Greenlight vs. Copper Comparison
Greenlight Overview
- Available: Sign up here
- Greenlight offers flexible parental controls for each child and real-time notifications of each transaction.
- Greenlight is the only debit card letting you choose the exact stores where kids can spend on the card.
- Parents can use this app to teach them how to invest with a brokerage account through Greenlight Max and Greenlight Infinity plans.
- Unlike many apps that simply provide features and controls, Greenlight is also designed to spark discussions with children about spending, investing, and more, fostering more education.
- Best-in-class parental controls (can prohibit specific stores)
- Can add brokerage account to invest in stocks
- Intuitive Parent + Kid apps
- Competitive cash back & interest rates
- Parent-Paid Interest
- High price points
- No cash reload options
- No parent / child lending
Greenlight Plans + Costs
Greenlight has three subscription tiers that unlock and/or upgrade various sets of features:
Plan | Monthly Fee | Features Offered Under Plan |
---|---|---|
Greenlight Core | $4.99 | - Greenlight debit cards for up to five kids - Educational app - Core financial tools - Granular parental controls (store-level and category-level) - Savings Reward: Earn 1% on savings - Ability to earn, save, spend, invest and give |
Greenlight Max | $9.98 | Everything under the Greenlight Core plan, plus: - Savings Reward: Earn 2% on savings - Investing platform (parents must approve all individual stock and ETF investments) - 1% cash back on purchases - Priority customer support - Identity theft protection (identity theft monitoring, alerting and restoration for the whole family) - Cell phone protection (coverage for damaged, lost or stolen phones for up to five kids) - Purchase protection (repair or replace Greenlight purchases that are stolen or damaged) - Greenlight Black Card (modern, bold and black card) |
Greenlight Infinity | $14.98 | Everything under the Greenlight Max plan, plus: - Savings Reward: Earn 5% on savings - Family location sharing (can toggle on/off) - SOS alerts (swipe to send an alert to emergency contacts, 911, or both) - Crash detection (alerts 911 when a crash is detected) |
Greenlight Features
Greenlight is an app and debit card that’s rich in bells and whistles. Read on as I go through some of its most noteworthy features. (Note: Features available on all plans unless otherwise noted.)
Greenlight Card
Every Greenlight account comes with Greenlight cards—a Mastercard-branded prepaid debit card—for up to five kids. In general, prepaid debit cards are an ideal solution for parents who want to start giving their kids some financial independence without completely opening the floodgates. With Greenlight, parents load the parent wallet via either a debit card or an ACH transfer from a checking account. (Neither loading method charges a fee.) Parents then load each child’s Greenlight card from the parent app, and their kids can only spend what’s on the card. This prevents common spending missteps such as getting hit with non-sufficient funds fees or overdraft charges. The Greenlight card can be used virtually anywhere Mastercard is accepted, in-store and online, in the U.S. and more than 150 other countries worldwide. (And no foreign transaction fees, either!) Greenlight debit card accounts are Federal Deposit Insurance Corporation (FDIC)-insured for up to $250,000 per individual through the card’s partner bank, Community Federal Savings Bank (CFSB). And because the Greenlight card is a Mastercard, you enjoy Mastercard’s Zero Liability Protection, which doesn’t hold cardholders responsible for any unauthorized transactions as long as they used reasonable care from protecting the card from loss or theft and promptly reported any fraud to Greenlight. Want to shake things up? Your kid can upgrade to a custom Greenlight card for a one-time fee of $9.99. And Greenlight offers one of the most customizable cards, allowing people to decorate their card with a picture of themselves, a pet, a graphic, and other types of fun images. Related: Best Money Apps for TeensParental Controls
I think parental controls are one of the most important features of a kids’ debit card, and Greenlight has them in spades. In fact, I think Greenlight is the industry leader in parental controls. Greenlight uses a permission-based spending rules system that allows parents to set rules that limit not just spending amounts, but types of spending categories and even specific stores. (In my personal testing of this product, I was able to limit spending at a local creamery where my family celebrates weekly “Ice Cream Fridays,” effectively making any store, big or small, within reach of the robust parental controls offered through the Greenlight product.) Greenlight also offers spending notifications, real-time money requests and approvals if children don’t have enough money for a purchase, and the ability to freeze a kid’s debit card if the card is lost or stolen or the parents want to temporarily disable it for some other reason.Chores + Allowance
Greenlight lets parents automate allowance, and even link it to chores. The parent picks a frequency (monthly, biweekly, even weekly) and amount for allowance. Then, they can set up rules determining how much is paid out, and when:- The allowance is paid out with no connection to chores.
