UK fintech super app, Revolut, has rolled out a new feature called Revolut Junior or Junior in Singapore today. Revolut Junior is an account that is available for children between the age of 7 and 17. The feature is designed to promote financial literacy and good money management habits among young people.
“In Singapore, 7 is the average age a child starts to get pocket money. This is the perfect time for parents to start teaching them how to manage their money. In Revolut Junior, parents will find the perfect platform to talk about topics such as goal-setting, budgeting, and responsible spending.”Pam Chuang, Head of Growth, Revolut Singapore
Parents can create a free junior account through their Revolut app. But there is a limit to how many accounts you can create based on your account tier. Standard customers can create one Junior account, whereas Premium customers can create up to two accounts and Metal customers, up to 5 accounts. Customers who are in the Premium and Metal tier will also enjoy additional features like:
- Co-Parent: Up to two adults can transfer money to and help manage the Junior account.
- Tasks: Parents can reward their child for completing chores.
- Weekly Allowance: Pocket money is automatically transferred to the Junior account.
- Goals: Children can save up the money they did not spend for future purchases or target.
Through their Revolut app, parents can:
- transfer allowance to their child’s Junior account;
- track and get instant alerts on their child’s spending on both online or offline purchases; and
- freeze/unfreeze the Junior account in the event of card loss.
Once the Junior account has been created, the child can download the Revolut Junior app on their smartphone, if they have one or use the Junior contactless payment debit card for making purchases.
According to Revolut, approximately 10,000 Junior accounts are being created each week since it was launched in the US, UK, Australia and wider Europe last year. Currently, more than 320,000 Junior accounts have been set up in over 30 markets.