Current Teen Debit Card vs. Copper Teen Bank | Best TEEN Debit Card - YouTube

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!