- A percentage of the allowance will be paid out depending on what percentage of their chores they completed. (In other words, they can get part of their allowance if they do part of the chores.)
- The allowance will only be paid out if all chores are completed.
Savings Reward
Earned interest on savings accounts is a great way to motivate children to save more. While Greenlight technically doesn’t offer interest, it offers something awfully close: the Savings Reward. Your child receives a monthly savings boost—1% for Core plans, 2% for Max, and 5% for Infinity—based on the average daily savings balance in their Greenlight account, on up to $5,000 of savings. (So, kids can earn a maximum of $50, $100, or $250 annually depending on the plan.)Parent-Paid Interest
Parents can also help their kids save faster by turning on Parent-Paid Interest. With Parent-Paid Interest, a parent sets an annual interest rate between 1% to 100%, then every month, the applicable amount (based on the average daily balance of a kid’s Total Savings, which is whatever’s saved in both General Savings and Savings Goals) is paid from the parent’s wallet to the child’s General Savings area.Round Ups
Greenlight offers yet another way to help their kids save even faster: Round Ups. Round-up apps all generally work the same: Whenever you spend, the purchase amount is rounded up to the nearest dollar (or some other preset dollar level or percentage), and the “spare change” is set aside in savings. Some round-up apps are more flexible and customizable than others; Greenlight’s Round Ups feature is pretty straightforward, rounding up purchases to the nearest dollar.Investing (Varies by Plan)
Greenlight offers commission-free investing across all its plans, though there’s a significant step up from the Core plan to the Max and Infinity plans. With the Core plan, parents have access to Investing for Parents Lite, which allows parents to invest via a handful of exchange-traded funds (ETFs). The Max and Infinity plans open up the full Investing for Parents, as well as Investing for Kids. Both provide access to more than 4,000 stocks and ETFs, and thanks to fractional shares, children and parents can invest with as little as $1. When kids invest, parents must approve every trade placed. Not sure what you should invest in? Take Greenlight’s personalized quiz, and Greenlight will recommend a fund for you.Level Up
Kids can learn more money management techniques through the financial literacy game Level Up. This interactive game teaches both young children and teens budgeting, investing, and other money skills with a curriculum and educational challenges that go beyond the K-12 national standards for personal finance education.Family Cash Card
All Greenlight subscription tiers allow users to qualify for the cash-back Family Cash Mastercard. Parents can add their kids as authorized users to help them learn how credit cards function and establish a credit history. Building a credit history early on can make it easier for children to qualify for their own unsecured credit cards or other loans when they’re older. You get a competitive 3% back when you spend at least $4,000 per billing cycle. Spending of more than $1,000 but below $4,000 earns 2% cash back, and spending of below $1,000 earns 1%. There is no limit to the cash-back rewards you can earn. Users can also auto-invest their cash-back rewards. You can sign up for Greenlight here. Related: Best Credit Cards for KidsCopper Overview
- Available: Sign up here
- Copper is the digital bank and debit card for teens built with the mission of creating a financially successful generation.
- Send/Request: Teens and parents can easily send and receive money all at the touch of a button.
- Spend: Pay with a digital wallet via Apple Pay or Google Pay or use the physical Copper Debit Card.
