Editorial Note: We earn a commission from partner links on Doughroller. Commissions do not affect our authors’ or editors’ opinions or evaluations. Learn more here.
Looking for a knowledge bank of financial information for your kids? Then Copper might be for you. This financial app makes money management for parents and kids more straightforward than ever, from issuing your kids’ first debit cards to earning saving rewards to parental controls that keep your kids’ spending in check.
But how does it work, and is Copper Banking the right choice for your family? Find out more about this financial app in our review.
What is Copper Banking?
Copper is similar to any banking app you might use for your child. It issues free, kid-friendly debit cards and offers features like parental controls, spending limits, and direct deposits for pay or allowance. But Copper has some unique benefits and perks that you may not find with other debit cards for kids.
First, Copper mainly focuses on promoting financial education for kids and parents. On the mobile app, kids have access to features that teach financial literacy and money management, features that they might not get with another kid-friendly debit card. Parents also have access to a linked account for helping to guide their children’s decisions and to monitor activity.
In addition, Copper also allows kids to pay peers for things like food and outings. Parents can also auto-reload once their kid’s account dips below a certain level. Even better, Copper offers investment portfolios designed for young investors, helping them develop smart investing habits early.
How Copper Works
A Copper account works much as any other personal checking account would. With a Copper bank account, teens can deposit funds, spend those funds via cash apps or a debit card transaction, or pay friends with the P2P feature. The Copper card can be used anywhere Mastercard is accepted.
The difference is that a teen’s Copper account will have critical insights and educational tools to help guide their savings, spending, and investing decisions. It’s a great way for kids who are just starting to learn about money, all the way up to teens who have established spending and saving habits, and even those who are just starting to dip their toes into the world of investing their money. Copper also has a direct deposit option for teens who are already in the workforce.
Seems like a lot of freedom for your kid? The Copper app offers a fair amount of parental control. The app is connected to a parental account so parents can quickly deposit funds, monitor activity, and learn where their child’s financial education lacks and improve it. Parents can also block access to certain vendors, such as those with inappropriate content.
Copper Banking Review of Features
Copper goes well beyond the standard checking account and free debit cards and it’s why we think Copper is one of the best savings apps for kids. But what exactly does it offer both kids and parents? Copper’s features include:
Debit card
Copper’s kid-friendly debit card gives kids (mostly) free range to spend online or in-store.
The Copper card can be used to make online or in-store purchases, via cash apps like Venmo, or to withdraw cash from one of the 55,000 fee-free ATMs within Copper’s network.
Savings goals
When teens open a Copper account, the primary goal isn’t just to get debit cards in their hands. They should be learning how to save money, not just spend it.
That’s where Copper shines. Rather than blindly dropping coins in a piggy bank or saving until they feel like spending, Copper Banking helps kids set up their savings goals, they’ll earn between 2-5% rewards on their savings up to $5,000, though it’s worth noting that this is entirely different than Copper’s checking APY, which is very low, at 0.01%.
Additionally, the RoundUps feature takes the change from any purchase and automatically deposits it into their savings account.
Transaction alerts
Parents can easily set up alerts and receive a notification whenever their teen spends money, ideal for parents concerned about their teen’s spending or those who want to have timely conversations about their teen’s spending habits.
After all, a discussion about a purchase that appears weeks later on an account statement won’t have the same effect as discussing a purchase in real time.
Easy transfers
While nearly 75% of kids in the U.S. earn an allowance, it can be tough to follow through in today’s cash-free age. But if your child has a Copper bank account, parents can quickly transfer money through their linked checking account.
These account-to-account transfers are fast and fee-free, making funding your child’s account easy and straightforward. And that allowance can be spent or go directly to their savings goals, another plus.
Educational resources
Putting cash in your child’s account and then watching them blow through funds can be nerve-wracking for parents. But Copper aims to stop these bad spending habits before they start, giving teens and parents access to a library of financial literacy resources.
They’ll learn about budgeting, saving, investing, credit, and earning money via the site’s library of guides. Plus, Copper Corner gives your kid access to a financial advisor in their pocket… er, phone, for those interested in the investing option via Copper. This opens the door to meaningful financial conversations between you and your child.
Direct deposit
If your teen is earning money via their first job, Copper can help streamline the process. Set up direct deposit via the app, and say goodbye to last-minute trips to the bank to cash a freshly-cut check.
