Revolut launches “Revolut Junior”: a new account for younger users
The digital bank hopes to teach kids money management skills for life.
Revolut has launched a new product, Revolut Junior, a money management app designed for kids aged between seven and seventeen years old. It aims to promote financial literacy through tools and advice.
Revolut Junior accounts can be opened and managed by a parent or legal guardian, providing they are a current Revolut Premium or Metal customer. The app has tools and features that teach young people about money and budgeting, and prepares them with the skills they’ll need once they become financially independent.
The three main components of Revolut Junior include:
- A new app designed for kids to allow them to check their balance and get transaction alerts.
- A new section in the Revolut app for parents and guardians to manage their kids’ spending. Parents can manage allowances and make direct transfers to their children’s accounts.
- A Revolut Junior bank card for the kids.
With Revolut Junior, parents can track all payments that the child makes with notification alerts, and also set security settings to control card and transaction functions. There are further planned features set to be added throughout the year, such as spending reports, spending limits and financial guidance for kids to develop their financial skills.