- Monitor: Get a snapshot of all your spending in an easy-to-read dashboard.
- Save: Gain quick snapshots of your savings and helpful tips on how you can save even more. Set up savings bucks and save for the things that you want.
- Learn: With the help of Copper's team of financial literacy experts, learn more about how to maximize your money and prepare yourself for your financial future.
- Allowance administration
- Financial education resources
- Network of 55,000-plus fee-free ATMs
- No chores tracking or assignment
- No parental controls beyond notifications
Copper Plans + Costs
Copper has two plans to choose between:
Plan | Monthly Fee | Features Offered Under Plan |
---|---|---|
Copper | $4.95 | - Copper Cards for up to five kids - Earn 2.00% on savings - Smart savings with Divvy and RoundUps - Automatic allowance - Instant P2P money transfers - Parental controls - Built-in financial education - Mastercard Zero Liability Protection |
Copper + Invest | $7.95 | Everything under the Copper plan, plus: - Investing for kids - Earn 5.00% on savings - Priority support |
Copper Features
Copper Card
The Copper Card is a Mastercard-branded debit card that can be used for shopping at physical stores or online, as well as for withdrawing cash at more than 55,000 fee-free ATMs. This means your kid can spend virtually anywhere—Mastercard is accepted in more than 210 countries worldwide—with the exception of any vendors flagged for “inappropriate content.” Parents can put money onto their kids’ Copper Cards for free from their Copper wallet. Parents have two ways of funding their Copper wallet:- Bank transfer: Transfers from a linked bank account are free and take three to five business days to clear.
- Debit card transfer: These transfers cost 2.5% of the total amount +30¢ per transaction and the money instantly hits accounts.
Savings
Copper accounts also have a savings area. Kids can create savings goals and put money away toward those goals. Copper will help that money grow faster by paying interest in any money saved. The annual percentage yield (APY) varies by plan: Copper users get a 2% APY on savings, while Copper + Invest users get 5%.Parental Controls + Card Limits
Copper has adequate parental controls. Parents get real-time alerts on children’s transactions, so they’re always up-to-date on kids’ spending habits. The adults also have the option to freeze the card at any time to stop spending. Copper has its own card limits in place as well, including the following restrictions:- Daily deposit limit (debit card or ACH): $500
- Monthly deposit limit (debit card or ACH) $2,000
- Daily spending/transfer limit: $2,000
Investing (Copper + Invest Only)
With Copper + Invest ($7.95 per month), your child also gets access to an easy starter investment platform that uses automatically curated smart portfolios built with their preferences in mind. While I personally prefer self-directed investing (you pick whatever stocks and funds you’d like), smart portfolios allow people with little investing knowledge to start putting their money to work in an effective way. Thus, they’re perfect for children. Your child is given a questionnaire that helps Copper determine a portfolio based on their age, income, net worth, investment objective(s), and investment horizon. Copper then recommends one of three ETF portfolios—Moderately Aggressive, Aggressive, and Extra Aggressive—made up of thousands of stocks. Parents can review the portfolio to ensure it matches with not just your child’s preferences, but your family’s. (Portfolios can be changed later by accessing the Support chat.) Your child can begin investing for as little as $1, then add more contributions down the road. Copper will automatically rebalance the portfolio as needed to make sure it always keeps up with your child’s investment preferences.Allowance
Parents also can pay their kids an allowance using Copper. You have the choice of an automatic allowance or one-time payments when your kids need or request them. (And if you set up an automatic allowance, but your kid hasn’t exactly been on their best behavior, you can skip payments as needed.)Tasks + Earn
Copper also has a chores feature called Tasks. To teach your kids the concept of earning, you can set up Tasks, such as cleaning, homework, or babysitting. Once the Task is marked as complete, the child gets paid. Tasks can be set up on a one-time basis or made to repeat. Kids can also get paid through the Earn feature. When they complete surveys, they collect “creds” that can be cashed in for real money. (Parents don’t have to foot this cost—Copper covers it!) Related: 40+ Ways to Earn Money as a TeenagerRoundUps
Copper’s round-up feature, RoundUps, helps children and teens save money every time they make a purchase. It’s simple: Every purchase is rounded up to the nearest dollar, and the change is put toward your kid’s savings goals. (Example: If your child spends $2.50 on candy, 50¢ will be put into their savings.) Related: Best Round Up Apps + Savings AccountsFinancial Education + Literacy Development
Copper wants kids to build the financial literacy skills they’ll need to succeed. To help them, it has hired financial literacy experts to develop their literacy development content, including:- Liz Frazier, Copper’s Executive Director of Financial Education. Frazier is the author of the book Beyond Piggybanks and Lemonade Stands.
