Apple Partners With Goldman Sachs To Introduce High-Yield Savings Accounts For Apple Card Holders

Image Credits: Apple

Apple is taking a big step toward offering more banking services to its customers. The company announced today it’s partnering with Goldman Sachs to soon launch a new Savings account feature for its Apple Card credit cardholders which will allow them to save and grow their “Daily Cash” — the cashback rewards that are earned from their Apple Card purchases.

In the months ahead, Apple says cardholders will be able to automatically save this cash in a new, high-yield Savings account from partner Goldman Sachs which is accessible with Apple Wallet. Customers will be able to transfer their own money into this account, as well.The account will have no fees, minimum deposits or minimum balance requirements, Apple notes, which would make the account somewhat competitive with a variety of neobanks which are often used as a way for customers to park their digital cash and earn money through interest payments.

Apple, in its press release this morning, did not yet say what interest rate would be paid out on these high-yield accounts, however. Currently, competitors are offering APY’s in the range of 2.20%-3.05%, per data from Bankrate. Some are going even higher, Investopedia data indicates, citing APYs topping 3.1% at present. (Apple noted it’s not prepared to announce the APY due to the particularly dynamic interest rate environment at present.)

When the new offering launches, Apple Card users will be able to set up and manage their Savings account directly in the existing Apple Wallet mobile app. From that point forward, all the Daily Cash they earn through Apple Card purchases will be automatically deposited into this account, unless customers change this to instead have the cash added to their Apple Cash card in Wallet, as they do today. This option can be switched at any time, Apple says.

An in-app Savings dashboard will display the account balance and interest accrued over time.Currently, Apple pays 3% cashback on Apple Card purchases made using Apple Pay at select merchants, including Apple itself, as well as Uber/Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. Apple Card purchases will receive 2% cashback when Apple Pay is used and 1% back when the titanium card is used or when a virtual card number is used to shop online.

Cardholders won’t have to rely only on their Apple Card purchases to fund their new Savings accounts, however. Apple says that customers will be able to deposit additional funds through a linked bank account or their Apple Cash balance. They can also withdraw this cash at any time, by transferring it back to that same linked bank account (or any linked bank account) or their Apple Cash card, without having to pay fees.

With the launch of the Apple Card, Apple has been moving steadily into the payments market, allowing it to establish a more direct connection with its customers as it ramps up its “services” business, which sees it selling subscriptions to a variety of offerings, including Apple Music, Apple TV+, Apple Arcade, iCloud+, Apple News+, Apple Fitness+ and more. It’s also looking to make Apple Pay a more viable option for shopping online, with news that it will introduce an Affirm competitor, Apple Pay Later, for splitting up purchases into four interest-free payments.

This offering is delayed until 2023, however, Bloomberg reported. Meanwhile, Goldman Sachs has been moving towards becoming a more conventional bank, with its Marcus by Goldman Sachs product, which announced last year it had reached a milestone of over $100 billion in customer deposits after five years of operation. The partnership with Apple will give it another angle into the consumer deposits market.

Apple didn’t offer an exact launch date for its high-yield Savings account, either, saying only it would arrive in the “coming months.” The company said the Savings account feature will ship with an upcoming iOS release, but could not detail which version number will include the option.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

By:

Source : https://techcrunch.com/

Related News:

Apple Card users will soon be able to open a free Savings account at Goldman Sachs Phone Arena

Apple Card gains savings account GSMArena.com

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New Payment Service Using Same Tech As Zelle And Venmo Will Cut Out Visa And Mastercard Fees

For decades, retailers have protested the fees Visa V -3.3% and Mastercard MA -3.7% charge them to accept credit and debit cards. “Pay by bank” is the latest effort to circumvent those fees by letting people pay directly from their bank accounts. Financial services consulting firm Sionic has partnered with MX, a company that connects fintechs to users’ bank accounts, and Google Cloud Services to launch pay by bank in the United States.

The product lets merchants cut out card acceptance fees, which range from 1% to 3%. Its success in the U.S. depends on whether merchants can incentivize consumers to switch from heavily utilized credit or debit cards. Pay by bank lets consumers bypass Visa and Mastercard’s payment rails and pay directly from their bank account. It’s already popular abroad, particularly in Asia and Europe, but has so far failed to catch on in the U.S. market where 84% of adults have at least one credit card.

While credit and debit cards approach ubiquity in the United States, the card networks are facing scrutiny as interchange fees–charges to merchants to cover the cost of processing transactions–have continued to climb. In 2021, merchants were charged $77.5 billion in credit card fees, which are split between issuing banks and the card networks. In March, Visa and Mastercard were preparing to raise interchange fees even further, the Wall Street Journal reported.

The pay-by-bank product uses the real-time-payments (RTP) network operated by The Clearing House, an organization owned by 23 of the largest banks including Citibank, Wells Fargo WFC -3.1% and HSBC HSBC -1%, with lower fees than the card networks. The Clearing House’s real-time-payments network is also used by Venmo and Zelle to facilitate money transfers. Launched in 2017 in America, RTP aims to speed up bank transfers so they settle instantly – that’s a stark contrast to the days it can take to settle most bank transfers over the ACH network.

“We’re reallocating the control of that merchant-customer relationship away from those expensive rewards credit cards into the hands of the merchants,” CEO and founder of Sionic Ron Herman said. Customers use Sionic’s pay-by-bank option, called ULink, by scanning a QR code at checkout. The option could also appear to consumers as a button within their mobile banking apps. For security, the technology “tokenizes” user account information.

