Copper is a banking app marketed to teens.
Using Copper, you can get a free digital checking account and debit card while improving your financial education.
Does Copper live up to the hype? Is Copper the right choice for you? Keep reading to discover everything you need to know about Copper and how it works today in our review.
What is Copper?
If you’re 13+, you can use Copper to bank, invest, and improve your financial education.
With over 800,000 members, Copper is one of the most popular banking apps for teens. The company emphasizes a high-tech banking experience, no hidden fees, and an easy money management process, along with financial education tools and other perks.
Copper is free to use. If you’re under 18, then a parent needs to sign up to Copper for you. Each parental account supports up to 5 teen users.
After signing up for Copper, there are no account fees, minimum balances, or other charges for using the app. Although some deposit methods cost money, most Copper services are completely free to use.
Copper emphasizes all of the following features:
Apple Pay and Google Pay Support: You can use Copper to spend money wherever Apple Pay and Google Pay are accepted.
Zero Liability Protection: Copper offers zero liability protection from Mastercard’s customer support team along with their own in-house customer support team.
No Hidden Fees: Copper has no hidden fees, including no overdraft fees.
No Credit Checks: You can open a Copper account without a credit check.
Available to Users 13+: You can open a Copper account as long as you’re over age 13. If you’re under 18, then a parent needs to sign up for Copper on your behalf, and you can open up to five teen accounts under one parental account. Once a parent has signed up, you can open an account just by entering your phone number.
No Minimum Account Balance: Copper has no minimum account balance. You do not need to keep a certain minimum balance in your account to avoid fees. Copper has no monthly fees or subscription prices whatsoever.
FDIC-Insured: Copper insures deposits through its partner, Evolve Bank & Trust. That means your money is insured up to a certain maximum limit (typically $100,000 to $250,000). Specifically, all funds in Copper accounts are protected against the loss of up to $250,000 (say, if an insured bank or savings association fails).
Direct Deposit: If you get your direct deposit paycheck via Copper, then you get extra perks. Copper lets you get your paycheck up to 2 days faster, for example.
Withdraw Cash at 50,000+ ATMs Nationwide: Copper lets you access your cash at thousands of ATMs across the United States, withdrawing money just like you would with a traditional bank.
Copper Debit Card: You can use your Copper debit card to buy online, in-store, or anywhere Mastercard is accepted.
Earn for Referrals: Copper rewards you for sharing offers with your friends. The app lets you send $3 to each of your friends for free. Plus, you get $3 when any of your friends join Copper.
Financial Education: Copper has financial education classes that teach you how money works without the boringness of traditional financial education classes.
Who Should Use Copper?
Copper is ideal for teens who are starting to earn their first paychecks, learning how to manage their money, or wanting an easy way to spend their money online and in stores.
Some of the people who can benefit from Copper include:
- Anyone 13+ who wants an easy, accessible, user-friendly banking experience
- Teenagers who earn money through a part-time job
- Teenagers who have a side hustle they use to make money
- Teenagers who receive an allowance, birthday money, or income from other sources
- Teenagers who want to learn more about managing their money
- Parents who want their teens to play an active role in managing their own money
How Does Copper Work?
However, if you’re under 18, you need a parent to open a Copper, and then you sign up through your parent’s account.
When you open a Copper account as a parent, you can open linked accounts for up to five teens.
Go to the Copper website and enter your phone number
Copper sends you a link to download the app
Provide your name, address, phone number, email, and Social Security Number
Tell Copper who you’re opening an account for; each account supports up to five teens
You need to add a phone number for each teen on the account; after adding a phone number, Copper sends an invite link to download the app to each phone number (Copper does not let you open an account with a landline number)
Although Copper requires you to input your Social Security Number, there are no credit checks involved with the account opening process; instead, Copper uses your SSN to verify your identity.
Each sub-account linked to your account comes with a Copper MasterCard debit card. You can use that debit card to spend funds from your Copper account online and in physical retail outlets. Teens can also use the debit card to withdraw cash at ATMs.
There are differences between Copper and a regular checking account. You can’t order checks, for example. And, because Copper has no branches or physical locations, you cannot deposit cash directly into a Copper account.
To add cash to your Copper account, you can:
- Use a linked bank account to schedule an ACH transfer
- Use a debit card to deposit money from a linked bank account
- Add money to your account at a GreenDot retailer
Copper has some daily and monthly spending and load limits, including:
- $500 daily load limit for your Copper account (when funding via ACH or debit card from a linked bank account)
- $2,000 monthly load limit for your Copper account (when funding via ACH or debit card from a linked bank account)
- $2,000 daily spending limit
It takes roughly 3 to 5 days to add money to your Copper account from a linked bank account. However, deposits via debit card are instant (and require a small fee).
