Copper Banking Review

14 October, 2023

Copper Bank is ideal for teenagers from 6 to 18 years old who know little about money and parents who want to stay involved in their financial learning. For only $4.95 to $7.95 a month, it gives teens financial freedom and a chance to earn 5% rewards on savings. Plus, deposits are FDIC-insured up to $250,000, making it a safe choice. 

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copper banking reivew
Our Copper Banking Review
4.5
Pros
  • All-in-one banking app.
  • Earn interest up to 5% on savings.
  • Zero-fee transfers.
  • $250K FDIC-Insurance.
  • Debit and Virtual card.
Cons
  • Daily and monthly limits on deposits.
  • High Fees.
  • Lacks crypto support.
Our Editorial Standards:
Our content is designed to educate the soon-to-arrive millions of crypto investors who use the Coinweb platform. At Coinweb.com, we prioritize clear and accurate cryptocurrency insights through a rigorous editorial process vetted by Web3 experts.
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Copper Banking Review 2024: Is It the Ultimate Kids Banking App?

TL;DR

In this Copper Banking review, I’ll see if this could be a complete financial solution for kids with two monthly plans running from $4.95 to $7.95. 

Copper covers the essentials, including parental control, checking, and investment accounts. To incentivize savings, it offers teens rewards ranging from 2% to 5%. Parents benefit from no bank deposit fees. However, card transfers can cost up to 2.5%.

Overall, it’s a great tool for teaching kids about personal finance and simplifying allowances and chores for parents. However, some Copper users may be concerned about the cost, less responsive customer support, and need for crypto literacy.

Let’s dig in!

copper banking reivew
Copper Banking Review.

Copper Banking at Glance

AttributeInformation
Coinwebs rating⭐⭐⭐⭐ (4.5 stars)
Launched In2019
FoundersStefan Berglund & Eddie Behringer
InvestorsMana Ventures, PSL Ventures, Jack Brody
Insurance$250K FDIC-Insurance
Service Fees$4.95 To $7.95
Cash Reload Fees$4.95
Savings Interest2% To 5%
Card Monthly Limits$2,000
Payment MethodsApple Pay, Google Pay, and Paypal
Customer SupportPhone & Live Chat

Crypto Bank Overview

Launched in 2019, Copper Banking is based in Seattle, WA, and began with $4.3 million in funding from investors like Mana Ventures, PSL Ventures, Jack Brody (Snap’s Director of Product), and Western Technology Investment.

The idea for a financial technology company arose when co-founders Stefan Berglund and Eddie Behringer realized that many teens needed more financial education.

Their main focus was on topics like budgeting and smart spending. To fill this gap, they started Copper Banking as a solution.

Copper Banking review: Company overview.
Teen-focused financial education.

Who should use Copper Banking?

Here is who I think should use it:

Parents

If you want to teach your teen real-world money skills, Copper is a solid choice. 

With the Copper app, as a parent, you can: 

  • Monitor transactions.
  • Receive notifications for purchases.
  • Easily transfer funds to your teen’s account.
  • Set up automated transfers, including allowances.

Teens

It’s ideal for teens who want to learn about money management, including saving and investing, not just spending. It blends education with real-life examples, something many other banks don’t do.

Copper account is perfect for parents who want to teach their teens about money.
Teen finance education with real-life examples.

Country restrictions and eligibility

As of now, Copper Banking services are restricted to the United States. 

To open a Copper account for your teenager, you need to:

  • Be 18 years or older.
  • Be a US citizen or permanent resident.
  • Be a non-permanent resident with a valid visa.
  • Have a valid tax identification number or Social Security number.
  • Have an existing account, debit card, or credit card that you’ll link to your teenager’s Copper account.
Requirements for Copper Teen Account.
Requirements for Copper Teen Account.

What are the Benefits of this Crypto Bank?

Here are the benefits of Copper Banking:

Zero Fees and savings tools

Having tested Copper, I noticed it didn’t hit me with withdrawal fees or setup costs. Also, there are no overdraft charges to worry about.

