Co-Parent will allow premium customers using Revolut Junior to invite another parent or guardian to help manage a childâs account.
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My ex-wife wants to put money on my childrenâs accounts, but since they donât have their own sort code/account number, the only way is to have a Revolut account or for her to send me the money and I move it to the kidâs accounts. She doesnât want to sign up for an account for herself, she just wants to transfer money to the kids. Does the other parent need to sign up for a Revolut card, or can they just use the free virtual card, if they only want to sign up to manage child accounts?
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My sonâs card was declined the first time he used it, until he used it with his pin in a shop
It will be interesting that the kids can request and send money from and to each other. This will enhance also the interaction between them and give them an enhanced sense of property even though the parents are supervising.
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Yes it is a must have function, please implement it!!!
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Not sure if this is the right place, but I cannot start a new topic.
Iâd like to be able to set a âremittance informationâ when I withdraw money from my kidâs Junior account to my account, because I handed out some cash or similar. Currently there is no way (at least none which I can see) to add some remark to that transaction on my kidâs account so she will know later why I deducted that amount from her account.
Thanks, Frank
The first surprise for me was the lack of reccuring tasks. It was requested by others as well. Any ETA?
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I realy love the Junior accounts, and how they work today. Current features, and being able to give pocketmoney is great. My two daugthers love it too.
BUT, what iâm not happy about is the following:
I live in Belgium, but the same issue counts for the Netherlands, Germany, Italy, and some more euro countries.
In Belgium litteraly EVERYONE uses Maestro. ALL shops accept Maestro. ALL banks work with Maestro.
Mastercard or Visa ONLY work in mayor cities and stores.
The biggest shops in Belgium DONâT accept Mastercard (Colruyt), owner of the biggest department stores, Toy stores, âŠ
local sandwich bars, gadget stores, ice-cream stores, cinemaâs, ⊠(you know, the kind of stores children go to) NONE accept Mastercard .
As an adult, on Revolut, I am able (because iâm in Belgium) to get a Maestro card, and it works flawlessly everywhere.
So the option is there.
BUT, junior accounts ONLY can get a Mastercard.
turning the junior account 100% useless.
I asked support, but they canât change the Mastercard for a Maestro card. (but they CAN for the parents ⊠isnât the junior card not just another card on the parents account? but in a sub-account???)
Not giving out a Maestro card for a junior account, just shows Revolut did ZERO market research in Belgium.
PS: Sorry for the many words in caps⊠just want my point to be really really clear.
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To elaborate on my previous request
- should be possible to create permanent tasks
- should be possible to create tasks that are common for multiple children (e.g. empty the waste, could be done by any of the child. Whoever does it can claim the reward. The same thing needs to be done on the next day tooâŠ) OR should be possible to select which of my children the task applies to
- would be nice to limit how many times a task can be completed per day/week/âŠ
By the way. Is this thread read by Revolut? Can we expect some answer here?
Itâs great that Co-Parents / Legal Guardians can now help manage the account.
However, my issue, is that my wife and i both have standard accounts, I have updated my account to set up the Junior Accounts. Both Children are young and we are only talking ÂŁ3-5 pocket money a week. A deciding factor was that I could invite my wife to help manage the account. On setting this up we have discovered that in-fact both accounts have to be premium to manage the account in the same way.
The fee to run the account should only be paid for once and come from the Parent Account owner, it feels now that we are being charged twice to achieve the objectives of the junior account. At this rate the fees to use the account defeat the point of opening them.
I also like the idea others have reported in regards to savings vaults and learning banking skills.
You could both downgrade to Plus, no? Two Plus accounts would be cheaper than one Premium account.
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Yes sorry, I upgraded to Plus,
She remains standard, the other annoying aspect is that yes i can set up a co-parent but as a standard account holder she is only able to be co-parent to one of the accounts.
Again, the information only said they had to be an account holder.
These accounts are so much better than standard bank accounts. We have tended to use the revolut card on our travels as other accounts offer more incentive for day to day use.
We donât travel enough or undertake enough foreign transfers to use the account to pay higher account fees. Credit cards are fee free, bank accounts have a monthly fee but earn more in cashback than that payment.
The only reason we are paying this is to teach the kids money management but there is competition from GoHenry and others. Revolut has been good to use so wanted to use them first.
We have just changed from goHenery and upped the ante in terms of what the kids are responsible for. As such, they have a lot of money through their accounts each month - lunch money, bus money, phone bill, pocket money. Most of this is a weekly spend, except for their phone bills. Trouble is, the phone is so cheap compared to the other spending and itâs the only thing they really care about. They donât really have any impetus to learn any money management skills because every week a new pile of money arrives in their account and if they are short of cash they walk to school a couple of times and happy days! they are back on track.
