We've looked at a lot of financial products designed for teenagers here on the channel
but two of the best bank accounts that have emerged in that category
are the copper teen banking account and the current teen banking account. So today let's
brush up on everything that both of these products have to offer and hopefully help you decide which
one is the best banking platform for teenagers today. All right let's jump right into it.
what is going on everyone I hope you are all having a fantastic day. So as per usual with
this versus style video I have made separate reviews on both the current teen banking
account as well as the copper bank account so if you want an in depth look at either of those
products then I'll be sure to leave links for both of those videos in the description below.
And I do also want to clarify that while current has sponsored videos in the past and I would love
to work with them again in the future, neither current nor copper are sponsoring today's video
so with that out of the way let's start off with the current team banking account and then we'll
take a look at what copper has to offer. Alright so if you haven't heard of the standard current
account, it's pretty awesome and I have also done a full review on that platform but as part of
Currents goal of revamping the way that we bank, they have added a teen specific product that is
an extension of the standard current banking platform. So in order to get this account,
you will first either need to set up the standard current account if you are the parents or as a
teenager you will have to have your parents set up a current account. Then from there, it is really
easy for the teen to open an account, link the two together and that's where the true advantage
of this platform lies. So yes, as is the case with pretty much any financial product for teenagers,
this does require you to have a parent or guardian to keep an eye on things which I know can be a
little frustrating in some situations but as I've said many times before, the advantages that you're
going to get from a product like this are going to far outweigh the minor inconvenience of having a
parent or guardian constantly looking over your shoulder. Okay so look at the full current team
review for a step by step guide on how to link these two accounts but once you get everything
set up, you as the teenager are going to get your own current card with your name on it that you can
use to spend money as you would with a normal debit card. And that includes making purchases
in person with the current card as well as online purchases. And through Currents wonderfully
designed app, you're able to easily manage your money, create budgets and savings pods, utilize
their roundup tools that will automatically round up your purchases and set that extra money aside
in your savings, set up automatic donations to your favorite charities, and of course
easily request or send money to and from your parent’s current account which is fantastic for
getting reimbursed for purchases that you made or getting your allowance or anything like that. Now
from a parent's perspective, you have the ability to monitor your child’s spending right from within
the current app and you can even select specific merchants where you don't want them to spend their
money. Obviously, you can pause and replace their card right from within the app and in general,
I would say that this is simply a much more secure way to give your child that financial freedom
and learn the value of money without giving them cash in hopes of getting the change back because
you and I both know that's probably not going to happen. Plus this account has no hidden fees, no
minimum balance requirements, no overdraft fees, no transfer fees, but there is one major drawback
that we have not yet talked about and that is that the current teen account costs $36 per year
for each teen. Now, this is a point that we're going to come back to later in the video when we
compare it to the Copper card but what I will say for now is that 6 bucks per month might sound like
a lot, and from a teens perspective it probably would be. But in my opinion, the value of teaching
your child how to responsibly budget, save money, and learn all of those principles of financial
literacy is truly invaluable and in my eyes, $6 a month is a small price to pay to teach those
important financial lessons. Obviously, that is a decision that you will have to make for yourself
but I can honestly say that the wonderful and truly unique integration between your account and
your teen’s account and all of the benefits that come with that is well worth the small price of
$6 per month especially considering the standard current account has a completely free option with
the ability to upgrade if you want to get some of those higher-end features. All things considered,
the current team account keeps it fairly simple but the entire design of the current app is meant
to be very intuitive and easy to understand especially for a younger audience and the only
big drawback here in my opinion is that $36 annual fee. Alright, but moving onto Copper bank, again I
have done a full review on this platform if you want a really in-depth look but unlike current,
copper is specifically focused on banking for teenagers and that's literally all they do.
