Saving for Grandchildren

Are Revolut Junior accounts any good?

Revolut started life as a challenger bank to the traditional bank sector. The company now offers Revolut Junior accounts, but are they suitable for kids? And are they worthwhile using? We look at its features and advantages to see whether it's a good option for your grandchildren.

 - 4 Min Read
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Are Revolut Junior accounts any good?
  • Revolut Junior accounts are also referred to as Revolut <18
  • These accounts allow parents and grandparents help children manage their money easily
  • Children can use a prepaid card linked to their account to pay for items
  • Parents or grandparents can set up regular payments for pocket money

Revolut Junior: FAQs

  • Who regulates Revolut?

    As Revolut Ltd is a fintech company where you can buy crypto and stocks, but it is not a fully-fledged bank, its financial services do not need to be regulated by the FCA in the United Kingdom. However, it is licensed by the European Central Bank and regulated by the Bank of Lithuania. The company has submitted applications for UK banking licences to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

  • Can I control my teen's use of the Revolut <18 card?

    Yes, you can access your child's or grandchild's balances and transactions through your app. If you don't like the look of something, you can use your app to enable or disable swipe payments, contactless payments or online transactions. You can even stop ATM withdrawals. Spending limits can also help you control your child's spending habits and help them learn to save.

  • Can I use my teen’s card?

    The cards assigned to the junior accounts should only be used by those named on the card itself. However, if you need the funds from your child's account, you could withdraw it through your app and transfer any money back to your current account or savings account. That way, your child will feel more in control of their card.

  • Is Revolut free for kids?

    If a child is the age of 13 or above, they can create an account free of charge with permission from their parents or guardian. If a child is 12 or below, a parent must create an account for them from their Revolut app (which can be used for other investments, too) and approve it. The Revolut Junior card is free, though sometimes there's a delivery charge.

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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?

Save for your grandchildren's future by checking out the UK's leading Junior ISA providers now.

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.

Ease

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. 

Slick app

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. 

Savings goals

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.

ATMs

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. 

Money management

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.

The content on pensiontimes.co.uk is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial advisor. Any references to products, offers, rates and services from third parties advertised are served by those third parties and are subject to change. We may have financial relationships with some of the companies mentioned on this website. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors
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