Copper Banking review
This new digital bank account for teens focuses on financial literacy and education.
finder.com’s rating: 4.0 / 5.0
★★★★★Copper Banking is a free digital checking account and debit card for teens with a strong focus on financial education. The mobile app features exclusive content and quizzes designed by Certified Financial Planners and other financial literacy experts. Plus, it has built-in savings tools to help your teen reach their financial goals. But the APY is only 0.001% — that’s one penny for every $1,000 you keep in the account.
$0 per month
Minimum deposit to open
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
One in four teens don’t receive any financial education in the home, according to Copper Banking. This digital bank account is best for teens and parents who are ready to rise above this statistic by learning how to make smart money decisions.Copper Banking is free to use, but its biggest perk is that it helps teens build financial skills through interactive quizzes in the mobile app. Your teen can also set up savings buckets and use automatic savings tools to reach their financial goals even quicker.
This account also has some attractive perks for parents. Adults can set up allowances and recurring transfers, monitor their teen’s spending and instantly transfer money through the mobile app. According to Eddie Behringer, Copper Banking CEO, Copper’s goal is to “not eliminate the role of the parent in the teen’s financial journey, but give them the resources and data they need to grow together as a family.”
The downside? Copper Banking earns a meager 0.001% APY. When we spoke to Behringer, he told us that they’ll increase the rate as soon as the fed rate increases.
But you’ll want to note that the 0.001% APY is way below the average rate of 0.06% for savings or 0.03% for interest checking accounts. Plus there are plenty of other teen accountsthat offer higher rates, such as Axos First Checking with 0.25% APY andAlliant Credit Union Free Teen Checking which earns up to 0.25% APY. But they don’t come with the same educational tools you’ll find with Copper.
How do I open a Copper account?
Sign up for a Copper digital bank account using these steps:
- Click Apply now.
- Enter your phone number to get a link to download the Copper Banking app for teens.
- Launch the app and hit How Does It Work?
- Select Let’s Do This.
- Enter your phone number and choose Next.
- Enter your security code.
- Select whether you’re a teen or parent.
- Enter your name, birthdate, email address and ZIP code.
- Follow the steps to invite your teen or parent.
Anyone can open a Copper Banking account for their teen when they meet these requirements:
- At least 18 years old
- Citizen, permanent resident or nonpermanent resident alien in the US on a valid long-term visa
- Valid Social Security number or tax identification number
- Existing checking account to link to Copper
You’ll need the following information when opening your account:
- Personal information for parent or guardian
- Personal information for teen
- Social Security number or tax identification number
- Login information for linked checking account
What are the benefits of a Copper bank account?Copper Banking has a mix of features you’d find in other teen checking accounts and prepaid cards. It’s FDIC insured, comes with a Mastercard debit card you can use online, in stores and in Apple Pay. Additional perks include:
- No fees. Unlike other teen accounts, this one has no monthly maintenance or ATM usage fees. There’s also no minimum balance to get started.
- Instant transfers. Parents can instantly transfer funds to their teen’s account, which comes in handy if kids need money while away from home.
- Automatic savings tools. Teens can divide their money into different savings buckets and have funds automatically deposited into them when they fund their account. They can also set up shared goals with friends and family.
- Financial education. Your teen develops good spending, saving and giving habits through interactive quizzes and videos in the mobile app. They can even earn money for watching some of the videos and taking a short quiz that comes after. Parents also get access to Cheat Codes videos where they can learn how they can teach and guide their teen through their financial journey.
- Fraud monitoring. Features around-the-clock fraud monitoring to help keep your teen’s money safe from suspicious activity.
- New features. CEO Eddie Behringer told us that they plan to roll out a new feature called Teen Salary, which will allow parents to set up automated allowances to their kids.
Copper‘s ATM network and feesCopper Banking account comes with a Mastercard debit card teens can use to withdraw cash for free at any Allpoint or Moneypass ATM nationwide.Copper Banking doesn’t charge any fees for using an ATM outside of its network, but you may be subject to fees charged by the ATM operator.
What should I look out for?
There are a few potential drawbacks to look out for with Copper Banking:
- Low interest rate. Unlike most teen accounts, this one earns interest, but the rate is only 0.001% APY — that’s $0.01 for every $1,000 you save.
- Potential cash deposit fee. Although Copper doesn’t charge any fees if you deposit cash at a GreenDot location, the retailer might. This fee is usually around $4.95.
Compare Copper with other teen checking accounts
Use this table to see how Copper Banking compares to other teen checking accounts:
How do I deposit or withdraw my money?
It’s unclear at the moment if this account will support cash deposits, wire transfers and remote check deposits. Otherwise, access funds using these methods:
- Direct deposit
- Remote check deposit
- Cash deposit at Green Dot location (fees may apply)
- Peer-to-peer transfer through the Copper app
- ACH transfer
- Debit or credit card from an external financial institution
- Linked checking account
- At an ATM
- Cash back at a retailer
- ACH transfer
- Linked checking account
How can I earn rewards with Copper Banking?
Copper Banking has a referral program that rewards you when friends or family sign up with Copper through your unique referral link. The rewards aren’t always available, but Copper will notify you if there’s an active referral opportunity.
To qualify, both you and your referral need to have a separate Copper bank account, open a designated Bank Partner account and complete at least one transaction. If you qualify, you’ll both receive a $3 cash reward.
How do I contact Copper Banking?
Email firstname.lastname@example.org to speak with a Copper Banking customer service representative. You can also reach out to them on social media:
- LinkedIn: Copper Banking
- Instagram: @CopperBanking
- Twitter: @CopperBanking
- Facebook: @Copper Banking
- Snapchat: @getcopper
- Tik-Tok: @getcopper
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.