Step Vs Copper: There's a Clear Winner! - YouTube

I recently reviewed the Step app with my teen daughter and we loved it and then I heard

about the Copper banking app and I wondered: How did they compare? We signed up together

for the Copper app and I wanted to tell you about our experience and which one we thought

was better. Both the Step app and Copper Banking are banking apps intended for teenagers to

use together with their parents. They both come with a card that teens can use to spend

money online or in-person at stores and restaurants. Step and Copper are both great apps but I

think there's a clear winner. I'll give a quick rundown of the features that are the

same and then I'll go into what makes the two apps different. Both apps have really

quick and easy sign-up processes. And they're available to kids ages 13 and up. They allow

parents to transfer money into the child's account and set up recurring allowances if

they want. Parents can see transactions where the kids have spent money. They can see where

the money was spent but they can't see details about what was bought. Both the apps allow

person-to-person transfers within their app system. So, somebody with the Step app can

send money back and forth with someone else with the Step app or someone with Copper can

send money back and forth with Copper. They both have direct deposit and linking with

external bank accounts and apps like Venmo and Cash App. Also, both can be used with

Apple and Google Pay. Neither of these apps has any kind of overdraft fees or monthly

fees. OK. So that's all the things that make them similar. Let's get into what makes them

different. The sign-up process is easy with both of them but Copper does require a couple

more things. Copper requires that you upload a copy of your ID as the parent. Copper also

requires that the child has their own regular cell phone number to be able to use the app.

Step allows the use of an internet phone number like Google Voice. But Step does also encourage

that a regular phone number is better security. The next difference is with how can add money

to the account. Step allows you to use a debit card associated with an outside bank account

to add money to your account instantly. Copper allows the same thing, but Copper charges

a fee for it. They refer to it as a "small fee" and it does vary based on the amount

of money you want put in. I tried out a couple examples and it was gonna be $0.94 for $25

or $2.87 for $100. It's not a lot but I think that could really add up over time so that

was a real downside to the Copper app for me. The next difference is with the cards.

The Step app is actually a Visa prepaid credit card so it builds credit over time, even though

it sort of acts like a debit card. The Copper card is a Mastercard debit card and it is

just a traditional debit card. So, that's one big difference. The Step app is building

credit over time and the Copper app is not. Next difference is with ATMs. Both of them

use a network of free ATMs that you can withdraw money from any time for no fee. But if you

use another kind of ATM that does charge a fee from the bank, Step will actually refund

your ATM charges from the bank. Copper does not refund any ATM fees. The next difference

is related to depositing cash. With Step, there is not a way at all to deposit cash.

Neither of these apps allows you to make any kind deposits through ATMs. The difference

is, though, that Copper allows depositing cash in their account and you can do it at

Green Dot locations. But the problem is, Green Dot locations will charge you a fee and it's

generally $4.95 per deposit. That's pretty expensive just to get cash into your Copper

account. Honestly, if I was using either one of these, I'm just going to put the cash into

my own account and transfer into my teenager's. It's not like they really have cash to deposit

that often. Next difference is with the apps. Both apps are really easy to use and very

nice. But one difference though is the Copper app does allow the child to separate their

money into savings and spending amounts. And they can set up saving goals for things that

they're working towards. Step doesn't have any kind of savings feature and I do think

that's something that's missing from their app. So, to sum it all up. The biggest differences

are: The Step app builds credit over time. It has no fees for instant transfers. And

it reimburses for ATM fees. Copper: The one big plus is they have saving features and

Step does not. Overall, though, I would definitely choose Step over Copper because there are

just no fees and they even reimburse you for ATM fees, so it's just a lot cheaper to use.

If you want to try out the Step app, you can get $5 in your new account by using my referral

code down below. And if you want to try out the Copper app, you can get $3 in your new

account using my referral code down below. Next up, check the full review I did with

my daughter of the Step app. I'll leave the link right here for you.