On top of that, your kids can create savings goals. The app automatically funnels cash into their accounts to help them reach their goals. Plus, the kids can share these goals with friends or family.

Financial literacy and safety

The Copper app includes tutorial videos and quizzes to teach financial habits. Parents get access to these lessons to help guide their teens financially.

For maximum safety, the app has a fraud monitoring system to protect teens from suspicious activity.

Flexibility and multiple-user

Copper’s debit card can be linked to Apple Pay, Google Pay, Cash App, and Venmo, making it easier to access and transfer money. Teens can set up direct deposits for their wages with no minimum deposit requirement.

Moreover, you can add up to five authorized members to a Copper checking account at no extra cost.

Advantages of Copper banking.
Financial habit tutorials and quizzes with parental access.

How to get started with Copper Banking?

Follow these simple steps to get started:

Supported Crypto
  • N/A
Service Fees
  • $4.95 – $7.95/month
Interest Rate
  • 5%

More details

Copper Bank is ideal for teenagers from 6 to 18 years old who know little about money and parents who want to stay involved in their financial learning. For only $4.95 to $7.95 a month, it gives teens financial freedom and a chance to earn 5% rewards on savings. Plus, deposits are FDIC-insured up to $250,000, making it a safe choice. 


  • All-in-one banking app.

  • Earn interest up to 5% on savings.

  • Zero-fee transfers.

  • $250K FDIC-Insurance.

  • Debit and Virtual card.

  • Daily and monthly limits on deposits.

  • High Fees.

  • Lacks crypto support.

Step 1: Download the App

To download the app, visit the website and tap the [Get Started] button. Then, enter your phone, and once your number is verified, you will see a QR code – scan it to grab the app.

Step 2: Create a parent account

Open the app and register a checking account with Evolve Bank & Trust through Copper.

You can also link external accounts and connect payment platforms like Venmo, CashApp, and PayPal to fund your Copper account.

Step 3: Verify your details

After that, confirm your details by providing:

  • Full name
  • Address (where they’ll mail you your debit card)
  • Phone number
  • Email
  • Social Security number (SSN) or Taxpayer Identification Number (TIN)
  • Government-issued ID

Step 4: Invite your child

Next, send an invite to your child’s phone number to set up their account.

Step 5: Start Using the Account

Congratulations! You are all set and can start using the app by topping up your child’s account with some cash to start using the account.


Copper Banking Review: Key Services & Perks

Here are some of the key features:

User Experience

When I spun the Copper banking app, I was impressed by its straightforward design. At the outset, it felt responsive.

However, it could be smoother sailing, especially when I used features like investment and savings. I faced a few lags and technical hiccups. Some of my issues included login issues and notifications running on their schedule.

It turned out that it was not only me, but other users also highlighted issues like balances that don’t quite add up and transactions mysteriously vanishing into thin air—just something to keep in mind.

Copper Banking mobile app is designed for kids and teens.
Impressively designed.

Goal Setting

Copper helps teens set up and fund savings goals. After every deposit, they move money into various savings categories within the app. 

Moreover, the visual progress guides show teens how close they are to their goals, and parents can reward them with bonus deposits. Pretty inclusive?

However, the rate is relatively low compared to other online savings accounts.

Copper savings account.
Teen savings goals with categorized funding in-app.

Education for Teens

Copper offers “Cheat Codes,” short video lessons for teens covering banking, budgeting, and investing.

When watching the “Cheat Codes” short video lessons, I found them engaging and easy as a step into finance education. Think of it as a simplified YouTube channel for kids. In addition, teens can test their financial knowledge with quizzes.

Copper doesn’t forget about parents either; the “Copper Corner” provides educational articles for parents to discuss money with their teens.

Copper offers financial education for teens.
Short video lessons for teen finance education.

Investment portfolio for assets

With Copper, you, as a parent, can set up and authorize investment accounts. Once done, your child can start investing within professionally managed portfolios of ETFs, which include over 11,000 individual stocks.

