Is Copper Banking Legit

Copper Banking is a financial education platform built with teens in mind. But is it legit? Read on to find out.

Financial literacy is a big deal. And learning the ropes as a kid can be a big advantage.

That's exactly what Copper Banking aims to offer teens.

But is it a legit financial app? And how safe is it, really?

Find out the answers to all your questions in this guide to Copper Banking.

What is Copper Banking?

Copper Banking was founded in 2019 by Stefan Berglund and Eddie Behringer after they discovered how most schools neglected financial education.

Their goal is to help kids learn money management and avoid financial pitfalls, like predatory credit. Copper Banking is not a true bank, but instead a fintech startup.

Copper Banking favors a learn-by-doing approach. They offer an all-in-one earning app and financial education.

By getting first-hand money experience, teens will see these skills as second nature once they're financially independent.

Copper Banking Features

Copper Banking is more than just a simple financial app. They've got a range of features that parents will appreciate, prioritizing financial education and convenience.

The Copper App

The Copper app has a lot of useful features to help encourage good spending habits, plus a teen-friendly user interface.

If there's one word to describe the Copper app, it's simple. The app is easy for teens to get the hang of, plus all important info (like account balances) is easy to find.

Copper offers members the chance to earn and gain financial knowledge through its app feature, Copper Earn. This feature provides financial incentives while educating users about the value of money and the concept of earning through various activities, such as playing games, taking surveys, and scanning receipts.

Money Moves

Copper Banking Money Moves are a quick and easy way for teens to learn about the fundamentals of finance.

These short videos explain a variety of useful topics around debt, budgeting, investing, and saving in a way that teens can understand.

Some of the subjects include:

• What are checking and savings accounts?
  
• What Is Stock Market Capitalization?
  
• What Is An IPO?
  
• How Do I Make A Budget?
  
• What Is Social Security?
  
• What Is Inflation?
  
• What Is Debt-To-Income Ratio?

And there are lots more.

Does Copper Have a Monthly Fee?

Copper does not charge any monthly maintenance fees, service fees, or minimum balance fees.

How to Get Started

Setting up a Copper Banking account for your teen is simple. It does require that both parents and teens have an active cell number.

A parent or guardian has to be involved as well.

1. First, the teen will download the Copper Banking app. They'll enter their phone number and a unique verification code.

2. The teen then sends an invitation to a parent or guardian, who will grant them permission to open an account.

3. Then, they'll enter their home address and Social Security number.

4. Members can now start using the Copper account.

Bottom Line

With no minimum deposit required, no hidden fees, and a range of useful features, Copper Banking is a legit option for parents looking to teach their kids how to manage their money.

Teens will benefit from the ability to earn, save, and explore financial concepts that will serve them well into adulthood.