ATLANTA, July 21, 2021 /PRNewswire/ -- Greenlight® Financial Technology, Inc. ("Greenlight"), the fintech company on a mission to help parents raise financially-smart kids, today announces the launch of two new savings incentives: 1% Cash Back to Savings and 2% Greenlight Savings Reward. Greenlight becomes the first of its kind to celebrate kids and teens by offering financial incentives for smart money management.
The national average interest rate for savings accounts is 0.06%. Greenlight Savings Reward far surpasses the average and enables kids to earn up to 2% on savings, showing them the power of compounding interest and rewarding smart money management. With Cash Back, kids can earn 1% on every purchase, deposited into their savings.
"At Greenlight, we know that teaching kids and teens financial skills early will help them live financially-healthy lives," said Tim Sheehan, co-founder and CEO of Greenlight. "This all begins with saving, a key component to building a strong financial foundation. Greenlight's new savings incentives encourage young people to practice smart money management and learn about compounding interest."
Alongside these new incentives, Greenlight offers several other Savings Boosts to promote smart saving. Parent-Paid Interest allows parents to incentivize their kids to save by paying interest on their kids' savings at a rate of their choice － the average set by Greenlight parents is 18% － which also helps kids understand the power of compounding interest. Kids and teens can use Savings Goals to set aside money for a specific purpose and track progress towards reaching that goal. They can also round up purchases to automatically add the change to their savings using the Greenlight app.
About Greenlight Greenlight Financial Technology is an Atlanta-based fintech company committed to empowering parents to raise financially-smart kids. Its groundbreaking family finance product, Greenlight, is the all-in-one money management platform purpose-built for families. With a parent-managed debit card for kids and companion app, parents can automate allowance, manage chores, set flexible spend controls and enable their kids to become investors. Kids explore lessons in earning, saving, spending, giving and investing while learning to make real-world tradeoff decisions.
The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by Mastercard International. For more information, please visit: www.greenlightcard.com.