Revolut's under-18 app arrives in Italy, with a daily credited deposit account
There are more than five million children worldwide who are customers of the digital bank: also available in Italy is the solution to manage and make pocket money pay, to learn the value of saving with rates between 2 and 3% per year based on the parent's plan
by P.Sol.
2' min read
2' min read
There is no doubt that a neobank like Revolut has a much younger customer base than traditional banks. But it is hard to imagine that a tenth of its keepers are under 18 years of age: out of the more than 50 million customers that the European-licensed challenging bank has worldwide, more than five million are in fact minors.
Revolut has designed an app especially for them, to teach them what it means to manage money and what the true value of saving is. Within Revolut<18 children and young people between the ages of six and 17 have at their disposal a deposit account with no strings attached, with interest rates of up to 3% and daily crediting. In this way, the very young can experience the advantages of saving, seeing the returns on their pocket money and assets credited to their account every day.
Revolut's interest rates for minors vary between two and three per cent per year, being determined by the plan subscribed to by the parent or guardian, ranging from the minimum of the Standard plan to the maximum of the Ultra. Young users can start saving immediately and see their money grow in real time, even without an initial minimum deposit and with no limits on the amount of interest that can accrue.
The new product arrives in Italy just as Revolut surpasses five million customers under the age of 18 worldwide, assuming a leading role as a key player in the financial market for young people under the age of 18 and in their education in savings and conscious and responsible money management. "Unlike traditional accounts for minors, Revolut <18 empowers children and teens by transferring interest directly to them, giving a tangible demonstration of how financial growth works," explains Carlos Spada, head of Youth products at Revolut. "This feature not only helps alleviate some of the financial pressure on parents, but also allows kids to save for their financial future, while providing them with essential financial education skills that will serve them well throughout their lives.
By offering competitive interest rates, daily payments and fee-free withdrawals at any time, the new Savings feature also helps families keep pace with inflation, ensuring that children and teenagers' money can grow over time. At the same time, children and teenagers gain practical experience in managing money, setting financial goals and understanding the value of saving, a pillar of financial education. The opening of the account is conditional on the approval of the parent or guardian, who can control the child's movements and spending at any time.
