Copper Banking App review (Discontinued as of May 2024)
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- Fee
- From $4.95 per month
- APY
- 5.00%
- Minimum deposit to open
- $0
Our verdict
Copper has discontinued its kids' banking services as of May 2024.
Copper Banking is no longer offering kids' banking services. It was a fintech with a kids’ banking app designed for kids aged 6 to 18. Parents connected their debit card and kids received a prepaid debit card with no overdraft fees. There were two plans to choose from. The basic Copper plan was $4.95 per month, offering up to five prepaid cards for five subaccounts, savings roundups, early direct deposit, P2P transfers, and savings goals that can earn up to 2% in savings rewards. The Copper + Invest plan costed $7.95 a month, with the same perks as the basic plan, along with a higher 5% savings rewards, priority customer support, and access to the investing platform. There was fee-free access to 55,000 Allpoint ATMs, and peer-to-peer transfer support. There was a reload fee if you loaded your kids’ prepaid debit card with your debit card of 2.5% + $0.30 per transfer.
Best for: Teens who want to learn about investing.
Pros
-
Investing platform with Pro plan
-
Allowance tracking
-
CRA-approved financial literacy education
-
Spending, saving and investing tools
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Cash deposits at Green Dot locations
Cons
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Unavoidable monthly fee
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Debit card reloading fee
MUST READ: Copper no longer offering kids’ banking services
As of May 13, 2024, Copper has discontinued its kids’ banking services. Any existing Copper accounts will have closed by or on May 13th. If you had an external bank account connected to the Copper account, the balance of your Copper account would have been transferred to the linked external account. If you didn’t have an external account linked to the Copper account, Copper should have sent a check for the remaining balance.
Need more options? Check out some top Copper Banking alternatives to find out more.
Compare Copper with other teen accounts
See how Copper’s features compare to other teen bank accounts.
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Who was Copper best for?
Copper was designed for kids aged 6 to 18 but was geared more toward teens, and even Copper itself stated its app is designed for Gen Z. The Copper + Invest plan made more sense for teens, requiring kids aged 13+ to use it. Additionally, Copper’s financial literacy education and quizzes were more tailored to older kids.
Copper plans and cost
Copper didn’t offer any free plans. However, the two paid plans it offered featured a 30-day free trial.
| Plan | Monthly fee | Features |
|---|---|---|
| Copper | $4.95 per month (after the 30-day free trial) |
|
| Copper + Invest | $7.95 per month (after the 30-day free trial) |
|
What we like about Copper
Copper is a fintech company, with banking services backed by its banking partner Evolve Bank & Trust, so the accounts are insured up to $250,000.
Copper was more geared toward teens, but it was also great for large families. Parents could sign up and create up to five subaccounts for their kids. Kids would get physical and virtual debit cards, and parents could manage the accounts with real-time alerts, the ability to freeze and unfreeze the cards, and help kids set savings goals.
Copper used the Allpoint ATM network, so kids had access to over 55,000 fee-free ATMs nationwide. There were also no overdraft fees, which was super helpful, considering its cards were catered to kids who may just be getting used to managing their money. And unlike most fintechs, Copper did accept cash deposits. You could deposit cash at Green Dot locations for a $4.95 cash deposit fee.
Kids get rewarded for saving
Copper encouraged saving by paying kids a 2% to 5% savings rewards on their savings balance, depending on the plan. While it’s not a true annual percentage yield, this rate was paid out monthly. It was a higher rate than average, which is currently 0.45% on savings accounts as reported by the FDIC.
Teens could divide their money into different savings buckets and have funds automatically deposited to them when they receive money. Copper also offered savings roundups, which worked by rounding up each debit card purchase to the nearest dollar and sending the rounded-up amount to savings. They could also set up shared goals with friends and family. Referral rewards were also available, offering up to $5 for both the teen and their referred person. The $5 isn’t a huge incentive, but it was something.
