Greenlight Kids And Teens Earn Up To 2% Savings Reward And 1% Cash Back
ATLANTA, July 21, 2021 /PRNewswire/ -- Greenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially-smart kids, today announces the launch of two new savings incentives: 1% Cash Back to Savings and 2% Greenlight Savings Reward. Greenlight becomes the first of its kind to celebrate kids and teens by offering financial incentives for smart money management.
The national average interest rate for savings accounts is 0.06%. Greenlight Savings Reward far surpasses the average and enables kids to earn up to 2% on savings, showing them the power of compounding interest and rewarding smart money management. With Cash Back, kids can earn 1% on every purchase, deposited into their savings.
More than two-thirds of Americans have less than $1,000 saved up and barely half of Americans are currently saving at least a little money. Greenlight's money app for families and debit card for kids and teens helps young people develop critical financial skills like how to save, spend wisely and invest. Today, Greenlight serves more than 3 million parents and kids, who have collectively saved more than $140 million.
"At Greenlight, we know that teaching kids and teens financial skills early will help them live financially-healthy lives," said Tim Sheehan, co-founder and CEO of Greenlight. "This all begins with saving, a key component to building a strong financial foundation. Greenlight's new savings incentives encourage young people to practice smart money management and learn about compounding interest."
Alongside these new incentives, Greenlight offers several other Savings Boosts to promote smart saving. Parent-Paid Interest allows parents to incentivize their kids to save by paying interest on their kids' savings at a rate of their choice - the average set by Greenlight parents is 18% - which also helps kids understand the power of compounding interest. Kids and teens can use Savings Goals to set aside money for a specific purpose and track progress towards reaching that goal. They can also round up purchases to automatically add the change to their savings using the Greenlight app.
Percentages may vary by plan. Please visit greenlightcard.com/plans for details.
The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. For more information, please visit: www.greenlightcard.com.
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SOURCE Greenlight Financial Technology, Inc.