Copper Banking Review: Read This Before Signing Up Your Teen

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Copper Banking For Teens


Easy purchases


Parental control


Spending limits


Financial education



  • Zero fees
  • Built-in savings tools
  • Financial literacy
  • Safety
  • Teen salary feature


  • Support service goes to a third party
  • Low interest rates paid to users
  • No support for foreign transactions
  • Spending limits

Have you recently heard about Copper Banking for teens and not sure if it’s a good idea? This in-depth Copper Banking review will help you learn more about Copper and whether it’s the right option for your teenager.

Who is Copper?

Copper is a digital banking platform that is relatively new. Its focus is to educate teens on matters concerning financial literacy while also serving as a platform for online banking and digital payments. Copper Banking is not only accessible to teens but parents as well.

Copper serves to connect them so teens can easily send and receive money from their parents and so parents can have insight into their children’s financial activities.

If you want firsthand experience in debit card usage and banking as a teen, Copper may be the right option for you. This platform also allows parents to monitor their kid’s account and rest easy knowing funds are spent appropriately.

Copper also has a mobile app with quizzes and exclusive content from Certified Financial Planners and various other experts in the financial world. Furthermore, the Copper app also incorporates saving tools designed to help teenagers hit their savings goals.

What is Copper Banking?

copper review parental controls

Copper Banking is based in Seattle, WA. It was started with a total seed funding of $4.3 million from Mana Ventures, PSL Ventures, Jack Brody (Snap’s Director of Product), and Western Technology Investment.

This digital bank for teens was conceived by co-founders Stefan Berglund and Eddie Behringer in 2019. These co-founders came up with the idea of Copper Banking after realizing that the conventional education system was failing many teens.

As the co-founders of Copper observed, teens were not getting enough financial education regarding budgeting for the future and smart spending habits. Because of this, they created Copper Banking to provide a solution for this problem.

Copper Banking has a mobile app that helps teenagers develop smart financial habits, including saving for the future, and offers them incentives whenever they learn about banking and the general application of money. It utilizes behavioral analytics to help surface the appropriate lessons at various stages in the teen’s financial journey.

One of the incentives offered by Copper is a $2.00 reward for anyone that downloads the app, opens it, and takes a short debit card quiz. You get the reward after the completion of this process. Copper Banking also offers $3 for every person that you refer to the program.

copper banking review quiz

Note that Copper Banking does not operate as an independent bank. Copper Banking is among various fintech companies that Synapse Financial Technologies powers. SynapseFi is a partner of Evolve Bank and Trust.

How Much Does the Copper Checking Account Cost?

Copper Banking does not charge any monthly fees, overdraft fees, or account maintenance fees. And, you can make a withdrawal from any MoneyPass or Allpoint ATM locations without incurring any charges.

However, note that the ATMs that support free Copper withdrawals may be challenging to find in some areas. If you choose to use an out-of-network operator, expect to be charged a small fee by the ATM network, not Copper Banking.

There are also no Copper Banking deposit fees at the moment. All cash deposits with this bank are free. However, if you have to use a processor like Green Dot, you may incur a fee of up to $4.95 for every deposit you make. To avoid that, direct deposits can be made from a teen’s parent’s linked checking account.

You may also incur charges as specified by MasterCard international if you need to process and convert international transactions. Market rates for wholesale currency determine any additional charges.

Finally, if you conduct a transaction without your physical Copper card and instead give your card’s number, you may incur charges.

What Copper Offers

Copper Banking, first and foremost, offers teenagers the opportunity to become financially literate. A focus on education combined with real-world examples is something that most other banks lack. Plus, unlike traditional banks, the Copper Banking app and debit card are specifically designed to accommodate teens and their parents.

An incorporated MasterCard debit card facilitates spending on this platform for teens. In addition, parents don’t have to be worried about their kid’s reckless spending with a Copper debit card because they can track their teen’s spending on the app.

Furthermore, Copper Banking has made sending money more accessible, faster, and cheaper between teens and their parents. As a parent, you can use the platform to digitally make a direct deposit to your teenager’s account.

Plus, parents can now discuss and advise their teens on spending habits and why daily and monthly spending limits are essential. Your input as a parent helps your kids learn to control their finances and spend wisely.

In short, you can expect the following from Copper:

  • Financial education
  • Debit card
  • Easier cash deposits
  • Parental monitoring

Eligibility for a Copper Account

You can open a Copper account for your teenager if you are:

  • 18 years or older
  • A US citizen or permanent resident. If you are an alien nonpermanent resident in the US, you must have a valid long-term visa
  • Valid tax identification number on Social Security number
  • Have an existing account, debit card, or credit card that you will link to your teenager’s Copper account

Parental Involvement

Teens’ financial spending habits can get them into trouble with credit card debt rather quickly. For example, some are notorious for spending everything in one location, despite economic and practical education. To prevent this from becoming a habit, Copper supports parental involvement.