Teens can invest
With the Copper + Invest plan, teens aged 13 and up could use Copper’s investing platform, which stood out from competitors because of its nearly set-and-forget framework and free trading. Teens took a questionnaire to determine risk tolerance, then Copper matched them with a portfolio with either moderately aggressive, aggressive or highly aggressive risk. Copper analyzed your teen’s investment strategy and automatically reinvested it.
The portfolio included exchange-traded funds (ETFs) that the platform automatically kept optimized for your teen after initially signing up. Competitors like Greenlight let kids research and trade stocks on their own, but tracking performance is entirely up to kids and parents.
Financial literacy education
Most kids’ accounts offer educational content but don’t give rewards for learning like Copper does. Copper had a wealth of financial literacy resources, and its financial content was designed by Certified Financial Planners. Kids could earn rewards for watching videos, reading financial facts and taking quizzes in the app.
Copper’s goal was to “not eliminate the role of the parent in the teen’s financial journey, but give them the resources and data they need to grow together as a family,” according to Eddie Behringer, Copper Banking CEO. That’s why parents also get access to Cheat Codes videos where they learn to teach their teen about finances.
However, competitors like GoHenry go beyond this by turning learning into a game with badges and points for completing videos and quizzes.
Where it falls short
A big bummer with Copper is that you’d have to pay fees when you reload your kids’ prepaid debit cards. Copper charged 2.5% + $0.30 per transfer when reloading your kids’ balances with your linked debit card.
There was also the unavoidable monthly fee, but that isn’t uncommon with kids’ banking apps. Greenlight also starts at $4.99 per month for its base plan, and GoHenry also charges $4.99 per month. If you want an option with no monthly fees, check out the best free kids’ debit cards.
Copper’s ATM network and fees
Copper Banking account comes with a Mastercard debit card teens can use to withdraw cash for free at any of the 55,000 Allpoint ATMs nationwide.
Copper Banking doesn’t charge any fees for using an ATM outside of its network, but you may be subject to fees charged by the ATM operator.
Is Copper safe for my teen?
Yes, your teen is safe to use Copper because the platform protects their funds up to $250,000 in FDIC insurance and up to $500,000 in Securities Investor Protection Corporation (SIPC) insurance.
Copper also offers one of the most convenient fraudulent charge processes we’ve seen for a kids’ debit card. You dispute the transaction in the app and report the card lost or stolen so that Copper can send a new card. With competitors, parents have to contact customer service by phone or email to deal with fraud, possibly delaying refunds.
Despite insurance and security measures, no company can guarantee that your child’s funds or information is 100% secure. You can ask questions or review the information collected by contacting customer support at support@getcopper.com.
What information does Copper collect?
We read Copper’s privacy policy and they ask for information that includes the child’s name, phone number, date of birth, address and answers to investing questions like the child’s income, net worth and investing goals. For kids under age 13, Copper only uses their information “for the purpose of providing Copper services,” complying with the Children’s Online Privacy Protection Rule.
How do I deposit or withdraw my money?
It’s unclear at the moment if this account will support cash deposits, wire transfers and remote check deposits. Otherwise, access funds using these methods:
Deposits
- Direct deposit
- Remote check deposit
- Cash deposit at Green Dot location (fees may apply)
- Peer-to-peer transfer through the Copper app
- ACH transfer
- Debit or credit card from an external financial institution
- Linked checking account
Withdrawals
- At an ATM
- Cash back at a retailer
- ACH transfer
- Linked checking account
How do I contact Copper Banking?
Email support@getcopper.com to speak with a Copper customer service representative. We could not locate a customer service number, and we found the best way to contact Copper is via email. You can also reach out to them on social media:
- LinkedIn: Copper Banking
- Instagram: @CopperBanking
- X (formerlyTwitter): @CopperBanking
- Facebook: @Copper Banking
- Snapchat: @getcopper
- Tik-Tok: @getcopper
Kids’ debit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.
Read the full methodology of how we rate Kids’ debit card accounts.
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Earn up to 4.30% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.30% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
Your reviews
Cassidy Finder
Writer
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