Iâd really like to give them a monthly rather than weekly allowance. That way they would have to learn about budgeting and the way that money works. I need them to make a few low stakes mistakes so they are merely uncomfortable for a few weeks when they get it wrong.
Ideally, weekly tasks, monthly allowance.
In a couple of years when they hit 18 they will get to control all the savings I have been carefully squirrelling away for university or a house deposit and I fear that their âspend until the card says noâ method of money management will not stand them in good stead.
For this very reason I tried to cancel the Junior account. So far no luck. I have send 2nd of October 2020 a complaint to complaint.info@financial-ombudsman.org.uk.They have sended Revolut my cancel request and told me Revolut has to respond to this. Nothing. I give it another month and then I close my own card all together. It is not worth the won money versus the stress of not having any sort of communication. Very disturbing. As A Flight Attendant of a main European carrier, many off my collegues I overheard over our intern FaceBook saying âonce you have a problem, there is no contact possibleâ.
Dear Revolut, can we PLEASE get a Maestro card for juniors?! In The Netherlands and in Belgium we cannot use the other cards. Please get our kids over here even more excited about Revolut and give them option to order one. Many thanks!!
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Would like more flexibility with limits - ability to set a daily or weekly limit, not just monthly
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What a sensible suggestion.
Perhaps I am showing my age. As a youngster, pocket money monthly would not be sensible.
Learning to budget takes time. Smaller steps are certainly sensible, for youngsters not familiar with controlling their spending or saving.
As I can not create own topics for now, I hang in my feedback / idea to this matching thread.
First - many thanks to Revolut, that they listened, and introduced the co parenting feature for Revolut junior, which is a great way (as in my case as divorced father to allow the juniors mother also to monitor the revolut usage). Great !
However after having revolut Kids now soon for one year for the kids there are some points that still should like to see optimized. In my eyes from past years experience that should be:
a) If the junior card has a monthly spending limit set (and you definately should configure that !), the children sadly donât see the set limit, or where they are on the way to their limit (âYouâve spent 53⏠of your monthly 60⏠Limitâ or something similar) - thereâs no notification or Dashboard or WIdget in the junior app for that. So in fact the kids regularly run into the issue, that they want to pay on the cash desk, and canât, because their limit is reached. Please introduce a Spending Limit Dashboard in the junior app too (similar as in the parents app for the childrens cards), that kids alyways can monitor by themselves, how much of the Limit is already spend, and how much they still can spend. That would be great and truly allow the revolut junior card slogan âHelp them build healthy money habitsâ
b) As optional âNice to haveâ feature a option to create vaults too to learn making budgets ("20âŹ/month into âgamingâ vailt, 15âŹ/month into âsweets and shoppingâ vault etc.). Not a must have, but it definately adds value to the junior card.
c) A Simple request parents authorization request button to make a bigger purchase above (or outside) of the monthly limit. For example monthly limit is 60âŹ, but the child saved the last months money to now buy as example a gaming graphics card for 250âŹ. So a simple authorization request from the child to the parents for a one time allowance of that specific purchase would be nice.
While b) and c) are nice to haves adding value to the junior card, the a) Limit/spending dashboard is more or less a must have, that the kids arenât in a âblind flightâ to the set monthly spending limit.
Thanks !
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I was excited to set up Revolut Junior for my son but have been hugely disappointed at the lack of functionality (and the fact the card has not arrived within a month of ordering). Specifically:
why can a child not transfer money to a parent? If he wants to purchase something online, a parent needs to do it - but there is no way for the child to pay back the parent. Likewise if the parents agree to co-fund a purchase. (we purchased our son a new laptop online; he agreed to pay 50% - but how does he give us the money?! )
I know that a parent can âwithdrawâ money from the child account BUT again, there is no text field for a reference, so I cannot enter âpayment for xxxâ. Thus my child will look back at his account in a week or so and say âhey, you took money from my account!â and he/she will not remember why. Much better to enable him/her to transfer money to me (with a reference) as is done with a âreal bank accountâ
Where is the childâs IBAN? How can aunts, uncles, grandparents transfer money? At present they transfer to me and I transfer to him - but thereâs no option to say who it is from! A helpdesk chap suggested using the task reward feature - but still on the transaction list it just shows âtask rewardâ
If we are trying to teach children to manage money sensibly, letâs make it as similar to an adult bank account in the way it works - just with the ability to set restrictions on its use.
Also would like to see the ability to set weekly spending limit
Please add recurring tasks in Junior. It is annoying to reenter avery day same tasks again and again. Tasks are the only reason to switch to paid account. If they are so annoying to create, I prefer to switch back to free account, and just send the money to my kid.
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