Copper Banking review

MUST READ: Copper no longer offering kids’ banking services

As of May 13, 2024, Copper has discontinued its kids’ banking services. Any existing Copper accounts will have closed by or on May 13th. If you had an external bank account connected to the Copper account, the balance of your Copper account would have been transferred to the linked external account. If you didn’t have an external account linked to the Copper account, Copper should have sent a check for the remaining balance.

Need more options? Check out some top Copper Banking alternatives to find out more.

Compare Copper with other teen accounts

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

Who was Copper best for?

Copper was designed for kids aged 6 to 18 but was geared more toward teens, and even Copper itself stated its app is designed for Gen Z. The Copper + Invest plan made more sense for teens, requiring kids aged 13+ to use it. Additionally, Copper’s financial literacy education and quizzes were more tailored to older kids.

Copper plans and cost

Copper didn’t offer any free plans. However, the two paid plans it offered featured a 30-day free trial.

Plan	Monthly fee	Features
Copper	$4.95 per month (after the 30-day free trial)	No overdraft fees Up to 5 prepaid debit cards and subaccounts Parental monitoring and alerts Earn up to 2% in savings rewards Financial literacy quizzes and resources Fee-free access to Allpoint ATMs P2P transfers Automated saving and investing with Divvy Savings roundups Allowance features Up to two days early direct deposit Earn rewards for referrals and learning
Copper + Invest	$7.95 per month (after the 30-day free trial)	Everything with basic plan, plus: Access to investing platform Earn up to 5% in savings rewards Priority customer support

What we like about Copper

Copper is a fintech company, with banking services backed by its banking partner Evolve Bank & Trust, so the accounts are insured up to $250,000.

Copper was more geared toward teens, but it was also great for large families. Parents could sign up and create up to five subaccounts for their kids. Kids would get physical and virtual debit cards, and parents could manage the accounts with real-time alerts, the ability to freeze and unfreeze the cards, and help kids set savings goals.

Copper used the Allpoint ATM network, so kids had access to over 55,000 fee-free ATMs nationwide. There were also no overdraft fees, which was super helpful, considering its cards were catered to kids who may just be getting used to managing their money. And unlike most fintechs, Copper did accept cash deposits. You could deposit cash at Green Dot locations for a $4.95 cash deposit fee.

Kids get rewarded for saving

Copper encouraged saving by paying kids a 2% to 5% savings rewards on their savings balance, depending on the plan. While it’s not a true annual percentage yield, this rate was paid out monthly. It was a higher rate than average, which is currently 0.45% on savings accounts as reported by the FDIC.

Teens could divide their money into different savings buckets and have funds automatically deposited to them when they receive money. Copper also offered savings roundups, which worked by rounding up each debit card purchase to the nearest dollar and sending the rounded-up amount to savings. They could also set up shared goals with friends and family. Referral rewards were also available, offering up to $5 for both the teen and their referred person. The $5 isn’t a huge incentive, but it was something.

Teens can invest

With the Copper + Invest plan, teens aged 13 and up could use Copper’s investing platform, which stood out from competitors because of its nearly set-and-forget framework and free trading. Teens took a questionnaire to determine risk tolerance, then Copper matched them with a portfolio with either moderately aggressive, aggressive or highly aggressive risk. Copper analyzed your teen’s investment strategy and automatically reinvested it.

The portfolio included exchange-traded funds (ETFs) that the platform automatically kept 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 literacy education

Most kids’ accounts offer educational content but don’t give rewards for learning like Copper does. Copper had a wealth of financial literacy resources, and its financial content was designed by Certified Financial Planners. Kids could earn rewards for watching videos, reading financial facts and taking quizzes in the app.

Copper’s goal was 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.

However, competitors like GoHenry go beyond this by turning learning into a game with badges and points for completing videos and quizzes.

Where it falls short

A big bummer with Copper is that you’d have to pay fees when you reload your kids’ prepaid debit cards. Copper charged 2.5% + $0.30 per transfer when reloading your kids’ balances with your linked debit card.

There was also the unavoidable monthly fee, but that isn’t uncommon with kids’ banking apps. Greenlight also starts at $4.99 per month for its base plan, and GoHenry also charges $4.99 per month. If you want an option with no monthly fees, check out the best free kids’ debit cards.

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 ATMs 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.

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:

How do I contact Copper Banking?

Email support@getcopper.com to speak with a Copper customer service representative. We could not locate a customer service number, and we found the best way to contact Copper is via email. 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

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