Revolut introduces Junior accounts for Aussie parents and kids
Revolut, the leading fintech app with over 13 million customers globally, today introduced Revolut Junior to its customers in Australia. Revolut Junior accounts are connected to a money management app and prepaid card designed specifically for kids between the ages of 7-17, with parents and guardians maintaining oversight.
In the last year, the popular feature has been introduced to customers in the US as well as the UK and wider Europe, with approximately 10,000 Junior accounts created per week.
Revolut Junior promotes good money habits at an early age by giving children the independence to save and spend within set parameters, all guided by a parent or guardian. Revolut’s recognised money management tools have been adapted especially for the Revolut Junior app to make budgeting easy to understand for kids. Parents can open an account, and order their child a prepaid Visa card for spending, which comes in a range of three colourful designs and is equipped with a number of customisable security features.
Revolut Junior gives parents and guardians the controls to ensure their children are making smart money choices. Using their own Revolut accounts, parents can instantly transfer money to their child’s account, with full access to view their child’s balances and transactions. Parents also receive instant notifications that alert them of their child’s spending, and are able to switch on security settings that limit how the Junior card can be used, such as disabling online payments or ATM withdrawals.
Additional features available to customers of Revolut’s Premium or Metal plans include the ability to set a regular allowance, incentivise tasks and chores with rewards, and set savings goals.
Matt Baxby, CEO of Revolut Australia, says the feature is something Australian parents will welcome.
“We’re building a financial super app to help people manage their entire financial life, which includes passing on healthy money habits to kids. The addition of Revolut Junior is another feature that I know our customers will love, particularly parents who want to teach their kids money skills for the 21st Century. With the rise in contactless payments and online shopping, the days of dropping coins into a piggy bank are becoming less and less relevant or helpful in teaching kids about making smart choices with their money.”
Felix Jamestin, Head of Product for Revolut Junior says: “After successfully introducing Revolut Junior to other parts of the world, we’re very excited to launch this product in Australia. Conversations about money typically start at home, which is why we’re so passionate about our Revolut Junior product. The product has been a labour of love and we’re deeply committed to helping parents equip their kids with the financial skills, literacy and confidence to succeed in the future.