Aug 3, 2021
WOAH. Get ready to grow your money. Greenlight now has five ways to boost your Savings.
Talk to your parents about the best ways for you to save — including our two latest Savings Boosts: 1% Cash Back to Savings and 2% Greenlight Savings Reward.* Read on to see how you can save big with Greenlight.
It all starts with Savings Goals, because dreams need action plans. Greenlight empowers you to set your own Savings Goals big and small — everything from AirPods and roller skates to a first car and college.
With our new Savings Boosts (Cash Back to Savings and Greenlight Savings Reward), you earn a little extra money to put toward those goals. Every bit counts.
Not all cards give you cash back when you spend. Which is why we’re thrilled that Greenlight Max kids get 1% on every purchase — deposited into Savings. It’s smart to choose cards that reward you with incentives, because that way, your money works harder for you.
With Greenlight Savings Reward, earn up to 2% on Savings automatically. You’ll see compounding interest in action and why it pays to save. Compounding means earning money on the interest you’ve earned. So your money makes more money over time.
Every family is eligible to earn 1% with their connected bank account. To double your rewards to 2%, you’ll need to be on the Greenlight Max plan. Start earning now! Both Cash Back to Savings and Greenlight Savings Reward begin monthly payouts in September 2021.
With Round Ups, round up purchases to the next dollar and add the change to your Savings. You're saving while you're spending.
It may sound small, but let’s talk about how cents add up. *Grabs calculator.* If you pay $4.30 for a smoothie, 70 cents automatically goes to Savings. 10 smoothies later and you’ve already saved $7. Boom. Savings supercharged.
Here’s how parents can provide an extra boost to your Savings. Parent-Paid Interest allows them to add a financial reward to your Savings at a rate of their choice.
The higher the rate, the faster Savings grow. Tell your parents what you learned about compounding interest, and maybe they’ll want to chip in to keep the incentive going.
Watch how $75 in Savings could grow to more than $81 in one month. That’s an extra 6 bucks you didn’t have. Let’s add it up with Savings Boosts — all on autopilot with Greenlight. If monthly spending was $40 that month:
Initial Savings: $75 Change from Round Ups: $5.15 1% Cash Back to Savings: $0.40 2% Greenlight Savings Rewards: $0.13 10% Parent-Paid Interest: $0.63
Extra saving: $6.31. New balance: $81.31. And that’s before you add more money to your Savings Goals.
What’s next? First, take a bow — you’re becoming smart about money. Next, talk to your parents about how you can make the most of your Savings. If they have questions about Cash Back and Greenlight Savings Reward, send them to our handy Rewards FAQ page.
*Greenlight and Greenlight + Invest families can earn monthly rewards of 1% per annum and Greenlight Max families can earn 2% per annum on an average daily savings balance of up to $5,000 per family. Only Greenlight Max families can earn 1% cash back on spending monthly. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.
After your one month trial, plans start at just $4.99/month for the whole family. Includes up to five kids.