Copper’s banking services revolve around the debit card and app. Although Copper is similar to a regular checking account, it doesn’t quite have all of the same features as a standard checking account.
Any teen can use Copper to spend money, withdraw cash, and learn the basics of money management. Although Copper does not let you write a check, it supports most other aspects of money management – including Google Pay, Apple Pay, CashApp, and Venmo, among other money transfer options.
Core Copper services include:
- Using a MasterCard debit card to withdraw cash and spend money online or offline
- Using the Copper app to monitor balances, add funds, and transfer money
- Setting up transaction alerts when teens make a purchase
- Monitoring transaction history
- Creating recurring deposits into a teen’s bank account
- Sending and requesting money
Copper Financial Education
Copper lets teens learn about managing their money. In fact, the company was founded with the goal of making teens more financially literate.
Copper’s financial education services revolve around the use of “Cheat Codes”, which are lessons that teach teens various parts of managing their money.
Copper’s Cheat Codes cover topics like:
- Banking, including how banks work and the basics of money management
Each Cheat Code lesson is delivered in video format. Copper designed the lessons to avoid the blandness of traditional financial education lessons. Teens can stay engaged while learning crucial information about managing their money.
After completing Cheat Codes, teens can quiz themselves with Copper.
Parents can also learn money management strategies for their teens at Copper’s Copper Corner, which has educational articles and blog posts about discussing money with teens.
Copper Pricing & Fees
Copper is designed with maximum fee transparency. The company emphasizes no hidden fees.
Most basic Copper actions are free to perform. You pay no monthly maintenance fees, for example, regardless of your account balance. There are also no overdraft fees, hidden account fees, or foreign transaction fees.
However, Copper may charge a fee to reload money to a Copper account.
The full list of Copper fees include:
- Monthly Maintenance Fees: $0
- Minimum Account Balance: $0 (no minimum balance required)
- Foreign Transaction Fees: $0
- Other Account Fees: $0
- Overdraft Fees: $0
- ATM Fees: $0 at 50,000 Allpoint ATMs nationwide
- Reloading Money Fee: Free for certain ACH and debit card deposits, or up to $4.95 per deposit at GreenDot retailers.
Copper Reviews: What Do Customers Say?
Copper has received good reviews since launch. Although the platform is relatively new, many teens and parents like the app for providing basic financial education while serving a traditionally under-served market.
Some of the reviews from users include:
Copper has a 4.6 star rating on the Google Play Store with 5,100+ reviews and a 4.9 rating on the iOS App Store with 23,000+ reviews; both ratings are among the highest in the fintech / banking app space
Both parents and teens leave reviews for Copper praising the app for its usability, financial education features, and overall ease of use
Users like Copper for making it easy to order a debit card and start using that debit card in the real world
Some users have had minor problems setting up accounts or ordering debit cards, although most users have accessed Copper without issue
Some users also have issue with the fact you need a cell number to sign up (Copper doesn’t accept landlines or VOIP numbers)
Users also like how Copper is free to use; there are no real fees for using Copper, and the app operates on a cost-free model (although some deposits cost money)
Users also like the referral features, including the ability to send money to friends for free, then receive additional compensation if friends sign up
Teens like the ability to access their hard-earned funds in a convenient way; Copper makes it easy to track the money you’ve made, save up for purchases, and learn the basics of money management at a young age
Overall, Copper users agree that the app is a good place to learn how to manage your money, encourage teens to start saving money, and access traditional banking services with no real costs.
Copper was founded with the goal of creating the first financially successful generation. To achieve that goal, Copper aims to give teens 13+ the tools and resources they need to control their financial future.
Copper was founded by Stefan Berglund and Eddie Behringer in 2019. The two have been business partners for 15+ years. The founding team is made up of alumni from Snap! Raise, Stripe, PayPal, Intuit, and Microsoft, and they collectively have 60+ years of fintech experience.
Today, the Seattle-based company has 800,000+ users.
You can contact Copper via the following:
- Email: email@example.com
- Mailing Address: 221 1st Ave W. Seattle, WA 98103
Copper is a fintech startup offering a banking app for teens. If you’re over 13, you can sign up for Copper and access banking services.
Copper lets you get a debit card for use online and in stores, learn how to manage your money, and withdraw cash – all with no hidden fees, minimum account limits, or credit checks.
To learn more about Copper or to download the app today, visit the official website at GetCopper.com.
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