Updated May 5, 2023

Is Copper Banking Legit

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Copper Banking is a banking and debit card app built with teens in mind. But is it legit? Read on to find out.

Financial literacy is a big deal. And learning the ropes as a kid can be a big advantage.

That's exactly what Copper Banking aims to offer teens.

But is it a legit bank? And how safe is it, really?

Find out the answers to all your questions in this guide to Copper Banking.

What is Copper Banking?

Copper Banking was founded in 2019 by Stefan Berglund and Eddie Behringer after they discovered how most schools neglected financial education.

Their goal is to help kids learn money management and avoid financial pitfalls, like predatory credit. Copper Banking is not a true bank, but instead a fintech startup.

Copper Banking favors a learn-by-doing approach. They offer a bank account, debit card, and parent-supervised app.

By getting first-hand money experience, teens will see these skills as second nature once they're financially independent.

Copper Banking Features

Copper Banking is more than just a simple banking app. They've got a range of features that parents will appreciate, prioritizing financial education and convenience.

Debit Card

Copper Banking's debit card, provided in partnership with Mastercard, can be used wherever Mastercard is accepted.

It also connects to a virtual card through the Copper app, which you can add to Apple or Google Pay digital wallets and use for online purchases.

The card supports fee-free ATM withdrawals at over 55,000 Allpoint ATMs all over the country. You can check here to see if there are any in your area. Out-of-network withdrawals are possible, but may incur a fee from the ATM.

If you lose your card, it's easy to request a new one directly through the Copper app by reporting it lost or stolen. You should get a new one in the mail in as little as 7-10 business days.

Here are some other appealing features of the Copper debit card:

  • No credit checks to apply
  • No overdraft fees
  • No hidden fees

Is Copper Banking FDIC insured? Yes, Copper Banking is FDIC-insured up to $250,000 through Evolve Bank & Trust.

The Copper App

The Copper Banking app has a lot of useful features to help encourage good spending habits, plus a teen-friendly user interface.

If there's one word to describe the Copper Banking app, it's simple. The app is easy for teens to get the hang of, plus all important info (like account balances) is easy to find.

Teens can use the money request feature to ask parents for small quantities of money—$10, $20, and $30—in case of emergencies. Not only can you easily send money to your kids, but kids can also request and send money to each other using P2P transfer through the Copper app.

You can also set a savings goal and track your progress toward a specific object. Simply transfer funds from your spend account to your Savings Goals. Balances maintained within your Savings Goals will earn savings rewards paid monthly by Copper.

With the app, you can manage your Copper debit card, track your latest transactions, and set up a plan to automatically transfer funds to your savings account, a good habit for anyone to get into.

Parents will also find peace of mind in the fact that they can track and set notifications on their kids' spending, meaning no surprises.

Money Moves

Copper Banking Money Moves are a quick and easy way for teens to learn about the fundamentals of finance.

These short videos explain a variety of useful topics around debt, budgeting, investing, and saving in a way that teens can understand.

Some of the subjects include:

  • What are checking and savings accounts?
  • What Is Stock Market Capitalization?
  • What Is An IPO?
  • How Do I Make A Budget?
  • What Is Social Security?
  • What Is Inflation?
  • What Is Debt-To-Income Ratio?

And there are lots more.

What bank does Copper use?
Because Copper Banking isn't itself a bank, they provide their financial services in partnership with Evolve Bank & Trust, through SynapseFi.

Copper Investing

Copper offers automated investing guided by financial education built for kids and teens.

Copper uses a short questionnaire to assess your kid's ability to take risks, then Copper will pair them with portfolios that suit your kid's investment comfort zones. Parents are encouraged to review their child's recommended portfolio to ensure it matches their investing preferences.

Some of the features of Copper Investing:

  • Automatically managed investments
  • A diversified portfolio of up to 11,000 stocks and are built using ETFs
  • Kids ages 6+ can start investing with as little as $1
  • Teen-and-kid-centric Registered Investment Advisor (RIA)
  • Offers a recommended portfolio that matches your kid's goals and risk tolerance (Moderately Aggressive, Aggressive, or Extra Aggressive)

How to Funding Your Copper Banking Account

It's easy for parents to add money to their kids' accounts with a linked bank account or debit card.

Debit card transfers incur a small fee, but they're instant, while bank transfers are free, but may take 3-5 business days to clear. It's also possible to send money via Venmo, Cash App, and PayPal.

Parents and teens can even set up direct deposit into Copper accounts from their employers.

Cash deposits can be made through physical locations using the Green Dot network, though these may incur a fee as high as $4.95.

One feature that parents may find particularly appealing is the ability to set up an allowance for their kids with recurring transfers. You don't have to worry about remembering, and kids can get used to regular income, at whatever level parents deem appropriate.

To keep spending reasonable, Copper does have limits on deposits and spending:

Daily Spending Limit$2,000
Daily ATM Withdrawal Limit$500
Daily Deposit Limit$500
Monthly Deposit Limit$2,000

Copper Banking funds are FDIC insured.

Does Copper Have a Monthly Fee?

Copper charges monthly subscription fees on their Copper Basic Plan and Copper Pro Plan but they don't charge overdraft fees, ATM fees, and minimum balance fees.[1]

  • Copper Basic Plan: $4.95/month
    Comes with: 2% Copper Rewards, Debit cards for up to 5 users
    Ability to: Create Savings Goals, add a co-parent, automate allowance, transfers money instantly, and have early access to direct deposit (up to two business days).

  • Copper Pro Plan: $7.95/month
    Comes with: 5% Copper Rewards, Investing Services, Copper Basic Plan services, priority customer support, and other value-added features such as additional products and features that may be offered from time to time.

The other fees that users need to worry about are those incurred by cash deposits, out-of-network ATMs, and debit card transfers.

Cash Deposit Fee: This fee varies, but can go up to $4.95.
Out-of-Network ATM Cash Withdrawal Fee: This fee varies by provider.
Instant Debit Card Funding Transfers:: 2.5% of the total amount + $0.30 per transfer

How does Copper Banking make money?
While Copper Banking doesn't charge any overdraft or minimum balance fees, they do charge monthly subscription fees on their Copper Basic Plan and Copper Pro Plan and they also charge a small fee to vendors for transactions made using the Copper Banking debit card.

How to Get Started

Setting up a Copper Banking account for your teen is simple. It does require that both parents and teens have an active cell number.

A parent or guardian has to be involved as well, as you can't legally open a bank account by yourself in the U.S. if you're under 18.

  1. First, the teen will download the Copper Banking app. They'll enter their phone number and a unique verification code.

  2. The teen then sends an invitation to a parent or guardian, who will grant them permission to open an account.

  3. Then, they'll enter their home address and Social Security number, and Copper will send them a debit card in the mail.

  4. Until it arrives, they'll be able to use a virtual card through the app.

Not sold on Copper Banking for your teen? Check out our guide to the best debit cards for kids to find the right card to help them learn financial literacy.

Bottom Line

With no minimum deposit required, no hidden fees, and a range of useful features, Copper Banking is a legit option for parents looking to teach their kids how to manage their money.

Parents can rest easy knowing they'll be kept up-to-date on any transactions, and have the ability to quickly transfer a little spare cash to their teens should the need arise.

Teens will benefit from the ability to track their spending, save, and explore financial concepts that will serve them well into adulthood.


  1. ^ "Are there any fees?": Copper Banking, 2023.
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Jeremy Harshman is a creative assistant at CreditDonkey, a credit card comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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