April 16, 2021 12:00 PM PT

Copper Review

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Copper Banking is a new banking platform to teach teens financial literacy. Discover the features, pros, and cons of Copper Banking in this review.

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Overall Score




Minimum Deposit






Customer Service


Mobile App


Ease of Use



5-point scale (the higher, the better)

Pros and Cons

  • No fees
  • No minimum deposit required
  • Earn rewards with quizzes
  • Low savings interest rate
  • Limited customer service
  • No foreign transactions

Bottom Line

Teaches teens responsible saving and spending

Copper Banking is an online-only bank and digital payments platform designed for teens and parents.

Copper gives teens firsthand experience in banking and debit card usage. Parents also get peace of mind (and ability to monitor their teen's account).

But is Copper Banking the safest and best banking option available for your teenager?

Find out below.

What is Copper Banking

Based in Seattle, WA, Copper began with $4.3 million in seed funding from PSL Ventures, Western Technology Investment, Mana Ventures, and Snap creator Jack Brody.

It was created in 2019 by co-founders Eddie Behringer and Stefan Berglund. The pair saw an opportunity where traditional education systems fail many teens — financial literacy, smart spending, and budgeting for the future.

Copper is not an independently operated bank, but is actually a fintech company powered by SynapseFi, a partner of Evolve Bank & Trust.

The app uses behavioral psychology to help teens build smart financial habits, like saving, and incentivizes them to learn about how banks and money function.

For example, once you download and open the app, you can take a short quiz about checking accounts. Once completed, you receive a $2.00 reward.

Do people recommend Copper banking?
Copper enjoys high ratings on both the Apple App Store (4.8 stars) and Google Play Store (4.6 stars) as of this writing.

How Copper Works

Teens must receive permission from their parents before opening an account and receiving a debit card. Parents can set up recurring allowances, monitor spending, and send instant money transfers to their teen's account.

Can I earn rewards with Copper?
Copper offers cash rewards for inviting friends ($3.00 for each referral) and completing quizzes and educational videos. Teens will also receive 0.01% interest on their checking account balance, compounded daily and added to their account at the end of each month.

Besides the parental supervision aspect, Copper Banking functions like many digital-only banks, such as Chime or Ally. Customers can use the encrypted app to view balances and transfer money to family and friends directly from their account, similar to Venmo or PayPal.

Teens receive a debit card just like any other checking account, which can be used anywhere Mastercard is accepted. Plus, Copper allows teens to use Apple Pay at participating locations.

Copper Features

Copper integrates digital banking with financial education. Get to know the features of Copper Banking below.

Screenshot of Copper

Parental Control

  • Set up alerts to be notified when your teen makes a purchase

  • Monitor account activity in the app

  • Send and request funds between your teen's Copper account and your linked checking account

  • Create recurring deposits to your teen's account for monthly allowance, chore payments, etc.

Purchases Made Easy

  • Use the debit card anywhere Mastercard is accepted

  • Purchase goods and services online or at retail locations

  • Enjoy Apple Pay for convenient one-click purchases

  • Withdraw cash with zero fees at over 55,000 MoneyPass and Allpoint ATM locations

Keep Spending Under Control

  • $500 daily ATM withdrawal limit

  • $2,000 daily spending limit

  • $2,000 monthly load limit

Copper Customer Support
Email: support@getcopper.com
In-app: under "Support"
Text message: (202) 831-0684

How to Open a Copper Account

Teens 13-years-old and over are eligible to open a Copper account. However, the account must be activated by a parent or guardian at least 18 years of age, with a valid Social Security number or tax identification number.

Both parties must also be a U.S. citizen, permanent resident, or hold a valid long-term visa. Lastly, parents must have an existing checking account to link to Copper.

