Greenlight is a family-friendly cash administration app. It’s designed to show children age-appropriate monetary ideas — find out how to earn, spend, and save responsibly. It places children accountable for their funds with out completely eradicating the parental leash.
Greenlight is complete. App options embody fee for chores, customizable allowance funds, real-time debit card spending alerts, and speedy person-to-person transfers between customers. Greenlight’s reloadable pay as you go debit card is accepted nearly in every single place Mastercard is, with some necessary exceptions for age-inappropriate retailers. Larger-priced plans add a kid-friendly investing platform, id theft safety, and extra.
Questioning whether or not Greenlight is correct for your loved ones? Learn on for extra about its plans, options, and general suitability for folks and youngsters.
Greenlight Plans and Pricing
Greenlight has three moderately priced plans: Greenlight, Greenlight + Make investments, and Greenlight Max. Right here’s how they stack up.
For $4.99 per thirty days, Greenlight’s fundamental plan affords:
Debit Playing cards for As much as 5 Children
Your Greenlight plan comes with as much as 5 pay as you go Mastercard debit playing cards. Each card options:
- Mastercard Zero Legal responsibility safety
- FDIC insurance coverage as much as $250,000
- Protected financial savings balances
- Actual-time children’ spending notifications for folks
- App-based on/off controls (flip a card off or on with a faucet)
- Choice to log in with contact or face ID
- Immediate transfers to children’ debit playing cards
- Integration with cell fee apps like Apple Pay and Google Pay
Be aware that whereas these playing cards perform like checking accounts and have FDIC insurance coverage, they’re not technically financial institution accounts.
Financial savings Spherical-Ups
You or your children can arrange Greenlight to spherical up debit card purchases to the following greenback and deposit the distinction in financial savings — a good way to incrementally increase financial savings over time.
Mum or dad-Paid Curiosity
You possibly can increase your children’ financial savings fee out of your personal pocket with Mum or dad-Paid Curiosity. Merely select what you need your children to earn on their financial savings balances and pay it out of your linked account.
Allowance and Chore Funds
You possibly can assign chores to children within the Greenlight app and ship fee as soon as they’re full or arrange recurring allowance funds on a month-to-month or weekly foundation.
Instructional App for Children and Dad and mom
The Greenlight app comes with user-friendly academic modules that train children about fundamental monetary ideas and empower dad and mom to impart their very own monetary information with confidence. Select from articles, movies, quizzes, and extra, all designed to spice up monetary literacy.
Core Monetary Instruments
Greenlight’s monetary instruments make it simple to handle day-to-day spending, put aside financial savings, and provides again. Three distinct buckets assist hold these three several types of funds separate. And child customers have discretion to set and work towards customizable financial savings targets.
The Greenlight app comes with customizable parental controls you can regulate as your children develop. For instance, you may select precisely the place your youngster’s Greenlight debit card is accepted, cap ATM withdrawals, and set category- or store-level spending limits.
Greenlight Financial savings Reward
On the essential Greenlight plan, protected financial savings balances earn a 1% financial savings reward (annualized). This reward applies as much as $5,000 (common each day steadiness), after which financial savings balances earn no additional rewards.
Greenlight + Make investments
For $7.99 per thirty days, Greenlight + Make investments retains all of the options of the Greenlight base plan and provides:
Investing for Children
Greenlight’s kid-friendly investing platform affords:
- A brokerage account held within the guardian’s title
- A minimal steadiness of simply $1
- Fractional share investing in eligible shares
- No buying and selling charges
- Parental approval for all trades
Be aware that securities held within the youngster’s account are registered to the guardian proprietor. As a result of this isn’t a custodial account, neither possession of the account nor particular person equities transfers when the kid reaches the age of majority.
Investing for Dad and mom
Greenlight affords a separate investing possibility for folks. That is additionally a brokerage account held within the guardian’s title, nevertheless it dispenses with parental approval for trades. As with the kid’s account, this guardian account is on the sole disposal of the grownup proprietor.
For $9.99 per thirty days, Greenlight Max retains all of the options of the 2 lower-priced plans and provides:
2% Financial savings Reward
Greenlight Max customers earn a further 1% financial savings reward on eligible financial savings balances for a complete reward of two%. The identical $5,000 common each day steadiness cap applies.
Money Again on Eligible Purchases
With Greenlight Max, your children earn 1% money again on eligible debit card purchases.
Precedence Buyer Assist
Greenlight Max customers qualify for precedence buyer help. If you must get in contact with the app’s customer support workforce, you’ll get pleasure from front-of-the-line entry.
