The Co-Parent allows all the premium customers using Revolut Junior are now able to invite another parent or guardian to manage the child’s account cooperatively.
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Revolut claims to have over 270,000 Revolut Junior accounts opened since the launch of the feature this March. It has also recently debuted in Australia with plans to launch in Singapore and Japan shortly.
The challenger bank’s junior feature is an app aimed at kids between the ages of 7 and 17. The accounts come with their own bank card for the child to use, which it integrates directly with the main Revolut app on the parent’s side. This requires a parent with a Premium (£6.99/month) or Metal (£12.99/month) Revolut account to open.
But now the lead parent may invite a Co-Parent to join Revolut on any plan, including a Standard plan. The Co-Parent can be another family member, carer or guardian who is responsible for the financial wellbeing of the kids.
Felix Jamestin, Head of Premium Product at Revolut, said: “We have added the Co-Parent feature to Revolut Junior so parents, guardians and carers alike can come together to teach their kids valuable skills for life.”
“We have made sure that those with unconventional or multigenerational families will also be able to use this, so not only parents but grandparents, carers or members of their wider family can also support their child through their financial education with Revolut Junior,” he added.
Eventually, Revolut Youth users will be absorbed into the main banking platform once they turn 18. Data show most customers stick to their first bank for life, meaning “getting them first” has a huge appeal in the long-term view for every bank.