Fact checked! This material is written by an expert

6 min read 17.11.2021 45

Revolut Junior - How Does Revolut Junior Work?

Many kids around the world cannot apply for a debit card from traditional banks Many online banks have been created solely to serve credit cards to kids. Now, Revolut is dipping its feet into the pool of kids debit card providers with its Revolut Junior package.

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert

6 min read 17.11.2021 45

What is Revolut? 

Revolut has long been the standard for online banking for travellers, small and medium business owners and just the average joe. The company allows you to spend, withdraw and send funds in different currencies.

Revolut began as a multi-currency bank account with the goal of reducing the number of bank fees and commissions associated with international transactions. It was a success in the EEA region, raising several million euros, and it now aspires to become a true online bank. Revolut has expanded outside the United Kingdom's boundaries and currently operates in a number of European countries, as well as the United States, Canada, Singapore, and a number of other countries.

Revolut has four different offerings to cater to different types of people. It also has a professional bank account (business). Furthermore, you will receive both a real and a virtual card. Within the Revolut app, you may control a “Freeze/Unfreeze” option on both cards. Other important features include adjusting the security settings and creating a monthly spending limit. Every few months, account holders can delete the virtual card, making it more difficult for hackers to duplicate your data or clone your card. Revolut also provides a “disposable” virtual card that cleanses and resets the user's information after each transaction.

Revolut has an Askawallet trust score of 3.11/5, You can learn more about it in our full revolut review.

What is Revolut Junior?

Revolut Junior is a simplified account for children aged 7 to 17. Through the smartphone app, parents can monitor tasks and allowances, establish spending restrictions, and receive fast notifications. It may be used by children to log chores, construct a budget, and set savings objectives.

Unlike other prepaid cards for children, Revolut Junior is free. However, depending on the Revolut personal plan you select, you may still be charged a monthly cost. The Standard plan, for example, is free but only includes one Junior account. The Premium plan includes two Junior accounts, but it costs $9.99 per month. Finally, the Metal plan costs $16.99 per month but includes up to five child accounts.

Revolut Junior Features

Here's a short rundown of the main Revolut Junior features:

  • Designed for minors aged 7 to 17.
  • All Revolut Junior accounts may be set up and managed by parents straight from the main Revolut app.
  • Parents can immediately deposit funds into their child's account.
  • Complete security control for peace of mind.
  • Alerts may be set up to track Revolut junior spending.
  • From an early age, children may acquire healthy money habits thanks to the user-friendly design.
  • All Revolut Junior debit cards have card information printed on the back in case it is shared on social media or mailed to friends.
  • Unique cards created for kids
  • Helping kids build more healthy money habits

 

How Much Does Revolut Junior Cost?

To have access to Revolut Junior, you must have a Revolut Premium or Metal account. The price is £6.99 for the first and £12.99 for the second. When you consider all of the features and perks that come with these Revolut accounts, this is quite a reasonable pricing. 

Is Revolut Junior Safe? 

As a parent or legal guardian, you may monitor your child's spending activities directly using the Revolut app. When a transaction occurs, you will be notified by notification. Budgets can also be created to help your youngster to spend their money responsibly.

It goes without saying that age-restricted transactions, particularly those conducted online, are prohibited, providing you with additional peace of mind. One design feature which we are particularly impressed with, is the fact that Revolut have had the foresight to put the account details on the rear side of the Revolut Junior debit card.

How To Get Started With Revolut Junior

So, you have decided to get a Revolut Junior account for your offspring. Well here is a step by step to help you set up an account in a matter of minutes: 

  • If you don't already have a Revolut Account, you may join up for one here.
  • Once you have the app installed on your phone, go to the "Junior Accounts" area.
  • Then, fill out the details for each kid who will be using Revolut Junior.
  • Once completed, the Revolut Junior debit card will be mailed to you and should arrive within 5 business days.
  • You may finance a child's account immediately using the Revolut app

Advantages of Revolut Junior

  • The card's flexibility to be used both online and offline is especially important. Especially if you have previously given your youngster cash.
  • Children can keep track of their spending by utilizing the Revolut Junior app. Visualizing this helps to educate children about budgeting, which is a crucial life skill.
  • Money may be promptly deposited into a Revolut Junior account. This is important in situations, such as when your child has to travel home quickly but does not have any money.

Disadvantages of Revolut Junior 

  • Revolut Junior is now only accessible in the United Kingdom.
  • Some functions are missing, such as the option to customize your child's debit card.

Final Thoughts?

Debit Cards for Children are not a novel notion. Similar products are available from other firms such as GoHenry and Greenlight. Revolut Junior may be missing in features when compared to competitors, but this is expected to improve very soon.

Apart from teaching your children the importance of money, Revolut Junior is really simple to use and easily connects to Revolut premium or metal, both of which are similarly good products. We encourage giving Revolut Junior a try; who knows, maybe the whole family may wind up utilizing Revolut as their primary method of everyday spending!

Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He has been working in the financial and iGaming industry since 2016.