Revolut <18: Kids & Teens accounts

Since landing on Australian shores in 2020, international digital financial services company Revolut has offered an all-in-one platform to make payments, exchange currency, and invest in stocks, crypto, and commodities.

It was founded in the UK in 2015 and operates in around 160 counties. It holds an Australian Financial Services Licence but is not a bank under the umbrella of the banking regulator APRA. 

Despite this, Revolut reports considerable take-up of its offerings which include a dedicated account for children and teenagers under its Revolut <18 branding.

Revolut <18 at a glance

• Revolut <18 comes with a digital money account and spending card for everyone aged six to 15
• Kids & Teens accounts are available to those aged six to 17, managed and controlled by parents or legal guardians
• Parents can monitor their child’s activity, set limits on transaction amounts, receive real-time notifications, and block their child’s card at their discretion
• Revolut <18's ‘Standard’ plan is free while monthly fees apply to other account plans

How does Revolut <18 work?

Setting up

Like many financial products for children, a parent or legal guardian is required to open the account on behalf of their child via the app. However, the parent must also be a Revolut customer to open a Revolut <18 account.

Managing the account

Parents or legal guardians have ultimate control over their child's account and can manage it from their own Revolut app.

They can send allowances, enable or disable swipe or contactless payments, online transactions, and ATM withdrawals with children unable to change these settings from within the Revolut <18 app.

Using the Revolut <18 card

Once a child receives their own Revolut <18 card, it can be used to make payments or withdraw cash anywhere that accepts Mastercard or Visa, subject to any spending limits or restrictions set by the parent or legal guardian.

The Revolut <18 card can also be linked to both Apple Pay and Google Pay (for those who are old enough).

Pros and Cons of Revolut <18

Benefits

• Allows parents or legal guardians to monitor a child's financial activities in real time
• Facilitates parental controls/intervention on spending and card use
• No monthly fees for the standard plan

Charlie Short

Revolut head of growth (Asia-Pacific)

Revolut <18 marketing

“The product enables children aged 6-17 (although they can use it until they turn 19) to have their 'own' digital money account and card, which can be managed and controlled by their parents or legal guardians.

“With a Revolut <18 account, children can learn how to manage, save and spend their money, while parents can monitor their activity in real time and set limits on their transaction amounts.

“The parent or legal guardian has ultimate control over the child's account and can manage it from their own Revolut app.

“They can set up allowances, view their child's transactions, and block the child's card if necessary.

“Revolut <18 is a tool that enables parents to teach their children about financial management while giving them a level of independence."

Drawbacks

• Revolut <18 accounts are not savings accounts and, therefore, do not pay interest

See also: What's the difference between savings and transaction accounts?

• Limits on the number of Kids & Teens accounts available according to the parent/adult supervisor's Revolut plan type
• Additional features available to parents depend on subscription to Revolut's paid plans and are not available to those on a Standard plan
• Fees apply on ATM withdrawals and foreign currency transactions over certain limits according to the plan taken out
• Limits on account balance, maximum allowable ATM withdrawal, card transactions, payments, and top-up levels
• As Revolut is not an ADI, money held in a Revolut account is not directly guaranteed by the federal government's Financial Claims Scheme, rather is backed by a bank guarantee

See also: High interest savings accounts for kids and youth

1. Savings.com.au's two cents

Revolut's Kids & Teens product is not a savings account so while it may teach your kids how to make transactions in a cool app, it won't actually earn them any interest on the money they keep in their account.

Features available to them will also depend on the subscription plan the parent or guardian signs up to. For example, the more interactive 'financial goals' and 'challenges' features are only available to kids whose parents have paid plans.

Revolut's <18 products may have its place in the financial ecosystem and a role to play in teaching kids about money, but it won't actually earn them any. 

Be sure to check out other specialist kids' savings accounts products offered by some of the big banks and other ADIs. Some of these also provide access to apps and provide educational tools while earning quite decent rates of interest.  

Revolut <18 fees 

Sign-up

To take advantage of Revolut <18, there is no sign-up or set-up fee, yet the Revolut <18 account needs to be linked to an existing Revolut retail account.

Some features will not be available to Kids & Teens account holders, depending on what Revolut plan their parents subscribe to.

Transaction Fees

The use of Revolut <18 is generally subject to the same fees as standard Revolut retail accounts with some exceptions.

Full details of fees and account limits are outlined in the Kids & Teens product terms.

Revolut <18 account eligibility

To open a Revolut <18 account for a child aged 14 or under, a parent or guardian will need to create an account from within their Revolut app.

Teens aged 15 and above can create an account on their own. Parents or guardians will receive a notification allowing them to approve the child's account via their Revolut app.

Payments to and from other Revolut customers are only available to teens aged 15+.

Some products and features are only available for children above a certain age.