new Revolut Junior account, parents can help build a foundation for financial independence using a prepaid card that you have full control over.
The money management app originally introduced the safe and easy app back in May. However, it was only available to fee-paying customers using Premium or Metal accounts.
Those with a premium account could have two junior accounts, while those with the metal plan were allowed to have up to five junior accounts with no monthly top-up limit and an annual limit of €4000.
This summer they have rolled out the service to all Revolut users allowing parents with a free, standard account to have one Junior account attached, with a monthly top-up limit of €40.
The new Junior account suitable for children aged seven and to sixteen allows children to have their own contactless card and for peace of mind, parents can manage all aspects of their account using their own Revolut account.
The main feature of the app allows parents to be in the know, meaning what goes in and what goes out is controlled by you. Only you can add money to a Junior account, and you can send it in a few taps anytime and for free.
Additional distinctive features have ensured age-restricted Junior cards cannot be used with certain merchants and allows parents to set custom rules both online and when using contactless payments. Then when a card is used, parents get an instant alert with information on where they spent it and how much.
To sign up for a free Revolut Junior account for your child, order their prepaid card directly from your Revolut account in just a few simple steps and teach your kids money skills for life. The card is free however delivery to anywhere in Ireland is €5.99.