Revolut just announced that it launches a new Junior account feature that is dedicated to kids. The company states that it is a totally new way to teach our children about money and its management.
What exactly Revolut Junior is?
It is Revolut account devoted to young people from 7 to 17. They can spend and track their money with an additional level of security. By having Revolut card, young user can pay wherever he wants, just touch the card and it’s done!
However, at the same time, their parents have full access to see where and how big payment was made. Furthermore, the kid can learn and understand the principles of money savings. It sounds pretty awesome.
At the moment, it works for the residents of the United Kingdom only, but the company promises it will be available for the EU customers in the nearest future.
How to open Junior account?
It can be done only by the parents or guardian. Of course, one of them must have an active account already. In case you do not have one, check our Revolut review covering most of the details.
Also, only the controlling account can change the security settings, including adding spending limits.
At the moment it is available for Premium and Metal users only.
We think they are awesome. Probably the best one – notification each time the kid makes a purchase or other financial operation. So the parents can see where and how much expenses their child had.
Another great feature, the card is restricted from paying at certain places where a minimum age restriction apply. So the money cannot be spent on the things they are not supposed to be spent on.
Furthermore, the parents or guardian can refill the balance at any time. It might be super convenient in emergency situations. Or just set a monthly budget and let your children decide how to spend it.
Revolut Junior account is a great opportunity for parents to start teaching their kids how to manage finances and money. Teaching them how to save and track the movement of funds. Not to mention, Revolut always develops its products, so we know Junior account is not going to be an exception. It should improve within time with even more features and opportunities.