Revolut Junior has today launched a Co-Parent feature enabling parents to invite a team mate to jointly manage their child’s bank account.

Customers on paid plans (Premium and Metal) will be able to use the new feature at no extra cost. The lead parent can invite a Co-Parent to join Revolut on any plan, including a Standard plan.

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In addition, the Co-Parent can be another family member, carer or  guardian who is responsible for the financial wellbeing of the children.

Felix Jamestin head if 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.”

Revolut Junior’s aim is to help parents and guardians teach children about finances and responsibility to help them in later life. Through the account, parents can set tasks, as well as goals to help children save money. They can also top up allowances as a reward and set up weekly pocket money for their child.

Revolut Junior’s Co-Parent feature is currently available to all Revolut Premium and Metal users in the EEA and the UK.

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Revolut Junior top tips

Revolut Junior has five tips for parents and guardians to make learning about money more fun for children. These are:

  1. The power of together – Revolut Junior recommends that parents utilise the power of joint experience and arrange a time or schedule a regular monthly meeting to sit down as a family to answer any money questions the children may have.
  2. Set your own Goals – In order to learn the usefulness of savings, the challenger suggests parents encourage their children to set money saving Goals if they want a new toy or game. Parents can also add to the fund or children can choose to fund it from their allowances or by completing tasks. The aim is to give them financial independence.
  3. Sharing is caring – According to Revolut Junior, parents should show their children their own banking app and how they use it to manage money.
  4. Cherish your belongings – Revolut advises that parents get their child to put their top 10 favourite possessions in front of them and ask them to say why they picked each one. After this, parents should explain the importance of selecting items they really like instead of comparing them with what their friends have.
  5. Money Matters – Parents should inspire their children to take some time for themselves to go through their purchases and expenditures in-app and use this time to reflect on if they still use all these items or if the buys were a good use of money.

Revolut Junior has recently launched in Australia, and plans to launch the product in Singapore and Japan in the coming months.