Greenlight - The Debit Card for Kids and Teens
By: Tree Fitty
July 31, 2024 2:09 PM / 0 Comments Wallets Tech Reviews ZentaPost Education Tech
Greenlight allows kids and teens to spend, save, invest, and learn, all within in the constraints set by the parent. Greenlight grants kids and teens a financial position in the modern world but also teaches them financial literacy.
Overview
I recently downloaded the Greenlight app for my son. I set chores and when the chores are done my son is paid. The payments can be distributed to three accounts: spending, saving, and investments. Chores are optional, you can just send money in to any account.
Spending
Spending can be limited to certain types of purchases or even certain places to spend. There is an option to round up each purchase and put the change into savings. Each purchase gets 1% cash back to savings. This is done through the debit card the child receives.
Saving
There are three tiers to Greenlight with the highest giving 5% interest on savings. Parents can also match a child’s savings up to 100%. Additionally, parents and their kids can set savings goals. Think cars, college, or maybe even getting started on a house.
Investing
Greenlight allows both parents and children to invest. This is a gateway to expand a child’s financial literacy.
Learning
The app also has a Level Up section. This has lessons on money management and investing. There is also an option to pay kids as they complete the lessons.
Get Greenlight
I’ve had it a couple weeks and so far it’s been pretty seamless. My son has learned some things and enjoys having his own card.
If you’re interested, use my link to receive $30 when you sign up and pay your first month’s fee. Fees are $6, $10, and $15 a month.