Now that doesn't necessarily mean that this is better or worse than any other team platform
but it is nice to see that companies are finally coming around to the idea of teaching teens those
important financial lessons at a young age. So the copper card is going to function in a very similar
way in the sense that you are going to get your own copper debit card then again that you can use
to spend money both in-person and online just like you would with any other debit card. Your money is
fully FDIC insured through evolve bank in trust, you have liability protection through MasterCard,
Plus the ability to withdraw cash at over 50,000 free to use ATMs that are scattered across the
United States. This product also allows you to get your paycheck up to two days early
using direct deposit which is pretty cool if you have a standard job but it's also really easy to
just get your allowance if that is something that your parent or guardian does for you
and they can actually set up automated allowance that makes it really easy for you to again create
that affective budget, save your money, and of course spend responsibly when and where you can.
And just like the current teen account, copper also has no hidden fees, no overdraft fees, no
minimum balance requirements, but unlike Current, the copper platform is truly completely free to
download and use, and really that's the major difference between these two products. I will say
that the current app has nearly 100,000 reviews with nearly five stars on the iOS App Store alone
while copper has only 10,000 reviews with nearly five stars however that is not a fair comparison
at all because again Current is a broader platform that has standard banking tools while copper is
specifically aimed at teenagers but that aside, both of these platforms are incredibly highly
rated and in my opinion it really is all going to come down to which platform is going to
more easily integrate with your situation. That's because on the surface, these products are nearly
identical in the sense that they're going to put a debit card in the hands of a teenager,
allow them to responsibly save, spend, and budget their money, receive their paychecks
or allowances while simultaneously allowing the parent or guardian to keep an eye on their teen’s
finances. Really the only major difference is the fact that the current card is $36 per year
while Copper is completely free but what I will reiterate is that the integration and
ability to have your entire family under one banking platform is truly unique to Current
and one of the things that I love most about that platform as a whole. That's not to say that copper
doesn't have the ability for you to easily receive an allowance and things of that nature
but current truly gives you the ability to have the parent or guardian with their own
bank accounts, multiple teenagers who each have their own bank accounts, maybe even an
additional parent or some other family member who has their own account, and all of those were able
to be tide together end intelligently communicate with each other allowing you to not just keep an
eye on your finances and your teen’s finances but really the finances of your entire family. Yes,
I understand that 36 bucks per year might be a bummer especially if you're looking at
getting this for multiple teenagers but I cannot reiterate enough how valuable the lessons are that
a platform like this can teach and in my opinion, they will probably learn a ton of more useful
skills through a platform like this that empowers financial literacy then many would get from a
four-year education that could cost hundreds of thousands of dollars in some cases. Obviously,
that's an extreme scenario but I guess the point I'm trying to drive home here
is that if you're on the fence between these two platforms and you feel like you would love
to have the ability to have your entire family under one platform while also empowering each
individual to have their own accounts, then I wouldn't allow that small fee from current
to automatically drive you away. So again strictly looking at a teen banking platform,
these two are nearly identical but I think for me personally I have to look at the big picture
and the industry acceptance so having used both of these platforms I think that personally, I would
go with current simply because I think it is a more widespread and well-known platform, I love
the fact that everything is able to be under one app for your entire family, and having used both
apps, I can confidently say that I do prefer the layout and interface of the current app. As always
I would love to know what you think of these two products down in the comment section below
and whether you prefer the copper teen account or the current teen account and why you feel that is
the better financial tool for you. Again I'll be sure to leave links to both of my full reviews on
each of these platforms down in the description below if you want to get some more information
so definitely check this out as well. As always if you did get value out of this content and you want
to help support me the easiest way to do that is actually by checking out some of my favorite
financial tools down in the description below including one offer from the point cash back debit
card that will currently give you $100 when you sign up and make your first purchase so be sure
to check that out using the link down below. Be sure to hit the like button and subscribe
to the channel for more content like this in the future and of course, thank you so much
for your time I really do appreciate it so much take it easy and I'll see you in the next one!