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Copper Review 2021

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Patrick Sather
Patrick Sather
Jul. 22, 20214 min read

Copper summary

Copper is a digital banking service designed for teens and their parents. With the Copper app, teens can develop financial literacy and access funds to make in-store and online purchases. Parents can connect accounts for up to 5 children and transfer funds from a linked checking account or debit card. Copper does not charge fees or require a minimum balance, but it only offers a 0.001% interest rate on deposits.

Pros

  • No fees, minimum balance requirements, or overdraft charges
  • Ability to monitor teens’ spending habits and track payments
  • Automated tools to help teens reach savings goals

Cons

  • Low interest rate
  • No phone or in-person support
  • No foreign transactions allowed

Copper Copper Visit Copper

Advantages Over Traditional Banks 

Founded in 2019, Copper offers digital banking services to parents who want to teach their children smart spending and saving habits. It's easy for parents to send money, monitor teens’ spending, and track payments in the app. Parents can also use the app to connect accounts for up to 5 children and instantly transfer funds. Teens can access virtual cards to make online or in-store purchases and leverage automated tools to help them reach their savings goals. Copper does not charge monthly, maintenance, or overdraft fees, and there are no minimum balance requirements.

Cutting-Edge Banking Services 

Copper allows parents to easily monitor teens’ spending and track payments. In addition to checking account and debit card deposits, parents can add funds via Venmo, PayPal, CashApp, and Green Dot. With customer support available both in-app and via text, there is no need to wait on the phone to get assistance with your account. Within the app, users can take financial literacy quizzes and read articles about budgeting, spending, and saving. With Copper’s referral program, teens receive $3 for every friend who opens an account with the provider. Additionally, the app helps teens meet savings goals through automated tools that track payments and deposits. 

Traditional Banking Services 

Although Copper provides checking and savings accounts through its app, it doesn’t offer IRAs, loans, or other investment accounts. Currently, the APY on deposits is just 0.001%. Copper issues its account owners with a MasterCard debit card that can be used in store and online. While the card does not provide any cashback rewards, it can be used at over 55,000 Allpoint ATMs surcharge-free. Checking account deposits clear within 3–5 business days, and debit card deposits clear instantly for a small fee. Copper doesn’t currently allow users to make foreign transactions using their debit or virtual cards. 

Interest Rates and Fees

Copper doesn’t charge users any monthly, maintenance, or overdraft fees. With your Copper MasterCard debit card, you can access up to 55,000 Allpoint ATMs, surcharge-free, but out-of-network ATM withdrawals will incur charges. If you use Green Dot to transfer cash to your Copper account, you may incur charges up to $4.95. While deposits earn interest, the APY on your balance is only 0.001%. Additionally, Copper places restrictions on spending and deposits. Users are limited to $500 in daily ATM withdrawals, $2,000 daily spending, and $2,000 monthly deposits. 

Fees and chargesATM withdrawal limitSpending limitLoad limitInterest rate on deposits
No monthly, maintenance, or overdraft fees, debit card deposit fee, $4.95 Green Dot fee$500 per day$2,000 per day$2,000 per month0.001% APY

Customer Service and Online Experience

Customer service is available by text or in-app chat from 8 am–8 pm PT, Monday–Friday, and from 9 am–4 pm PT, Saturday and Sunday. You can also reach a Support Specialist via email at support@getcopper.com. Copper does not offer support in person or over the phone, but it encourages users to send questions via social media platforms, including Facebook, Instagram, Twitter, and TikTok.

Rates, features, and user agreements are available on Copper’s website. To open and access your account, you must download the free app onto your iOS or Android device and sign up for an account. 

Mobile App 

Copper’s free mobile app is available on iOS and Android devices through the Apple and Google Play stores. With the app, parents can easily deposit funds via a linked checking account or debit card. Transfers are also available through Venmo, PayPal, Cash App, or Green Dot, but mobile check deposits are not currently supported. In addition to receiving a debit card, you may link your app to Apple or Google Pay to make in-store and online purchases. The app’s features allow parents to monitor teens’ spending habits and automate allowance payments. Meanwhile, teens can set savings goals and access quizzes and articles about saving, spending, and budgeting. 

Watch this video for an introduction to the Copper app.

Security 

All accounts at Copper carry FDIC insurance up to $250,000, provided via Evolve Bank & Trust. To protect users against fraud, Copper conducts 24/7 surveillance of account activity. The company also secures user accounts with two-factor authentication and biometric features, but we couldn’t find any reference to the type of secure encryption used. 

Summary

Copper provides mobile financial services built for teens and parents. With Copper’s app, it’s easy for parents to instantly transfer funds and monitor teens’ spending habits. The app teaches teens about budgeting and spending and helps them reach savings goals by tracking payments. Users receive a virtual card to pay for in-store and online purchases and a MasterCard debit card, which allows free ATM withdrawals at 55,000 Allpoint ATMs nationwide. While the APY on deposits is only 0.001%, Copper charges no monthly, maintenance, or overdraft fees. 

Copper Copper Visit Copper

Methodology

Information for this review was gathered using Copper’s website, third-party reviews, and conversations with customer service representatives. 


Patrick Sather
Written byPatrick Sather

Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.

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