If you’re looking for a banking option perfect for kids, look no further than Revolut Junior! This app is designed to help teach your children about money and financial responsibility. With Revolut Junior, they can easily manage their money and learn how to save and spend responsibly. In this article, we will discuss the features of Revolut Junior and why it may be the best choice for your family!
What is Revolut Junior?
Revolut Junior is a subsidiary of Revolut Ltd, a digital banking company headquartered in London. Revolut Junior was launched in 2017 to provide financial education and guidance to children aged 7-17. The company offers a mobile app and prepaid debit card that parents can use to track their child’s spending, set spending limits, and receive real-time notifications when transactions are made. Revolut Junior also offers a range of educational resources on topics such as budgeting, saving, and responsible borrowing. Revolut Junior has over 100,000 users in the UK and Ireland.
Revolut Junior product range overview
The Revolut Junior product range is a set of products designed to help parents manage their children’s pocket money and allow them to make payments seamlessly. The parent app is the key to unlocking the full potential of the Revolut Junior product range. The parent app also provides an overview of the Revolut Junior product range, so parents can see what features are available and how they can benefit their family.
Some of the main features include:
- Instant notifications when your child spends using their Revolut card
- Custom controls for online and contactless payments are possible.
- Instant top-ups
- Ability to set goals and tasks (paid accounts only)
- The ability to immediately deactivate your card if it’s ever lost or stolen.
- Pin reminder
- The ability to add a co-parent so they may have access to the minor account, even if they don’t have a Revolut account.
Revolut Junior app
The Revolut Junior app is a mobile app that allows children to manage their money and make payments seamlessly. It also provides educational resources on budgeting, saving, and responsible borrowing. The Revolut Junior app is free on the App Store and Google Play.
Some of the main features include:
- Kids can view their balance and transaction history
- A unique card for spending money that has the number on the back for an extra layer of protection
- The card may be eligible for Apple or Google Pay
- Fee-free ATM withdrawals for the first £40 each month
Junior Goals is the Revolut Junior feature that allows parents to set financial goals for their children and track their progress. With Junior Goals, parents can choose from various preset purposes or create their own custom goals. Once a plan has been set, parents can add money to it and monitor their child’s progress towards the goal. The money is returned to the parent if the goal is not met within the specified time frame.
Revolut Junior customer service review
This is the point where Revolut appears to be falling short. If, for whatever reason, you could not log in to the Revolut account, you’d be unable to talk with a person who works in customer support, as the live chat feature within the app is the only method of communication.
Even with the in-app chat feature, the responses from customer service seem to be erratic. Revolut currently has a dismal 2.3 five stars rating on Trustpilot, with many reviews criticizing the ineffective support they’ve had from Revolut.
Revolut has not responded to any of the complaints made on Trustpilot, which further indicates the lack of support they offer.
In my personal experiences with customer service, my question via Live Chat was answered swiftly. However, the representative did not seem to comprehend my query and kept directing me back to the site even after I stated that the website did not provide the information I needed.
Revolut Junior opening an account
The process for opening a Revolut Junior account is simple and only takes a few minutes. First, the parent must download the Revolut app and create an account. Once the account is completed, the parent must add their child as a dependent. To do this, the parent must enter their child’s name, date of birth, and address. After the child has been added as a dependent, the parent can add money to the account and set up spending limits.
Revolut Junior safety
While they have requested a UK bank license, Revolut has yet to be granted one, which means they don’t have the full bank license in the UK; however, they do have the electronic cash land payment license overseen through the FCA.
It is a prepaid card. Revolut Junior card is a prepaid card, which means that only the cash in the card is available to spend, and there are no facilities for overdrafts that could lead to your child spending more than what they have. The card’s number is on the reverse of the physical card to ensure extra protection. parents can place restrictions on spending online and in shops using the app for parents.
I have no reason for anyone to be concerned about safety when using Revolut and Revolut Junior as electronic payment services.
Revolut Junior fees
What is Revolut Junior’s cost? It could be one of the cheapest alternatives available. However, this will depend on the number of children you have and the features you’re looking to use.
Standard: Free for one child
Additional: £2.99 per month, two children
Premium: £6.99 per month, two children.
Metal: £12.99 per month, five kids