Then teens can manage their earnings. Via the Copper app, they can keep tabs on exactly how much they have, what they’ve spent, and what they’ve (hopefully) saved.
Teens can also get paid up to two days early with Copper, and automatically set aside a percentage of their check toward their savings or long-term goals.
Instant money transfers
Your child calls you. They’re out of gas and don’t have money. How will you help get them what they need to get home safely? This is just one situation in which being able to instantly transfer funds is more than a convenience — it’s a necessity.
Connect your checking account to your child’s Copper app and you’ll not only have access to your child’s account, you’ll also be able to send them money in seconds, though you may have to pay a fee. With just a few taps on a screen, you can get funds to your child, though there could be fees associated with this.
Account protection
Don’t let your teen’s financial journey hit a snag when someone discovers how to hack into their checking fund. With Mastercard’s zero liability protection, your child’s money is safe from unfriendly characters.
If any fraud occurs on their card, any unauthorized transactions are refunded. This is crucial to kids who may have their entire life savings in the app and need the surety from their bank that their money will be there for them.
Additionally, money with Copper is FDIC-insured up to $250,000 per depositor through their partner bank, Evolve Bank & Trust
No minimum balance requirements
This one is a must for kids just learning to manage their funds. Copper has no minimum deposit or balance. Kids and parents can make the best decisions for their finances — or let their kids make their own money mistakes— rather than worrying about meeting the bank’s minimums.
Or need to let the checking fund sit untouched for a while? That’s no problem.
Spending and deposit limits
While Copper lets kids and teens have a certain amount of freedom when it comes to their money, that doesn’t come without limits.
Copper has a $500 daily deposit limit, a $2,000 monthly deposit limit, and a $2,000 daily spending or transfer limit. Necessary? No, but ideal for parental peace of mind.
Prices and fees
Copper costs $4.95/month for the basic banking features, while Copper + Invest is $7.95/month.
The standard package includes 2% earnings on savings, financial education, a Copper debit card, smart savings with Divvy and RoundUps, instant P2P transfers, safety features and spending monitoring notifications, zero liability protection, and customer support. Opt for the invest package and you’ll get all that, plus 5% earnings on savings, priority customer service, and of course, an investing option for kids.
Worth noting—with Copper, there is no minimum balance, no overdraft fees, and no credit checks. However, there are a few fees you’ll need to be aware of. Cash reloads can be charged up to $4.95/per load, and debit reloads pay a fee of 2.5%, plus $0.30 per transaction.
Signing up for a Copper Account
It’s simple to open a Copper account. Simply download the Copper app and create a parental account. You’ll verify your information, register your child as an authorized user, and fund the account. Either wait for your debit card to show up via mail or use the app’s virtual debit card and you’re ready to go.
You can link up to five users under your parental account. The app often has referral bonuses, so see if your friend has a referral code for you before you sign up completely.
Security
In addition to zero liability protection, Copper is FDIC-insured up to $250,000 per depositor through their partner bank, Evolve Bank & Trust. They’re also SIPC Insured up to $500,000. Copper also encrypts your data and keeps your data private and secure.
Accessibility
To manage your Copper account, you’ll need the Copper Banking mobile app. There you can transfer funds, monitor activity for checking accounts, make P2P payments, and access educational materials.
The mobile app is user-friendly, making it easy for parents to monitor and manage teen accounts, and for teens to manage their funds, keep track of their spending, or manage their investment portfolio, if they’ve opted for banking and investing.
Customer support
Copper has many ways you can find the help you need. Start with the site’s FAQ section to see if your question can be answered there. Or, ask other Copper users via the user community.
If you still need help, reach out to Copper directly via the app. It’s worth noting that while both Copper Banking and Copper Banking + Invest offer customer service, the latter offers priority customer service.
Pros and Cons
Pros
- Opening a Copper account is easy: Nearly everything you want to do can be accessed via the Copper app. Sign-up is simple, the mobile app is user-friendly, and the app has loads of information to explore. Plus, we all know teens live on their phones. Copper makes it easier for them to manage their money there, too.
- Emphasis on financial education: Even if financial literacy is taught in your child’s school, it likely won’t make the impression it needs to make a positive difference in how they handle finances. The best way to learn is through frequent, hands-on experiences. Copper does just that. Between the app’s articles, guides, and quizzes kids and teens alike will quickly learn what it means to manage money.
