Revolut is a popular platform offering a range of financial services, features and benefits. The company also offers a Revolut Junior account. But is it any good?
Advantages of Revolut Junior accounts
Here's why Revolut Junior accounts, sometimes known as Revolut <18, could be an option if you're a grandparent looking to help manage your grandchildren's pocket money.
Paying your grandkid's pocket money into their Revolut Junior account is easy. It takes seconds to do it manually, or you can set up regular payments, so they get their pocket money weekly or monthly. Plus, you can see if they are running low on funds through your app, so you can top them up if they need money for an emergency like bus or taxi fare home. Plus, you can add a co-parent, so all parents and grandparents can be involved.
As expected from a FinTech company, the Revolut Junior app is sleek and efficient. As both you and your grandchild have to have the Revolut app, it's quick and easy to transfer funds to them. In addition, it's also effortless for them to pay others, be it friends or for purchasing goods.
Spending alerts and spending limits
One of the best things about Revolut is the notifications or spending alerts you will receive as an account holder linked to a child's account. Plus, from the 'parent app,' you can set up spending limits so that your grandchild cannot spend too much at any one place or not spend too much in any one day.
Thanks to spending limits, you make it easier for your grandchild to start working towards savings goals for their pocket money - or perhaps money earned from their chores. As they can see their money begin to grow on their interactive app, they'll soon start to enjoy the feeling of accumulating their wealth. They'll then be able to buy more high-value goods.
Revolut Junior Card
The Revolut Junior card is a prepaid card that can be used for contactless payments through Google Pay or Apple Pay. As a prepaid card, it gives your child the financial freedom to make purchases as they see fit, but without the ability to go into debt via an overdraft.
While your grandchildren can take care of many of their transactions through the app or the spending card, making traditional ATM withdrawals is still possible. However, as it's not a bank account, they will only be able to withdraw money if there sufficient funds on their card. That can give you peace of mind that they can still access cold hard cash should they need it, but not take out vast sums of money.
As the card is linked to an app, your grandkids can see where their cash is going. They can start to build a budget to help them save, earn money through chores that you set up for them, and settle debts with friends with quick payments. Therefore, money management is far easier for them - and you.
Revolut’s Junior Accounts
Revolut's Junior accounts offer an excellent solution to parents and grandparents looking to give children some financial independence while still being able to control the situation from afar. With all the ways a child can manage their money through the app, as well as spend it, they will be able to learn financial responsibility. However, should you need to, you can easily add and withdraw money from their account.
You can also set up recurring payments to have a hands-off approach to a child's pocket money if you prefer. You can set spending limits from the outset, too, so your intervention can be minimal in the future if a child manages their money correctly. Plus, it means you can give your grandchild money if they need it, even if they are not with you. Revolut Junior offers parents and grandparents peace of mind when children start socialising far more without them.