The Copper app gives you, the parent, an opportunity to:

  • Keep an eye on transactions
  • Get notified whenever your teenager buys something
  • Efficiently transfer funds between your linked account and your Teen’s account
  • Enjoy automated transfers, like allowance, between teen and parent accounts. That is critical when it comes to regular funding or allowance allocation

How Do I Open a Copper Account?

Any teenager aged 13 or older is eligible to open a Copper Banking account. However, Copper accounts require activation from either a parent or guardian aged 18 years or older. The parent or guardian activating a Copper account also needs a tax identification number or Social Security number.

Teenagers can open a Copper Banking account using these steps:

  1. Download the Copper Banking mobile app and launch it
  2. Click ‘How Does It Work?’ and choose ‘Let’s Do This.’
  3. Enter your mobile phone number. You will receive a verification code
  4. Enter the unique verification code once you are prompted to do so
  5. Select whether you are a parent or teen
  6. Get granted permission by inviting a guardian or parent
  7. Enter the address where you want your debit card delivered
  8. Submit SSN for verification of identity
  9. Make purchases on the Copper app using a virtual debit card as you wait for your debit card to be delivered

The following information is required to open a Copper account:

  • Guardian’s or parent’s personal information
  • Teen’s personal information
  • Tax identification number or Social Security number
  • Linked checking account login information

How Do You Know If Your Money Is Safe?

After a Copper Banking review, I found they take customer financial security concerns seriously. Through Evolve Bank, any funds you have on this platform are protected by the Federal Deposit Insurance Corporation (FDIC).

FDIC covers deposit losses of up to $250,000 if a savings association or insured bank fails.

Pros of Using Copper Banking for Teens

pros of using the copper banking app

Copper Banking has numerous perks. They include:

Zero Fees

Copper teen accounts, unlike other accounts, come with no withdrawal or monthly fees. You also require no monthly fees to set up an account. Plus, no minimum balance is required, and over-draft charges are non-existent.

Built-in savings tools

Teens can now put their money in various savings buckets and have automatic deposits of funds into these buckets whenever their accounts receive funds. They can also use these tools to set shared goals with other family members or like-minded friends.

Financial literacy

The Copper mobile app includes tutorial videos and interactive quizzes tailored to develop good sharing, saving, and teen spending habits. Plus, they can earn some money by taking a short quiz, referring their friends, or watching specific videos.

The app also offers parents valid “Cheat Codes” to educate themselves on how to teach and guide their teenagers to a better financial future.


The copper app has fraud monitoring features that work around the clock to ensure your Teen’s money is protected from any suspicious activities.

Teen salary feature

Teen Salary is a new feature that Copper CEO Eddie Behringer announced. Through this feature, parents will be able to organize automated allowances for their teens.


Copper is more flexible than conventional methods. For example, you can link the Cooper Debit Card with Apple Pay and Google Pay. Unfortunately, these digital wallets are prohibited in most other debit cards for teenagers and kids.

As a Copper user, you also have the choice of linking your card to Cash App and Venmo. Therefore, this platform makes accessing money and facilitating transfers much easier.

Multiple authorized users

Copper allows up to five authorized users for every Copper checking account. And, you don’t have to pay any fees for this feature.

Direct deposits

As a copper user, you can carry out direct deposits. Therefore, if your Teen is working, their wages can be deposited directly into their personal checking account. Plus, no minimum deposit is required.

Cons of using copper banking for teens

Copper Banking has its own share of drawbacks. They include:

Support service

Copper Banking does not have independent customer care service. If you call the contact number on their website, it will connect you with SynapseFi. Customer care agents from SynapseFi may not be able to tackle Copper-specific problems efficiently.

Low-interest rates

Copper has a 0.01% APY. Therefore, teens may earn interest on their Copper account balance, but the interest amount is pretty low.

No support for foreign transactions

Copper Banking does not support foreign transactions; therefore, you may not be able to transact with a good chunk of online traders.

Potential fees

Copper services may be free, but you will be charged around $4.95 when making a cash deposit at any Green Dot location.

Spending and funding

Copper has daily spending limits and monthly funding limits that may make some people uncomfortable. If you think you may have to exceed the monthly limit or your Teen may need to go over the daily spending limit, this platform may not be ideal.

Copper Features

Copper includes the following features:

Easy purchases

With Copper banking, you can use your debit card on any location that supports MasterCard. The platform also supports the purchase of goods and services at brick-and-mortar retail stores or online shops.

Copper supports Apple Pay and Google Pay, and you can make a free withdrawal from any of the 55,000 MoneyPass and Allpoint spots available.

