Phone screen with Greenlight’s mobile banking app and debit card with investing, Saving Goals and chores

Jun 23, 2022

Meet Greenlight — the virtual piggy bank for kids

Highlights:

-Virtual piggy banks for kids help introduce financial concepts and provide a convenient way to pay an allowance or give kids money.

-Electronic piggy banks can help your kids set goals and build money savings. 

-Open an account with Greenlight, where kids can learn to save, earn and invest with parent controls.

The history of piggy banks

Ever wonder where piggy banks came from? Piggy banks were invented in the 15th century — over 600 years ago. During this time, people used pots to store their money. Not just any pots. These pots were made out of ‘pygg’— an affordable clay. And when people wanted to save their coins, they would store them in their ‘pygg’ pot. 

Animated Greenlight virtual piggy bank against purple and green background

Back then, vowels also sounded differently and pygg was actually pronounced pug. Eventually, the pronunciation of ‘y’ changed from a ‘u’ to an ‘I’, making the clay ‘Pygg’ and the animal ‘pig’ sound exactly the same.

In light of the pig reference, potters began shaping ‘pygg’ pots into a pig animal shape. What started as something humorous, ended up being a sought-after item. Talk about starting trends! Piggy banks became increasingly popular, and English potters started creating piggy banks for everyone, including piggy banks for girls and piggy banks for boys.

So the question now is, do people still use piggy banks today? Let’s find out.

Which are the best piggy banks for kids?

Do you remember getting birthday gift money and stuffing it into your piggy bank? We sure do. Piggy banks are often the first thing adults gift to kids when introducing savings. After all, it’s a fun way to introduce the importance of financial responsibility. However, as much as we love a cute piggy bank, we also know there is more to understanding money than just saving. 

So don’t just choose any piggy bank. Consider an electronic piggy bank for kids, also known as a money management app. Opening a virtual piggy bank will set your child up for financial success. After all, most day-to-day financial transactions can be 100% digital. Just tap, and go. If your child doesn’t have a virtual piggy bank, you’re in luck. In today’s world, there are tons of online options for kids' savings accounts. 

If you’re looking for a new piggy bank for kids, we’ve got you covered. With Greenlight, you can start teaching your kids money management basics — including the importance of saving. Plus, every cent saved can lead to exciting rewards. Read on to learn more about the best banking app for kids.

Build more money savings with Greenlight

Teaching your kids about savings can be fun when you can do it together — all from an app. It’s never too early (or too late) to introduce money concepts to your family. And now, it’s easy to get started.

At Greenlight, we’re thinking beyond virtual piggy banks. For us, it’s more than just storing their money. We’re helping them learn how to manage it. Enter Greenlight Savings — an educational tool that allows kids to earn rewards while saving money. Greenlight Savings isn’t just an electronic piggy bank for kids. It’s much more. Kids learn the value of saving money and how patience pays off. Instead of earning minimal interest from typical bank savings accounts, Greenlight kids can earn 1% Cash Back to Savings, and a 2% Reward on Savings.*

Combine that with Savings Goals — a Greenlight feature that allows kids to set their own money goals. And with Greenlight’s parent-paid interest, Greenlight even gives parents the opportunity to set and pay a higher interest rate for their kids, so their savings can grow even faster. 

Young teen girl at the beach using Greenlight debit card and app to save money with 1% cash back to savings and 2% savings rewards

Did you know the average set by Greenlight parents is 18%? Yep. Because when kids can quickly see their savings grow, it encourages them to keep up the good work.

Which is right for my child? Cash vs. Debit

The perks of a debit card range from safety to convenience. Cash can be hard to keep track of and manage, especially when you’re still learning how to spend it wisely. On the flip side, a Greenlight debit card allows you to track your child’s spending and even break it into categories, like “Any Restaurant” or “Online Gaming” — so they never get carried away.

With Greenlight’s debit card for kids, we make it easy for everyone to save time with instant money transfers and real-time notifications. You’re the first to know about each swipe, and kids can request money with a simple tap. Both you and your kids can see historic activity while having two separate in-app experiences. 

Young boy sitting on couch holding custom Greenlight debit card while mom sits next to him and watches proudly

Another perk of a Greenlight debit card is that you can customize your kid’s card. Choose a picture together and watch their excitement as they unopen their customized card! It’s the best feeling ever. Trust us.

Finally, stop worrying about misplacing your cash. Rest assured that the money in your Greenlight app won’t get lost or stolen. In fact, your funds are FDIC insured up to $250,000. All that birthday money — we have just the place to save, spend and even invest it!

More than a virtual piggy bank Greenlight

The best piggy bank for kids is more than just a place to store their coins. It plans for their future. While most traditional piggy banks are replaced after being broken, or eventually left to collect dust in a closet, Greenlight is designed to support your kids well into the future. Greenlight is better than a bank for kids. Here’s why.

While most traditional bank accounts have products and services catered to parents, Greenlight has products designed for the entire family. Kids can set Saving Goals, while parents cheer them as they accomplish their money goals. And when kids become teens, they can start saving for bigger goals, like college tech or their first car. 

It doesn’t stop there. When you sign up for Greenlight, your kids get a debit card and have the ability to earn, save and learn to invest. Control their allowance, chores, and savings interest rate, right from your parent app. Then, sit back and watch them save, learn, earn and become financial pros. 

*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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