Your teen can sign up for a Copper account using the following steps:

  1. Download the Copper app and enter their phone number

  2. Enter the unique verification code

  3. Invite a parent or guardian, who will grant permission

  4. Enter the address where their debit card should be delivered and the SSN for identity verification

  5. Use a virtual card on the Copper App to make purchases while you wait for your debit card to arrive

Is Copper banking safe?
Yes. Copper Banking's partner, Evolve Bank & Trust, has been in business for over 95 years. All deposits are fully insured by the FDIC up to $250,000. Plus, Copper uses encryption technology to keep all of your personal information secure.

The Pros and Cons of Copper Banking

Like all banks and credit unions, Copper comes with its own unique set of pros and cons.


  • Financial education via quizzes and short videos

  • Zero fees, no minimum balance requirements, or overdraft charges

  • Instant transfers from the parent's linked checking account

  • Earn rewards by inviting friends and completing objectives

  • Parental supervision — use the app to monitor and review account activity

  • Fraud protection using Mastercard Zero Liability Protection

Is Copper Free?
Yes. Copper does not charge any monthly maintenance fees, service fees, ATM fees, and there is no minimum deposit required to open an account. If they ever begin charging fees, those who sign up now will not incur those fees and can continue to use Copper for free.


  • Low interest rate — while teens do earn interest on balances, the APY of 0.01% leaves something to be desired

  • Customer service — the contact number on Copper's website connects you with SynapseFi, which may or may not be able to answer Copper-specific questions; a chat box is also currently unavailable

  • No foreign transactions are allowed, so many online retailers will be unavailable

Fees to Watch Out For

While Copper does not charge any fees, there are two external fees to keep your eye on.

  • Out-of-network ATM fees — ATM withdrawals can be made at any Allpoint or MoneyPass ATM location free of charge, but these may be difficult to find in some areas and you may be charged a fee by out-of-network operators

  • Cash deposit fees — Copper does not charge cash deposit fees; however, processors such as GreenDot will likely charge a fee of up to $4.95 per deposit (granted, this will rarely, if ever, be encountered since direct deposits can be made from the parent's linked checking account)

How to Contact Customer Service

Teens and parents can contact Copper Banking customer service by emailing support@getcopper.com or within the app under "Support" in the settings menu.

Copper's website also hosts an FAQ page, where you can access answers to common questions regarding security and privacy, adding and transferring funds, managing your account, using the card, and getting started.

Competitor Comparison

BankMinimum DepositAPYOut-of-Network ATM FeeDebit CardMonthly FeeTransaction Limits
Copper$00.01%$0Yes$0$2,000 debit
$500 ATM
Step Bank$0N/AN/AYes$0$1,000 debit
$500 Google Pay / Apple Pay
Axos Bank First Checking$500.25%$0Yes$0$500 debit
$100 ATM

While Axos Bank First Checking offers a higher APY, it has much lower transaction limits and a higher minimum deposit.

Step Bank, a popular competitor, currently does not allow for ATM withdrawals, although teens can still use their card to make online purchases, POS transactions, and use Google Pay and Apple Pay.

Copper offers minimal APY, no monthly fees or ATM fees, and can be used anywhere Mastercard is accepted.

The Bottom Line

Copper offers a competitive suite of features compared to other banking options tailored for teenagers.

The financial literacy education package is a fantastic addition to the world of banking and education for America's youth, who surveys show have an alarming lack of financial literacy as they graduate from high school.

If you have a teenager who struggles with the concept of money or is simply ready for the adult world of finances, Copper Banking is worth a try.

Axos Bank
Member FDIC

Rewards Checking - Up to 1.00% APY

  • Up to 1.00% APY
  • Unlimited domestic ATM fee reimbursements
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Online debit card management
  • Bank, borrow and invest in a single app
  • Only $50 to open an account

Aspiration Spend & Save - Earn $150 Bonus

Spend $1,000 Within First 60 Days and Receive $150

Member FDIC

Chase Total Checking® - $225 Bonus

Expires 1/19/2022
  • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
  • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 1/4/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days

Write to Justin Barnard at feedback@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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