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Copper Banking review

A digital bank account and debit card for teens with guided investment and financial literacy tools.

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Copper

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Our verdict

Copper is one of the only free apps for kids to offer investing, and it does so with portfolios catered to your teen's risk tolerance. Copper analyzes your teen's investment strategy and automatically reinvests it. It also offers ATM access to 55,000 Allpoint ATMs and peer-to-peer transfers. Although it doesn't have a chore feature, it has allowance tools, tracks spending and offers quizzes to teach teens strong financial literacy skills.

Best for: Families looking for guided teen investing and financial literacy quizzes and tools.

Pros
  • No monthly fee
  • Mobile check deposits
  • Guided investing for teens
  • 55,000 free ATMs
Cons
  • Few parental controls
  • Fee for instantly funding with debit card
  • Low 0.001% APY
4

★★★★★

Finder rating

Learn more

Fee

$0 per month

Age requirements

Any age

What makes it shine

Copper stands out for its unique investing feature that not only lets teens invest but manages the investments for them. It also provides multiple avenues of learning content for kids and parents to boost their financial knowledge.

Teen investing

Kids ages 13+ can use Copper‘s investing feature, which stands out from competitors because of its nearly set-and-forget framework and fee-free trading. It uses a questionnaire to get a feel for your teen’s ability to handle risk. Then, it matches your teen with a portfolio with either moderately aggressive, aggressive or highly aggressive risk.

The portfolio includes exchange-traded funds (ETFs) that the platform automatically keeps optimized for your teen after initially signing up. Competitors like Greenlight let kids research and trade stocks on their own, but tracking performance is entirely up to kids and parents.

Financial education

Copper puts a focus on exclusive financial content designed by Certified Financial Planners both in the app and as core financial guides on the website. Kids can even earn money for watching videos, reading financial facts and taking quizzes in the app.
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,” according to Eddie Behringer, Copper Banking CEO. That’s why parents also get access to Cheat Codes videos where they learn to teach their teen about finances.

Most kids’ accounts offer learning content but don’t give rewards for learning like Copper does. However, competitors like GoHenry go beyond this by turning learning into a game with badges and points for completing videos and quizzes.

Savings tools and rewards

Teens can divide their money into different savings buckets and have funds automatically deposited to them when they receive money. They can also set up shared goals with friends and family. These automated savings tools aren’t available with every kids’ app. Yet competitors like Greenlight and FamZoo stay on par with Copper, letting parents divvy up allowance into spending and savings.

Teens can also earn a $5 reward for getting friends to join Copper. Once signup is finished, both the teen and their friends get the reward.

Copper‘s ATM network and fees

Copper Banking account comes with a Mastercard debit card teens can use to withdraw cash for free at any of the 55,000 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.

Where it falls short

Using Copper isn’t completely free. Although there are no monthly maintenance or overdraft fees, parents could get charged up to $4.95 by the store for depositing cash via Green Dot retailers. Parents also get charged a fee for instantly funding the account with a debit card. However, these are common fees for platforms that offer cash deposits and instant funding.

Copper also doesn’t include many parental controls. Parents can set up allowances, track spending and manage their teen’s investing risk, but little else. Meanwhile, other competitors like Greenlight let parents set store-level spending limits and approve savings transfers, or customize when to pay allowances and assign chores.

Compare Copper with other teen checking accounts

See how Copper‘s features compare to other teen bank accounts.

Copper logo

Copper

★★★★★

Finder rating 4 / 5

Read Review


Fee

$0


Annual Percentage Yield (APY)

N/A


Minimum deposit to open

$0

Step logo

Step

★★★★★

Finder rating 4.5 / 5

Go to site


Fee

$0


Annual Percentage Yield (APY)

N/A


Minimum deposit to open

$0

Greenlight logo

Greenlight

★★★★★

Finder rating 4.6 / 5

Go to site


Fee

$4.99 for Greenlight core, $9.98 for Greenlight Max, $14.98 for Greenlight infinity


Annual Percentage Yield (APY)

5.00% on balances of $0 to $5,000
2.00% on balances of $0 to $5,000
1.00% on balances of $0 to $5,000


Minimum deposit to open

$0

Is Copper safe for my teen?

Yes, your teen is safe to use Copper because the platform protects their funds up to $250,000 in FDIC insurance and up to $500,000 in Securities Investor Protection Corporation (SIPC) insurance.

Copper also offers one of the most convenient fraudulent charge processes we’ve seen for a kids’ debit card. You dispute the transaction in the app and report the card lost or stolen so that Copper can send a new card. With competitors, parents have to contact customer service by phone or email to deal with fraud, possibly delaying refunds.

Despite insurance and security measures, no company can guarantee that your child’s funds or information is 100% secure. You can ask questions or review the information collected by contacting customer support at support@getcopper.com.

What information does Copper collect?

We read Copper‘s privacy policy and they ask for information that includes the child’s name, phone number, date of birth, address and answers to investing questions like the child’s income, net worth and investing goals. For kids under age 13, Copper only uses their information “for the purpose of providing Copper services,” complying with the Children’s Online Privacy Protection Rule.

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:

Deposits

  • 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

Withdrawals

  • At an ATM
  • Cash back at a retailer
  • ACH transfer
  • Linked checking account

How do I contact Copper Banking?

Email support@getcopper.com 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.

Read the full methodology of how we rate Kids’ debit card accounts.

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