Parental control

As a parent, Copper ensures your peace of mind by allowing you to monitor your teen’s activity in the mobile app. You can also receive notifications for purchases made, create recurring deposits, and request and send funds between your linked checking account and your teen’s Copper account.

Spending limits

A teenager with a debit or credit card can be a scary thought. Overspending is a real danger that can destroy both the teen’s and parent’s financial situation. If you share similar fears, Copper offers you the ability to keep spending under control.

The platform has daily ATM withdrawal limits, daily spending limits, and monthly load limits.

How Do I Deposit Or Withdraw Money?

At the moment, it is not clear whether Copper accounts support wire transfers, cash deposits, or remote deposits via check.

You can access or deposit your funds through the following verified methods:



  • ACH transfer
  • Copper mobile app peer-to-peer transfer
  • Direct deposit
  • Copper linked checking accounts
  • Any Green Dot location cash deposit

Deposit and Spending Limits

Copper has put numerous limits in place for your protection. These limits include:

  • A daily spending limit of $2000
  • A daily Copper account ACH or debit card funding load limit of $500
  • A Copper account $2000 monthly load limit for ACH or debit card funding

Earning Rewards With Copper Banking?

earn rewards with copper banking

Copper Banking comes with a referral program to increase its reach to other families. Each account comes with a referral link that you can pass on to family or friends. The rewards vary depending on the time of year but a quick check in the app will inform you about the current referral awards available.

To qualify for these rewards, you and the person(s) you refer need to own a separate Copper Banking bank account.

Once you have qualified and transacted successfully, you will both be rewarded with $3 cash. In addition, Copper also offers rewards for specific minimum deposits. Unfortunately, these rewards are not always available, but you can check their website for more information.

However, once you make your first purchase with the new credit card, Copper awards you with an additional $10 bonus.

How Do I Contact Copper Banking?

As a parent or Teen, you can contact Copper customer support services by sending them an email via You can also reach out to them by clicking support in the Copper app settings menu.

You can also find answers to common questions on Copper Banking’s FAQ page. These questions cover such essential areas as funds transfer and deposits, security and privacy, using the Copper credit card, managing your Copper account, and how to get started.

Copper Banking social media handles are:

  • Facebook- @Copper Banking
  • Twitter- @CopperBanking
  • Instagram- @CopperBanking
  • Snapchat- @getcopper
  • LinkedIn- Copper Banking
  • Tik-Tok- @getcopper

Fees To Watch Out For

Copper does not typically charge any fees. However, you should keep an eye out for the following external fees:

Cash deposit fee

Copper allows cash deposits free of charge. However, if you use a processor like Green Dot, you can expect to be charged around $4.95 for every deposit you make.

Out-of-network third-party ATM charges

You can make ATM withdrawals from any MoneyPass or AllPoint at zero costs. However, these ATMs are not available in all areas. Therefore, if you have to use an out-of-network ATM, you may incur a fee.

Is Copper Banking For Teens Worth It?

is copper banking for teens worth it copper bank review

If you want to teach your teenagers financial independence, responsibility, and management, Copper is an excellent option. Educating teens on matters concerning financial literacy also gives them practical education using real money. Copper Banking services are also free. But you should watch out for the fees we have outlined above.

You should also know that the Copper app doesn’t have any tools for building credit and pays extremely low interest.

Competitor Comparison

Copper has two major competitors: Step Bank and Axos Bank First Checking.

Step Bank currently offers no support for ATM funds withdrawal. However, users can purchase goods and services online, use Apple Pay and Google Pay, and complete POS transactions using their cards.

Axos Bank First Checking, on the other hand, includes a higher APY offer but has a high minimum deposit and considerably lower transaction limits.

Customer Feedback

The Copper mobile app has 4.8 stars on Google Play. You can safely deduct from this that it has an excellent design, insightful graphics, and a user-friendly interface.

Most users complain about their customer support services from what we have gathered, so this may be something to consider.


Copper Banking offers you an excellent suite of features designed to fit your teen’s needs compared to other conventional and modern banking options and kids can benefit immensely from this platform’s financial education package.

If your teen has issues with money management and taking responsibility for expenditure, try Copper Banking.

General FAQ

Is Copper Banking Legit?

Copper Banking is a financial technology founded in 2019 to help teens with financial education and banking. Through Evolve Bank, funds on the Copper Banking platform are protected by the Federal Deposit Insurance Corporation (FDIC).

How Much Does Copper Banking Cost?

There are no annual or monthly fees to bank with Copper.

How Old Do You Need To Be To Use Copper Banking For Teens?

You must be 13 years old to sign up for Copper as a juvenile. However, a parent or guardian age 18 years or older must also be linked to the account.