Jul 21, 2021
5 ways kids and teens can save more money with Greenlight
If you’re proud of your kids for saving their money, join the club. We’re so proud that we’ve introduced new ways for them to save even more with our two latest Savings Boosts: 1% Cash Back to Savings and 2% Greenlight Savings Reward.* Read on to hear all about how it works and other ways to save big with Greenlight.
P.S., you won’t see this in your app right away. Don’t worry — your Savings Boosts will be updated before the first payout in September.
Cash Back to Savings
Not all cards give you cash back when you spend. Which is why we’re thrilled to share that Greenlight Max kids get 1% on every purchase — deposited into their Savings. This can serve as a lesson in choosing cards that reward you with incentives, so your money works harder for you.
Greenlight Savings Reward
With Greenlight Savings Reward, kids earn up to 2% on Savings. It’s automatic, so they’re rewarded for their hard work and encouraged to keep it up. Your kids will see compounding interest in action, inviting teachable moments about smart money management and why it pays to save.
Every family (who uses a bank account as their funding source) earns 1% — but to double your rewards to 2%, switch to Greenlight Max. How? Open your app and head to Settings. Switch your plan in seconds and add your bank as a funding source in just a few taps.
Sometimes kids just need an extra boost from you. Enter Parent-Paid Interest. Parent-Paid Interest allows parents to incentivize their kids to save by paying interest on their kids' Savings at a rate of their choice.
Did you know the average set by Greenlight parents is 18%?
Why set a higher rate? They’ll quickly see their Savings grow, which encourages them to keep up the good work. They’ll thank you one day. We’re sure of it.
With Round Ups, kids round up purchases to the next dollar and add the change to their Savings.
It may sound small, but let’s talk about how cents add up. *Grabs calculator.* If your child pays $4.30 for a smoothie, 70 cents automatically goes to Savings. 10 smoothies later and they’ve already saved 7 bucks. Boom. Savings supercharged.
Dreams need action plans. That’s why Greenlight kids set Savings Goals big and small — everything from AirPods and roller skates to a first car and college.
With our new Savings Boosts (Greenlight Savings Reward and Cash Back), your kids earn a little extra money to put toward those goals. Every bit counts.
Get the most out of Greenlight
What’s next? First, take a bow — you’re raising financially-smart kids. Then, keep it up by empowering them to become investors. Upgrade to Greenlight Max and peruse our handy guide to investing to get the roadmap on how to shine a light on the world of investing for your kids and teens.
Still have questions about Cash Back and Greenlight Savings Reward? Find your answers here.
*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.
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