I'll Revolut you! It's a testament to how popular a business is when the brand name alone becomes interchangeable with an action, in this case, sending or transferring electronic funds.
Revolut, the banking innovator, has helped to ‘revolutionize’ and change how we manage and exchange our money. The fintech is going from strength to strength.
And it doesn’t show any signs of slowing down either, recently announcing an expansion of its services with the newly launched Revolut Junior, a money-management app for kids.
The Irish and Europe-wide launch has coincided with another milestone for Revolut, reaching a record 1 million Irish customers who have signed up.
The launch of Revolut Junior, purported as the “one-stop money-management solution for the entire family”, is a statement of intent from the online bank, believing it will be here for another while yet.
So what exactly does this new venture from Revolut look like?
Revolut Junior
The new app, Revolut Junior, is ostensibly a money management app for kids aged between seven and 17.
The launch comes at the same time that Revolut has reached 1 million Irish customers, adding to its tally of 10 million customers globally - an impressive feat for a fintech company.
Back to Revolut Junior, the money management app will only be available to Premium and Metal Revolut customers in Ireland, however, and will not be available on the basic free account. Premium and Metal subscriptions cost €7.99 and €13.99 per month respectively.
If you are a paying Revolut customer you can access the application using your existing Revolut account, allowing you to manage your child’s allowance as well as your own all in the one place.
How it works
Existing Premium or Metal Revolut account holders will be able to create a Revolut Junior account for their child, which Revolut says “offers the tools and experience to equip young people with the financial skills they will need" by the time they turn 18, old enough to be financially independent.
The app will allow users to avail of three key features:
- Kids can check their balance and get transaction alerts
- Parents and guardians can manage their child’s spending through a new and specially designed section within the existing app
- Children will have their own Revolut Junior Card
The app allow parents and guardians to manage their child’s finances, transfer money to their child’s account, as well as control the money going in and out of the account. They'll also be able to access account balances and transactions made with the card.
Another nifty feature is that those in control of the account can receive notifications to alert them of their child’s spending, while being able to control certain card and transaction functions like online payments.
Revolut has outlined additional features set to be added throughout 2020 which include:
- Ability to set a regular allowance
- Financial tasks and goals
- Saving options
- Spending reports
- Spending limits
- Financial guidance for kids
Product Owner for Revolut Junior, Aurelien Guichard, said:
“Helping kids develop financial skills is what is driving us, so we’re proud to launch this product in Ireland and additional countries across Europe. Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians.
Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”
Good intentions
The launch of the ‘Junior’ app is a marked statement of intent from Revolut, establishing itself as an effective money-management tool for the entire family.
Revolut Junior intends to promote good money spending habits for kids early on, helping to build an understanding of the importance of financial responsibility from a young age.
It will certainly be interesting to see if this takes off in Ireland, where many parents already use Cyril Squirrel savings stamps available through Post Offices to help instil a sense of financial independence in their children.
That being said, the account could prove an invaluable tool to parents of older primary school children and younger secondary school goers when it comes to buying lunch or rewarding kids with pocket money for chores.
One reservation some people may have, however, is the validity of the online bank and how safe and secure one's money really is. We assessed just how safe your money is with Revolut in a previous article we wrote. Why not have a read to help allay any potential worries you may have before signing up.
What will help Revolut massively in getting people to use the new kids app is its accessibility, with the app being well known for how intuitive it is to use. And despite the account only being available to paid account holders, its 1 million strong customer base will surely come in useful in swaying some parents to go premium.
Not a Revolut customer and thinking of signing up to a free account? Make sure you research all the options available. Take some time to read this piece we wrote investigating how Revolut and it's main competitor, N26, compare.
Let’s hear from you
Are you excited by the latest news from Revolut? Are you currently paying for a Premium or Metal account? Let us know in the comments section below.
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