The Greenlight savings feature is a new way to help teach your kids the importance of saving for the future. Traditional savings accounts typically offer such a low interest rate that they aren’t ideal for teaching your kids the value of saving. The Greenlight savings feature lets you set your own parent-paid interest rate and will show your kids how their money grows each month when they make good decisions to save.
Your kids can move money into their savings anytime by moving it from their other approved Greenlights. If your kids decide they want to spend money in their savings, they’ll need to send you a request to have that money moved via the Greenlight app. This way, you can have those crucial conversations about the tradeoffs between continuing to save, or spending their hard-earned money.
Keep in mind, you can add money anytime instantly to your child’s savings and adjust the parent-paid interest rate!