Id Theft Safety
Greenlight Max comes with complimentary id theft safety for your entire household, not simply children. This consists of:
- Id theft monitoring
- Id theft alerts
- Id restoration
Greenlight’s cellphone safety plan gives protection for as much as 5 telephones. The coverage covers injury, loss, and theft, topic to relevant protection limits.
This profit gives monetary protection for injury or theft affecting eligible objects bought along with your Greenlight debit card, topic to dollar-value limits and different restrictions.
Extra Options of Greenlight
Irrespective of which plan you select, you may reap the benefits of these further Greenlight options and capabilities.
Customizable Greenlight Debit Card
For a one-time payment of $9.99, you may customise your Greenlight debit card with a photograph of your selection. It could possibly be a selfie, an image of your favourite pet, a stirring panorama or nonetheless life — no matter appeals to you.
The Greenlight Present function makes it simple to ship cash to any Greenlight person, even should you don’t have a Greenlight account your self.
You should use your Greenlight debit card overseas, nearly wherever Mastercard is accepted. Worldwide purchases don’t incur overseas transaction charges, though forex fluctuations might have an effect on their precise greenback worth.
Greenlight has a beneficiant referral program that pays you and newly referred clients as soon as they efficiently join utilizing your distinctive referral code. Referral bonuses fluctuate and this system is topic to alter at any time; see its phrases for extra info.
Million Bazillion Podcast
Greenlight’s Million Bazillion is a enjoyable, age-appropriate podcast that makes fundamental and intermediate monetary ideas accessible to Greenlight children.
Benefits of Greenlight
Greenlight has some notable benefits, together with clear and truthful pricing and many value-adds for customers who improve to Greenlight Max.
- No Hidden Charges. Greenlight does have an unavoidable month-to-month payment. On the brilliant aspect, you’ll discover no hidden charges right here — the month-to-month value is clear, and there’s not a lot in the best way of add-on prices apart from the one-time payment for customized playing cards.
- No Minimal Age. Kids of any age can take part in Greenlight. There’s no minimal age restrict right here.
- Customizable Parental Controls. Greenlight’s highly effective parental controls allow you to set your youngster’s card spending limits right down to the class and even retailer degree. That’s way more management than you get with a conventional checking account.
- Funds for Chores and Weekly or Month-to-month Allowance. Greenlight makes it simple to assign chores and reward children for getting them carried out — and to dole out weekly or month-to-month allowances through direct deposit.
- Funding Accounts for Dad and mom and Children. Greenlight + Make investments provides funding accounts for folks and youngsters, though each stay within the dad and mom’ title.
- Greenlight Max Customers Get Money Again on Eligible Purchases. As a Greenlight Max person, you’ll earn 1% money again on eligible debit card purchases.
- Greenlight Max Customers Get Id Theft Safety and Extra. Greenlight Max comes with a bunch of probably helpful value-adds, together with id theft safety for the entire household and buy safety for eligible objects bought along with your Greenlight playing cards.
Disadvantages of Greenlight
Greenlight isn’t excellent. Its downsides embody an unavoidable month-to-month payment and a cap on financial savings reward earnings.
- All Greenlight Plans Have a Month-to-month Charge. Greenlight doesn’t have a free plan. If you wish to use it to spice up your children’ monetary IQ, you’ll must pay at the very least $4.99 per thirty days. That’s greater than affordable for what you get, however you do must pay for it.
- Greenlight Caps Financial savings Rewards at $5,000 Common Every day Steadiness. Greenlight affords a superb rate of interest on eligible balances — 1% to 2%, relying in your plan. Sadly, this fee — which Greenlight calls a financial savings reward — solely applies to the primary $5,000 in common each day balances every month. In case your child amasses greater than that of their protected financial savings account, they gained’t earn something on it.
- Greenlight Doesn’t Provide a Credit score Card. If you happen to’re trying to construct credit score in your children with an entry-level bank card or credit-building mortgage, Greenlight can’t assist.
Greenlight is a complete cash administration app for youths and fogeys. With reloadable pay as you go Mastercard debit playing cards for as much as 5 children, customizable spending controls and monetary targets, and a bunch of value-adds in higher-priced plans, it’s a robust instrument for anybody who needs to provide their children a head begin on the street to monetary freedom.
Greenlight does have some drawbacks, like the shortage of a free plan and no credit-building instruments. However these are minor within the grand scheme of issues. So why not join and see if Greenlight could make a distinction for your loved ones’s funds?