Here’s how it works:

  • Copper asks your child to answer a questionnaire to determine the best investment portfolio for them.
  • Copper then recommends one of three ETF portfolios: Moderately Aggressive, Aggressive, or Extra Aggressive. These portfolios consist of thousands of stocks.
  • Parents can review and adjust the portfolio to align with their child’s preferences and the family’s financial goals. Changes can be made later through the Support chat.
  • Your child can start investing with as little as $1 and add more contributions over time.
  • Copper automatically rebalances the portfolio to match your child’s investment preferences.
Copper allows investment without any minimum balance requirements.
Parent-authorized teen investment in diversified portfolios.

A Mastercard debit card

Copper provides a debit card for teens to use wherever Mastercard is accepted. This card is accepted in over 210 countries worldwide.

Your teens also get a virtual debit card with Apple Pay or Google Pay. However, these cards’ lack of international payments might be a dealbreaker.

Here are the limits on cards:

  • Daily funding load limit for ACH or debit card: $500
  • Monthly load limit for ACH or debit card: $2,000

Plus, I liked the Mastercard Zero Liability Protection feature as it protects against fraud. It means that if you were quick enough to report fraud to Copper, you wouldn’t be responsible for any unauthorized transactions after that. 

Teen's Copper account and prepaid debit card.
Teen’s Copper account and prepaid debit card.

Peer-to-peer money-sharing

The P2P money-sharing feature provides financial tools for kids to manage their everyday spending. Whether splitting a bill or paying for anything, they have been covered.

Here’s how your teenager can use it:

  • Sending money instantly to friends with Copper accounts, without fees or waiting around.
  • Requesting money from me (their parents) when needed, and I can easily approve or decline the request through my app.
  • Splitting bills or expenses with their friends, like movie tickets, pizza nights, or buying gifts for birthdays.
  • Learning valuable money management skills and practicing good financial habits along the way. It’s been a real eye-opener for them.
Money transfers made ease with P2P money sharing.
Money transfers made ease with P2P money sharing.

Payment methods

You can deposit funds using multiple payment methods. Even if the kids want to top up, they can do that using their personal checking account.

For deposits, you can use the following:

  • ACH transfer
  • Copper mobile app peer-to-peer transfer
  • Copper-linked checking accounts
  • Cash deposit at any Green Dot location

To withdraw money, Copper supports:

  • Retailer’s cashback
  • ATMs
  • Other linked checking accounts
Copper offers instant money transfers.
Copper offers instant money transfers.

Customer support team

I tested the contact number on their website, but it directed me to SynapseFi, which may only sometimes have answers to Copper-specific questions.

Then, I contacted Copper Banking customer support using their live chat feature on the app, informing them about our deposit issue. Responding to our query took time, but it was resolved quickly.

From my experience, there is room for improvement in support services for dispute resolution.

Customer support live chat.

Copper Banking Review: Cost and Plans

Here are two different plans for Copper that charge monthly subscription fees:

Copper Plan: $4.95 per month

  • The basic Copper plan covers saving and allowance features.
  • Teens can enjoy P2P transfer.
  • Provides debit cards for up to five subaccounts.
  • This plan also earns 2% interest on savings.

Copper + Invest Plan: $7.95 per month

  • The Copper + Invest plan includes everything from the basic plan.
  • You get adding investing options.
  • You get priority customer support.
  • This plan offers a higher interest rate of 5% on savings.

You’ll get access to over 55,000 fee-free Allpoint ATMs in all Copper accounts without overdraft fees. 

However, certain services may have associated fees, such as cash reloads (up to $4.95 each) and transfers (2.5% of the transaction total + $0.30).

Copper account monthly subscription fees.
Copper account monthly subscription fees.

