British fintech giant Revolut has introduced savings accounts for children and teenagers aged 6 to 15 with interest rates that exceed those of competitors. The new Instant Access Savings product provides 3.5% per annum on the standard free account and up to 4.5% for users of premium Ultra rates, reports Finextra.
The launch comes shortly after rival Monzo announced its own children’s savings cards for customers under 16 with a 3% annual rate. Thus, a new competitive niche has emerged in the British fintech market, focused on teaching children the basics of financial management with a real incentive to save.
Revolut emphasizes that the new tool should not only contribute to the accumulation of funds, but also perform an educational function.
“We are convinced that financial literacy is formed from an early age. Our Instant Access Savings for kids and teens is more than just a savings account, it’s a hands-on lesson in how money can grow, said Carlo Spada, Head of Youth Products at the company.
We remind you that on August 21, the Ukrainian state-owned Sense Bank also launched a card for children. The TRY product opens up financial opportunities for users between the ages of 6 and 17. The TRY card is targeted at two age groups. For children from 6 to 13 years old, it is issued by parents, who can set limits, monitor transactions and determine permitted operations. After activating the card, both the child and the parents receive 100 bonuses each. Kids have access to their own Sense SuperApp, the Cash’U Club loyalty program and can complete tasks from their parents with rewards.
Adolescents aged 14-17 enjoy more freedom: they can open a card on their own, without the involvement of their parents, get access to basic banking services, can open deposits, collections, currency accounts and exchange currencies.
