Copper Banking review
This new digital bank account for teens focuses on financial literacy and education.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% and the account isn’t available yet.
$0 per month
Minimum deposit to open
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, 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 was designed 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.
The downside? Copper Banking earns a meager 0.001% APY. For reference, other teen accounts like Alliant Credit Union Free Teen Checking earns up to 0.25% APY, but it doesn’t come with the same educational tools you’ll find with Copper.
How do I open a Copper account?
To save your spot in line for the Copper digital bank account:
- Download the Copper Banking app for teens.
- Launch the app and click How Does It Work?
- Click Let’s Do This.
- Enter your phone number and click 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 non-permanent 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 they’re out and need money.
- 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 quizzes. Your teen develops good spending, saving and giving habits through interactive quizzes in the mobile app.
- Fraud monitoring. Features ’round the clock fraud monitoring to help keep your teen’s money safe from suspicious activity.
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. This account earns a low 0.001% APY, which means you’ll only earn $0.01 for every $1,000 you keep in the account.
- 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.
- Currently waitlisted. This account is currently in beta. You can add yourself to the waitlist, but it’s not set to launch until early 2021.
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. But you can definitely 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