Drawbacks of Copper Banking

Copper Banking has several drawbacks:

  • Limited availability: Currently, Copper Banking is only accessible to customers residing in the United States with a valid Social Security Number. People outside can’t access the app.
  • Lack of card Insurance: Copper Banking doesn’t provide insurance coverage for debit cards, including purchase protection, fraud protection, or extended warranty. Users can’t claim compensation from Copper Banking or its partners if the card is lost, stolen, damaged, or has purchase issues.
  • Payment method restrictions: Copper Banking allows funding through external bank transfers or payment apps like Venmo, Cash App, or Zelle. Users can’t deposit cash, checks, or money orders into their accounts, and other payment methods like PayPal, Google Pay, or Apple Pay are not supported.
  • No cryptocurrency support: Given the traditional financial landscape, educating your kids about digital currencies is important. However, Copper Banking has yet to offer any crypto support.
Drawbacks, including lack of crypto support.
Drawbacks, including lack of crypto support.

Alternatives to Copper Banking

Wirex

Wirex offers a convenient way to manage 13+ fiat currencies and 130+ cryptocurrencies in one place. It offers crypto-back rewards of up to 8% in cards and lets you use your crypto for everyday spending. However, there may be better fits for those heavily invested in DeFi or with diverse tokens.

Supported Crypto
  • 130+
Service Fees
  • $29/Month
Interest Rate
  • 16% of APY

More details

Our Wirexapp review found that the crypto bank is a single solution to manage your fiat money and cryptocurrencies. With its Cryptoback rewards card, you can spend your crypto as traditional money anywhere. Yet, the lack of DeFi and limited token support might be a dealbreaker for those with extensive portfolios.


  • Regulated by FCA and MAS.

  • All-in-one currency management.

  • Use crypto anywhere.

  • No maintenance fee.

  • High interest.

  • Identity verification is required.

  • Regulatory impact on cards.

  • Custodial operations.

Revolut

Revolut simplifies managing 80+ cryptocurrencies and 25+ fiat currencies while enabling stock trading in a single app. Their debit card ensures hassle-free spending with instant currency conversion at fees as low as 0.5%. Additionally, their saving vault offers an attractive AER of up to 4.75%. Although the crypto trading fees are slightly higher at 2.5%.

Supported Crypto
  • 80+
Service Fees
  • Bank transfers
Interest Rate
  • 0.5% to 2.5%

More details

Revolut offers an easy way to manage 80+ cryptocurrencies, 25+ fiat currencies, and trading stocks, all in one app. Plus, their debit card allows you to spend money with instant conversation, with fees as low as 0.5% percent. Not to forget, the saving vault that offers up to 4.75% interest.


  • Travel-friendly card.

  • Multi-currency support.

  • Cheap global transfers.

  • High-interest savings.

  • Free account available.

  • Paid plan for extras.

  • High stock/crypto fees.

  • No phone support.

BitcoinIRA

Bitcoin IRA allows you to invest in 60+ digital tokens within a tax-advantaged individual retirement account (IRA). You only need a $3,000 minimum investment to get started and enjoy appealing tax advantages. However, this platform charges high fees, including a 0.08% account maintenance fee of the total monthly value, with a minimum monthly charge of $20.

Supported Crypto
  • 60+
Service Fees
  • 0.99% – 4.99%
Interest Rate
  • $3,000

More details

Bitcoin IRA goes beyond digital currencies and presents an opportunity to invest in digital tokens. It offers seamlessly executed transactions to buy and sell digital crypto assets within a tax-advantaged individual retirement account (IRA). While this trading platform also provides attractive tax benefits, it incurs substantial account fees.


  • Invest in cryptocurrencies with tax deferment.

  • Diversify your portfolio with gold investments.

  • Transfer your IRA with full-service support.

  • Access a wide range of cryptocurrencies.

  • Ensure regulatory compliance with U.S. regulations.

  • Expensive fees.

  • Lack of fee transparency.

  • No crypto deposits.

Copper Banking Review: Final Verdict

Copper Banking stands out for its comprehensive financial literacy education program, addressing American youth’s lack of financial knowledge.

As a parent, my experience with Copper has been positive. Knowing I have control over my kid’s banking through its debit card and app gives me security. It differs greatly from a regular checking or savings account.

The digital bank provides parents with oversight features, such as setting transaction alerts, monitoring transaction history, and scheduling recurring deposits. 

What needs to be added is crypto support and Web3 education. But that will come, right?