It can be challenging to teach your teenage child how to spend and save responsibly, but it doesn’t have to be. A debit card can be a great educational tool, especially when the teen is in control of their own spending with limitations put in place by the parents.
Debit cards are the gateway to financial freedom and responsibility because they give teens real control over their money and provide them early practice in money management.
This article will discuss one of the best free debit cards for teenagers on the market in order to help your teen understand the importance of financial literacy early in their lives.
Check out this Copper Debit Card Review below and how easy it is for parents to get their teens started with their very own account.
What is Copper Banking?
Copper Banking is a free debit card and money app that provides digital banking for families and teens. Copper is entirely online; however, customer accounts are FDIC insured up to $250,000 through their banking partner, Evolve Bank & Trust.
Copper Banking’s main focus is building better financial habits for families and, more specifically, the teenager generation. Copper provides an easy to use mobile app, paired with its teen debit card, that allows parents and teens to co-manage their money, build savings goals, schedule allowances, and even invest. The ability to save and move money to your teen child has never been easier than with Copper.
Copper Banking lets teens control their own money, but at the same time allows parents to monitor their transactions and offer management advice when needed. These are controls the bigger traditional banks don’t often make available to you.
Only a few steps are necessary to start an account:
- Download the Copper app. Enter your phone number to be sent a verification code on your phone.
- Register. Enter your information to create your Copper account. This will give you insight into your teen’s Copper account like transactions, savings goals, and more.
- Approve your teen to download the Copper app. Once approved, your teen can download the app and now has access.
- Fund your child’s account right through the app with ease.
- Your debit card will be sent to the address you registered with. You will need to provide your Social Security Number (SSN) to verify your identity (in compliance with the US Patriot Act).
Teenagers learn best from hands-on experience, and using their very own debit card is a great way to start their financial literacy journey. Getting your teen signed up for an account will help them start learning about the importance of money management immediately.
Signing up for a debit card to empower your teen to learn more about earning, saving, managing and investing their own money might be worth a try with Copper Banking.