Why Store-Level Controls Make Us Unique

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Greenlight isn’t the only child’s debit card around, but we think it’s the best. That’s not just because it’s secure and easy to use, it’s because we have one feature that sets us apart: store-level controls.

What are Store-Level Controls and Why are They So Great?

To put it simply, this means that as a parent you can control exactly which stores your kids use their Greenlight card to shop at. You can add a “greenlight” to your kid’s card by going into the app and searching for an individual store or category of stores (like restaurants). Then you can put money into that specific greenlight so it can’t be used for anything else.

If you prefer to let your child use their money wherever they want you can put money into their “Spend Anywhere” Greenlight instead, but with Greenlight we give you the ability to control exactly where your kid shops and how much they can spend.

Store-level controls also add an extra layer of security in case your Greenlight card gets stolen. Think about it. If a thief gets their hands on your kid’s card they still won’t be able to use it unless they figure out exactly which stores you’ve approved. That’s practically impossible, assuming you’ve only unlocked a few stores.

Can’t I get Store-Level Controls at my Bank?

Greenlight is able to offer store-level controls thanks to our own in-house technology, which is protected by four separate patents. That means our competitors simply can’t offer the same feature. While some competitors will allow you to block categories or limit store spending after your kids make a purchase, these don’t give you the flexibility that most parents want.

So if you want to give your children the financial freedom to buy their own food but still don’t want them eating fast food for lunch, the choice is clear. If you care about the types of purchases your kids make, choose Greenlight.

 

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Greenlight Kids Save 3 Times More than the Average U.S. Household

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As the average U.S. household debt continues to rise, Greenlight families are seeing a different trend. We’re thrilled to announce today that Greenlight kids have saved more than $1 million dollars using Greenlight Savings, The Educational Savings Account for Kids. Official story here. With the average U.S. household savings rate at 2.8%, Greenlight kids are saving a whopping 8.4% of their money on average. That’s triple the national average!  

The Educational Savings Account for Kids allows kids to see real growth in their savings account, how interest works over time, and the impact of spending versus saving, which helps them understand the importance of saving for the future. Not only that, but parents can set their own interest rate and pay the interest automatically within the child’s Greenlight Savings. The national average interest rate for bank savings accounts is 0.08%, making it difficult to educate kids on the value of savings. The average interest rate set by Greenlight parents is 19.84% enabling kids to see the benefits and importance of savings almost immediately.

Since April, Greenlight kids have more than quadrupled the amount of money in their savings accounts. We are proud to continue offering new features like the Educational Savings Account for Kids as an option that is convenient for families and offers flexibility for each family and each child’s unique needs. We are helping parents teach their kids to be smart about money and set them up for success financially, and are hopeful that impact can change the financial course for a new generation.

We’re on a mission to help parents raise financially-smart kids and are thrilled to see so many families using Greenlight Savings to teach their kids the importance of saving. But, we’re not done just yet. We have several new features that we’re excited to release in the near future. Stay tuned!

 

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Want your kids to make better food choices? Check out how one family is using Greenlight to help!

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Kids are tough. Shopping for foods they’ll eat, making lunches, getting them to do their homework, getting them up and out the door on time, and getting them to put down their tech and go outside can be challenging. One of the biggest challenges we as parents face when it comes to kids is getting them to eat healthily.

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