Updated May 4, 2023

Copper Review

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Copper Banking is a banking and investing platform to teach kids and teens financial literacy. Discover its features, pros, and cons in this review.

5-point scale (the higher, the better)

Pros and Cons

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

Bottom Line

Teaches kids and teens responsible saving, spending, and investing

Copper Banking is a digital banking and investing platform designed for kids, teens, and parents.

Copper gives kids and 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 (4.9 stars) and Google Play Store (4.8 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 ($5.00 for each referral) and completing quizzes and educational videos. Teens will also receive 0.001% 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/non-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 and investing with financial education. Get to know the features of Copper Banking below.

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[1]

  • $500 daily ATM withdrawal limit

  • $2,000 daily spending limit

  • $2,000 monthly load limit

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)

Savings Rewards

  • Create savings goals and earn up to 5% savings rewards.
  • 2% Copper Rewards on savings balances up to $5,000 for Copper Basic Plan
  • 5% Copper Rewards on savings balances up to $5,000 for Copper Pro Plan

Person To Person (P2P) Payments

  • Kids can request and send money to each other using P2P transfer through the Copper app.
  • Copper doesn't charge fees for P2P Transfers

Copper Customer Support
Email: support@getcopper.com
In-app: under "Support"

How to Open a Copper Account

Teens and kids 6 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 U.S. citizens, permanent residents, or hold valid long-term visas. 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

  • Fewer fees, no overdraft fees, no minimum balance requirements, and no ATM fees from Copper at 55,000+ Allpoint and Moneypass ATMs

  • 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?
Copper charges monthly subscription fees on their Copper Basic Plan and Copper Pro Plan but they don't charge any overdraft fees or ATM fees, and there is no minimum deposit required to open an account.


  • Low interest rate — while teens do earn interest on balances, the APY of 0.001% 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

Copper offers two different plans and tiers of service to choose from:

  • 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.

While Copper does not charge overdrafts or minimum balance fees, there are 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).

  • Instant fund transfer fees — Instant transfers to a linked debit card will incur a small fee of 2.5% of the total amount + $0.30 per transfer.[2]

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.

You can also reach Copper through in-app chatbot available 24/7. For complex situations, the chatbot will redirect to Customer Support agents. Plus, when they recognize your cellphone number or email associated with a subscriber of Copper Pro Plan, you will be provided with priority customer support and shorter wait times.

Competitor Comparison

BankMinimum DepositAPYOut-of-Network ATM FeeDebit CardMonthly FeeTransaction Limits
Copper$00.001%$0Yes$4.95-$7.95$2,000 debit
$500 ATM
Step Bank$0N/AN/AYes$0$1,000 debit
$500 Google Pay / Apple Pay
$250 ATM
Axos Bank First Checking$500.1%$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, a popular competitor, currently does not allow funding an account through an ATM, although teens can still use their cards to make ATM withdrawals, make online purchases, do POS transactions, and use Google Pay and Apple Pay.

Copper offers minimal APY, no overdraft 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, whose 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.


  1. ^ Copper. What are my Copper account limits?, Retrieved 10/18/2022
  2. ^ Copper. Are there any fees?, Retrieved 1/25/23
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