Greenlight Teams With U.S. Bank To Offer Free Kids’ Banking
In order to assist more families in teaching and learning money-smart behaviors, U.S. Bank and Greenlight, an app and debit card for kids that promotes financial literacy, have teamed. Greenlight Select is now free for qualifying new and current U.S. Bank checking accounts.
Tim Sheehan, CEO and co-founder of Greenlight, states, “U.S. Bank is… a leader in banking innovation with a robust track record of impactful partnerships and a long-standing commitment to financial education.” Serving as many families as we can is our aim. It’s a terrific idea to meet families where they are by collaborating with top financial institutions like U.S. Bank that already have strong ties with parents.
What Does Greenlight Select Include?
Parental controls, chore and allowance tools, and debit cards for up to five children are included in the free Greenlight Select plan. In addition, families can collaborate to set and meet savings objectives, and monthly incentives of 1% interest are available on savings amounts up to $5,000.
Access to Level Up financial literacy games, which use curriculum based on national standards to educate fundamental money management skills, is included in all Greenlight plans.
As children save, spend, and learn, parents can:
- Give their children money.
- Establish spending and withdrawal caps.
- Cards that freeze
- Monitor transfers and transactions.
Sheehan notes that U.S. Bank clients can access Greenlight through their favorite mobile app.
“Using Greenlight’s new software development kit, U.S. Bank is the first financial institution to offer Greenlight through an embedded mobile app experience. This makes Greenlight easily accessible to parents through the U.S. Bank mobile app.
Specially designed for use in the Greenlight for Banks initiative, which encompasses other financial institutions like Morgan Stanley, Guilford Savings Bank, and United Community Bank, is Greenlight Select.
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Eligiblity Criteria for Free Account on Greenlight
You must fund your Greenlight account with funds from a U.S. Bank Smartly Checking account in order to be eligible for free Greenlight access as a customer of U.S. Bank. The only accounts that qualify for Greenlight Select through this arrangement are U.S. Bank Smartly Checking accounts. If you already have a U.S. Bank Safe Debit Account, you are not eligible. Furthermore, if you cease using a qualified account as your primary financing source, Greenlight can charge you a fee.
What Does Intelligent Checking Include?
Overdraft protection, interest income, and Smart Rewards relationship advantages are all included with U.S. Bank Smartly Checking accounts. With relationship tiers based on your total banking balance, Smart Rewards is a free rewards program that provides banking benefits and savings, including loan discounts, ATM rebates, financial counseling, and more. There is a $6.95 monthly waivable fee for Smartly Checking.
Features That Greenlight Select Does Not Offer
Going from the standalone version of Greenlight to Greenlight Select via U.S. Bank can be a step back for you. Certain features available to subscribers of Greenlight’s Core, Max, and Infinity plans will not be available to Greenlight Select customers. Kids can trade stocks and ETFs with parental clearance using investment capabilities found in Greenlight Max and Infinity, for instance.
Additionally, Greenlight Select is devoid of priority customer service, cash back on debit card transactions, and safety features like collision detection, SOS notifications, and identity theft protection.
“If they would like access to other tiers, customers can choose to sign up for a standalone Greenlight subscription,” says Sheehan.
Do You Have To Join U.S. Bank To Use Greenlight?
Using U.S. Bank is not required in order to utilize Greenlight. The platform’s parent business, Greenlight Financial Technologies, will keep selling its kids’ banking app and debit cards independently of U.S. Bank.
There won’t be any changes to the plans for current Greenlight users, who will still have complete access to their accounts. “As of right now, there are no Greenlight features that are unique to U.S. Bank, and our partnership will not affect current Greenlight customers,” stated Sheehan.
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