- Lily Lapenna, Copper’s Financial Literacy Advisor. Lapenna has been recognized by Queen Elizabeth and the World Economic Forum for her work in personal finance.
Money Moves
Learning financial skills is helpful, but the process isn’t always fun. But Copper keeps things light via its = Money Moves—short videos that are organized into the following categories:- Debt
- Budgeting
- Investing
- Saving
Direct Deposit + Divvy
Teens with their own jobs can take advantage of the direct deposit feature. Their paychecks will be instantly deposited into their Copper accounts—and by using direct deposit, they can get paid up to two days early. Copper also offers a feature called Divvy that allows you to automatically put aside a percentage of each paycheck toward savings and/or investing. You can sign up for Copper here. Related: 10 Best Savings Accounts for KidsGreenlight vs. Copper: Our Editors’ Choice Is …
Greenlight beats out almost every other kids’ debit card on the market, including Copper. While both Copper and Greenlight offer investing capabilities in their higher-tiered plans, Copper only lets users invest in ETF “Smart Portfolios.” Greenlight Max and Infinity plans allow kids to choose their favorite stocks and ETFs alongside their parents. Overall, Greenlight has more features for both kids and adults to enjoy: Kids can customize their cards with any image they want, it’s easy for other family members to send money into the account for birthdays, holidays, and other occasions, and kids can venture out of the house with both them and their parents knowing there’s technology available that can assist them if there’s an emergency or unanticipated car problem. When it comes to parental controls, Greenlight also shines. It has safety features that can put even the most anxious parent’s mind at ease—including the ability to block spending categories and specific stores. Copper does have some features that make it stand out though. When teens use Divvy to automatically send a percentage of every paycheck into savings and/or investing, they’re learning about budgeting. Plus, they can make money just by completing surveys. Still, while Copper is a solid choice, it doesn’t offer enough to beat out Greenlight. That’s why our pick of the two is Greenlight. If you’d like to start a trial to see how the card fares for yourself, you can get started with your free Greenlight trial here.
Primary Rating:
4.8
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Primary Rating:
4.4
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Other Debit Cards for Kids to Consider
If you’re still not convinced on Greenlight or Copper, you might want to look at these other highly rated options:
App | Apple App Store Rating + Best For | Fees | Promotions |
---|---|---|---|
Greenlight | ☆ 4.8 / 5 Customer rating and parental controls | 1 month free. Core: $4.99/mo. Max: $9.98/mo. Infinity: $14.98/mo. (Each plan supports up to 5 children.) | Free 1-month trial |
Copper Banking | ☆ 4.9 / 5 Teen financial independence | Copper $4.95/mo., Copper + Invest: $7.95/mo. | 30-days free |
GoHenry | ☆ 4.6 / 5 Accessible customer service support | 1 month free. Individual: $4.99/mo. Family (supports up to 4 children): $9.98/mo. | 1 month free |
Revolut <18 | ☆ 4.7 / 5 Parent-paid bonuses | No monthly fees | None |
Axos First Checking | ☆ 4.7 / 5 Teens ready to learn about money management | Free (no monthly fees) | None |
*Apple App Store Rating as of April 1, 2024. |
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