Greenlight: A Comprehensive Review of the All-in-One Money and Safety App for Families
Empowering families to teach financial literacy and safety through technology.
Greenlight is an innovative money and safety app built with families in mind. Designed for kids of all ages, it comes with a debit card that parents can control and an app that facilitates financial education. Greenlight aims to help kids learn to earn, save, spend wisely, and invest.
Features of Greenlight
Debit Card for Kids and Teens
Greenlight offers a debit card that can be customized for each child. Parents can control where and how much kids can spend, ensuring they develop good spending habits. The card also earns 1% cash back on all purchases, incentivizing smart spending.
Key Highlights:
- Parental Controls: Set spending limits, approve transactions, and get real-time notifications.
- Customizable Chores: Assign chores and automate allowance based on completion.
- Instant Transfers: Parents can send money instantly to their kids’ accounts.
Savings Rewards
Greenlight encourages saving by offering up to 5% interest on savings, depending on the plan. Kids can set savings goals, track their progress, and learn the importance of saving money early on.
Savings Breakdown by Plan:
| Plan | Savings Interest Rate |
|---|---|
| Greenlight Core | 1% |
| Greenlight Max | 2% |
| Greenlight Infinity | 5% |
Investing for Families
Kids and teens can use the Greenlight app to research stocks and ETFs, propose trades, and learn about long-term wealth building. Parents must approve all trades, ensuring a safe introduction to investing.
Educational Tools
Greenlight offers the Greenlight Level Up™ financial literacy game, where kids learn money skills through fun, bite-sized challenges. This game makes financial education engaging and accessible.
Greenlight Plans
Greenlight offers three plans, each catering to different needs and budgets. Here’s a detailed look:
Greenlight Core
Cost: $4.99/month
Includes:
- Debit card
- Educational app
- Core financial tools
- Parental controls
- 1% on savings
- Greenlight Level Up™
Greenlight Max
Cost: $9.98/month
Includes everything in Core, plus:
- Investing for kids and parents
- 2% on savings
- 1% cash back
- Priority customer support
- Identity theft protection
- Cell phone and purchase protection
- Family location sharing
- SOS alerts
- Crash detection
Greenlight Infinity
Cost: $14.98/month
Includes everything in Max, plus:
- 5% on savings
- Enhanced protection plans
Comparison Table:
| Feature | Core | Max | Infinity |
|---|---|---|---|
| Debit Card | Yes | Yes | Yes |
| Educational App | Yes | Yes | Yes |
| Core Financial Tools | Yes | Yes | Yes |
| Parental Controls | Yes | Yes | Yes |
| Savings Interest Rate | 1% | 2% | 5% |
| Greenlight Level Up™ | Yes | Yes | Yes |
| Investing for Kids & Parents | No | Yes | Yes |
| Cash Back | No | 1% | 1% |
| Priority Customer Support | No | Yes | Yes |
| Identity Theft Protection | No | Yes | Yes |
| Cell Phone and Purchase Protection | No | Yes | Yes |
| Family Location Sharing | No | Yes | Yes |
| SOS Alerts | No | Yes | Yes |
| Crash Detection | No | Yes | Yes |
User Experience
Real-Time Notifications
Parents receive instant notifications of all transactions and investment requests, ensuring they stay informed about their kids’ financial activities.
Spending History
The app tracks spending, helping parents and kids review and understand their financial habits. This feature is especially useful for teaching budgeting.
Flexible Controls
Parents can set flexible controls on where their kids can spend money, set spending limits, and even turn the card off if needed. This gives parents peace of mind while allowing kids to learn financial independence.
Greenlight FAQs
Is Greenlight safe?
Yes, Greenlight cards are FDIC-insured up to $250,000 and come with fraud protection through Mastercard’s Zero Liability Protection. The app also includes features like transaction notifications, spending controls, and the ability to turn cards off.
How much does Greenlight cost?
Greenlight plans start at $4.99 per month and include debit cards for up to five kids. Your first month is free, and you can cancel at any time.
Does Greenlight offer investing?
Yes, kids and teens on the Greenlight Max and Infinity plans can research and propose trades with parent approval. All investing portfolios are standard brokerage accounts held in the primary parent’s name.
How can kids and teens receive money?
Kids can request and receive money instantly from their parents through the app. They can also receive money from friends and family with parental approval. For teens with jobs, direct deposit can be set up to go directly into their Greenlight account.
Does Greenlight offer interest or cash back?
Yes, Greenlight offers up to 5% interest on savings and 1% cash back on all purchases, depending on the plan.
Is Greenlight different from a traditional debit card?
Yes, Greenlight is more than just a debit card. It is an all-in-one money and safety app for families, providing tools to learn to earn, save, and invest together.
How long does it take to receive the Greenlight card?
Greenlight cards typically arrive within 7-10 business days with free standard shipping. Expedited shipping is available for $24.99.
What do I need to sign up?
To sign up, you’ll need basic information such as your email address, mobile phone number, child’s name, legal first and last name, physical address, date of birth, Social Security number, and a valid debit card or bank account.
The Bottom Line
Greenlight stands out as a comprehensive solution for families looking to teach their kids about money management in a safe and engaging way. With its combination of parental controls, savings incentives, investing options, and educational tools, Greenlight provides everything needed to set children on the path to financial literacy and independence.
Quick Tips
- Start Early: Begin teaching kids about money as soon as possible. Greenlight’s app makes it easy and fun.
- Set Goals: Encourage kids to set savings goals and celebrate their progress.
- Stay Involved: Regularly review spending and saving habits with your kids to reinforce good practices.
- Use All Features: Take advantage of all the tools Greenlight offers, from chore management to investing.
By leveraging the power of technology, Greenlight empowers families to take control of their financial future, one lesson at a time. Whether you’re just starting out or looking to deepen your child’s financial knowledge, Greenlight is a tool worth considering.