- Automation, automation, automation: With Copper, you’ll never have to worry about giving your child their allowance again. With automated, recurring payments, you can transfer their allowance each week via the app. This way, teens always have what they’re expecting and they can meet their savings goals based on their “income.”
- Parental controls and monitoring: With Copper, you can regularly monitor exactly how your child is spending money. This way, you know how best to approach their financial education. Parents can also set daily and weekly spending limits, another plus.
- Includes an investment option: With Copper Banking + Invest, your budding investing can start building a portfolio designed for young investors, and start developing good investing habits.
Cons
- Some fees: Cash reloads can be charged up to $4.95/per load, and debit reloads pay a fee of 2.5%, plus $0.30 per transaction.
- Low APY: Copper’s checking APY is just 0.001%. So if your teen is looking to focus on savings and a higher interest yield, this may not be the right choice.
- Spending and funding limits: Copper has a $500 daily deposit limit, a $2,000 monthly deposit limit, and a $2,000 daily spending or transfer limit. This means that, as a parent, you can only deposit so much from your linked bank account per day. While this is not often a problem, it may become a source of frustration if you’re regularly trying to make deposits in your child’s account.
- Limited customer service: If you’re having trouble with your Copper account, you’ll likely want to get it ironed out right away. Unfortunately, Copper’s customer service is a bit limited, and you’ll likely be chatting with a bot or waiting back from an email inquiry.
Who is Copper Best For?
Copper is meant for teens and kids ages 6 to 17. Copper banking is perfect for kids who need easier access to funds. This could be teens working who would benefit from the direct deposit feature or those who get an allowance from their parents.
But it’s also a game-changer for parents who aren’t sure how to teach their children how to manage money or determine savings goals. With Cheat Codes from Copper Banking, parents have access to videos going over key points that everyone should understand about finances.
Alternatives to Copper Banking
If Copper isn’t right for you or your teen, there are other options for you and your teen.
Capital One 360 MONEY
The Capital One 360 MONEY teen checking account is a solid choice. Parents have their own linked accounts, which means they can keep an eye on what their teen is spending while enjoying the freedom of their “own” bank account and debit card. This option also boasts no monthly service fees, or balance requirements, a plus for teens just starting out with money.
Greenlight
If you have younger kids, consider Greenlight. Kids will love the app’s personalized debit card, while parents will appreciate the app’s flexible controls and real-time notifications of their kid’s spending. Other perks include earning up to 5% on savings, direct deposit (and chores, a parent’s dream!) 1% cash back, and even an option for investing.
Frequently Asked Questions (FAQ)
Is Copper a good banking app for kids and teens?
The Copper app offers many features that benefit kids and young teens just starting out managing their money, from financial resources and guides to savings strategies and rewards, and even an investing arm. But it’s also ideal for parents since they can monitor spending, set limits, and even deposit directly into a child’s account. Plus, the app’s mission of teaching financial literacy early is a noble one.
What’s the minimum age for my child to receive their own Copper debit card?
Your child must be a minimum of 6 to be connected to an authorized user and receive their debit card with Copper.
Is the Copper app legit?
Copper is a financial technology company that has partnered with Evolve Bank & Trust. Evolve is FDIC-insured up to $250,000 offering you further peace of mind when it comes to your money.
Who can start a Copper investing account?
The minimum age for Copper Investing is 6 years old, with parental authorization. Parents must complete identity verification as required by federal regulations before a child can get started investing with Copper.
Can I deposit cash into my Copper account?
Yes, but you’ll need to find a Copper retailer near you, like CVS, to deposit those funds. You’ll also be on the hook for the $4.95 fee
The Bottom Line
Opening a bank account for your child can be nerve-wracking, especially if they don’t have experience with budgeting or managing their money. But it doesn’t have to be.
Tools like Copper can help parents keep tabs on their kid’s spending, while kids and teens can enjoy the freedom and perks of their bank account. Think of financial education resources, P2P paying options, an option for investing, and even direct deposits. Allowances sure have come a long way.
Copper Banking
Summary
Copper Banking is a perfect fit for getting your teen ready to manage their own money. The fees are low and the amount of educational content is very high.
