Are you thinking of methods to teach your kids about money? Prepaid debit cards are a safe and effective approach to teaching kids and teens about money management. Copper can be used as a prepaid debit card to save, invest, and earn money. Copper is teen-focused banking and money management software.

The Copper app and prepaid debit card let users practice money management with reduced risk, educational tools, and parental guidance. The idea is to teach kids financial literacy and responsibility. With this article, read this Copper app review to learn more about the app.

Workings of Copper

Copper, a financial services platform, lets parents teach their kids money management. Parents and kids view distinct app versions. This is how Copper helps both:

For Parents

First, parents open a Copper checking account, add their child as an authorized user, and obtain a debit card. Parent accounts can have five approved users. Copper banking app reviews parents' methods of controlling their kids' accounts. Real-time expenditure notifications and card freezes allow parents to monitor kids' spending.

Parents can set Tasks, schedule allowance payments, and make one-time contributions to fund their child's account. They can also link external bank accounts or payment transfer applications and transfer manually or automatically to fund their accounts.

For Kids

Child Copper accounts must receive money from a parent or guardian's primary account. Kids can only use their account balance. With Copper financial support, they can spend, earn, transfer, save, and invest.

• Spending: Kids can use their debit cards at most Mastercard businesses, excluding Copper-blocked merchants. Users can spend or transfer $2,000 daily.
• Earning: Parents can give kids tasks to earn money for their accounts. They may also receive automatic allowances from their parents and earn money from a Copper app review. If employed, they can link direct deposits.
• Transfers: Kids can seek money from parents and transfer cash to P2P with Copper users.
• Savings: Kid can establish savings goals for different purchases and use RoundUps to automatically round up debit card transactions to the next dollar and save the difference. Accounts with savings target balances up to $5,000 earn 2.00% to 5.00% interest, depending on the plan. Rewards arrive monthly.
• Investing: Copper + Invest customers can invest $1 in pre-built and managed ETF portfolios with over 11,000 equitiesAdvisory from Next Financial Advisors. Parental consent is needed for investment accounts.

Copper Banking Subscription Cost

Copper Banking offers Copper and Copper + Invest subscriptions. The $4.95 monthly Copper plan includes savings, allowance, P2P transfer, and debit cards for five subaccounts. This plan pays 2.00% savings interest. Copper + Invest features everything in the standard plan plus investment, priority customer care, and a 5.00% savings interest rate of $7.95 per month.

Both plans include over 55,000 free Allpoint ATMs and no overdraft fees. However, cash reloads cost up to $4.95, and fast debit transfers cost 2.5% of the transaction total + $0.30. Copper Banking's subscription programs offer essential features and benefits, with the Copper + Invest plan offering expanded financial tools and greater interest rates for some.

Pros of Copper Bank

Copper financial support teaches kids and teens about money while delivering practical banking features. Copper's pros are described here:

Parental Control

Copper offers strong parental controls, enabling parents to monitor their children's purchasing habits precisely. The Copper banking app reviews transactions in real-time, freezes cards, and limits money transfers to children's accounts, making financial learning safe and controlled.

Comprehensive Banking Solution

Copper provides a complete banking solution for youthful people. Kids can spend with a debit card, save, earn money through projects, and even invest. This comprehensive strategy teaches kids money management early on.

Educational Resources

The Copper app review offers teen-specific educational resources. Quizzes, tutorials, and interactive tools address many financial concepts, teaching kids about budgeting, saving, investing, and more.

Accessible Customer Service

Copper provides various routes for user support, assuring prompt assistance. An in-app chatbot for rapid questions, social media platforms for community help, and text, phone, and email are support alternatives. This accessibility speeds up problem-solving and improves user experience.

Cons of Copper Bank

Reload and Spending Limits

The copper app reviews and limits daily and monthly deposits and spending. Copper financial support accounts have $500 daily debit/ACH deposit limits and $2,000 monthly limits. Spending is limited to $2,000 each day. As children grow older and their financial demands change, these constraints may limit account use for greater transactions or activities.

Lower Rewards Rates

Copper + Invest members can earn up to 5.00% interest on savings balances up to $5,000; however, the regular Copper plan gives lower rates. Copper banking app reviews differ from certain competitive rates in standard bank high-yield savings accounts. Users seeking to maximize savings may find these rates less appealing than those of other banking organizations.

Who Should Use Copper Bank?

Copper Bank is for older kids and teens who know some money and parents who want to help them learn. Copper provides moderate parental control, so you can let teens roam while monitoring their activity. Copper banking app reviews are the best for youth under 18 who can use all its capabilities.

Kids as young as six can enroll. Copper's tools and quizzes target money beginners. Teens with allowances, part-time jobs, or side businesses and those interested in saving and investing will also enjoy the app.

Final Verdict

Copper is an effective mobile banking software for teaching kids and teens money management and financial literacy. Copper makes financial education hands-on with savings objectives, investment opportunities, and real-time expenditure notifications.

Safe and controlled financial education is possible because parents can manage their children's accounts. Copper app review promotes learning by offering investing possibilities and increased savings rates. Copper's sophisticated tools and parental restrictions help families teach their kids financial responsibility despite its small fees.