“The merchant never sees the account number for the individual that’s paying because they didn’t present a debit card, they presented a token to the merchant,” says Elizabeth McQuerry, a partner at payments consulting and research firm Glenbrook Partners. With ULink, MX’s technology confirms a customer has the balance available to cover the transaction, and the fund transfer occurs within seconds over the RTP network.

There is no risk merchants will not receive payment or that the customer will overdraft their account. However, once the transaction has occurred, there are fewer options for recourse if there is a dispute. For example, if a consumer orders something online and it never arrives, they will either have to settle the dispute with the merchant or ask their bank to issue a refund.

Card networks have more experience handling fraud and protect customers through things like Visa’s zero liability policy, which requires banks to cover card holders in the event of a fraudulent transaction. “We know Visa is and will remain one of the most cost effective and secure ways to pay and be paid – offering superior functionality and benefits to merchants and consumers at a competitive cost,” a Visa spokesperson said.

Merchants who want customers to use pay by bank will want to handle disputes swiftly, similarly to how Amazon AMZN -4.8% has built customer loyalty through generous refund policies. Merchants eager to accept pay by bank could incentivize consumers to switch over by offering rewards or discounts for using the service. Some merchants are ahead of the curve, offering their own card programs similar to pay by bank.

The Target TGT -4.1% Red Debit card, for example, works by transferring customer funds directly from their bank account to Target’s. In return for using the product, Red Card customers receive up to 5% cash back on their purchases. In addition to avoiding interchange fees, the Red Card gives Target greater control over the customer experience and more access to offer new promotions or products.

Plaid, an MX competitor and one of the most valuable private fintech companies in America, does not currently offer a pay-by-bank service or utilize the RTP network. In 2020, when Visa announced plans to acquire Plaid for $5.3 billion, the Department of Justice blocked it saying that Visa was trying to “eliminate this competitive threat to its online debit business before Plaid had a chance to succeed.”

Visa denied the allegations, claiming that Plaid’s business is “complementary to Visa’s, not competitive.” Mastercard made its move into pay by bank in 2016 by acquiring Vocalink, which offers the service throughout the United Kingdom. Sionic’s product isn’t the first time pay by bank has attempted to gain traction in the United States. In 2014, Merchant Customer Exchange, a payments company owned by a group of big box retailers including Walmart WMT -3.1%, attempted to launch a pay-by-bank product called CurrentC.

The initiative was shut down two years later after failing to gain traction with consumers. Even if merchants are eager to spur adoption, changing consumer payment habits is a slow process, especially when many are accustomed to a quick and simple card experience. It is unclear if Google Cloud Services’ involvement in Sionic’s pay-by-bank product foreshadows bigger plans for the tech giant, since Google has been working on payment technology for over a decade.

Its products have moved through several iterations. In May, Google Pay (a competitor to Apple Pay) was rebranded to Google Wallet. The most recent version is a digital wallet designed to store card information, in addition to tickets or vaccination cards. Last year, the company ditched plans to offer Google Pay users the option to sign up for checking accounts and debit cards through a program called Google Plex.

Given Google Wallet’s history, it wouldn’t be too far a leap for the company to add pay by bank. “The Sionic and MX announcement is likely to be warmly embraced by Google Wallet, which abandoned its own efforts known as Google Cache and Google Plex to provide a direct pay-by-bank option,” CEO and founder of payments firm Crone Consulting, Richard Crone, said.

I cover fintech for the money team at Forbes. I am an NYU graduate with bylines at AMNewYork, Gotham Gazette, and Prague Daily Monitor.

Source: New Payment Service Using Same Tech As Zelle And Venmo Will Cut Out Visa And Mastercard Fees

Related News:

Owner of Chinatown’s Wok Shop defrauded with unauthorized Zelle transactions ABC7 /

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Worried About Inflation? Here Are 5 Money Moves to Make This Year

Everything is more expensive right now, and you’ve done what you can to cut back your spending. You brew coffee at home, you don’t walk into Target and you refuse to order avocado toast. (Can you sense my millennial sarcasm there?)

But no matter how cognizant you are of your spending habits, you’re still stuck with those inescapable monthly bills. Although we can’t swipe these off the table for you, we do have a few money moves you should make right away…

1. Stop Overpaying at Amazon

Wouldn’t it be nice if you got an alert when you’re shopping online at Amazon or Target and are about to overpay? That’s exactly what this free service does.Just add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.

Let’s say you’re shopping for a new TV, and you assume you’ve found the best price. Here’s when you’ll get a pop up letting you know if that exact TV is available elsewhere for cheaper. If there are any available coupon codes, they’ll also automatically be applied to your order.

In the last year, this has saved people $160 million. You can get started in just a few clicks to see if you’re overpaying online.

2. Get Up to 40% Cash Back When You Pay For Stuff

Chances are you do some of your shopping online. Whether it’s pet food from Walmart, a new outfit from Macy’s or even a flight home for summer vacation, you’re probably leaving money on the table. A free website called Rakuten has the hookup with just about every online store you shop, which means it can give you up to 40% cash back every time you buy something.

We spoke to one Penny Hoarder reader, Colleen Rice, who has earned more than $526.44 since she joined Rakuten. For doing nothing. Seriously. Rice says she uses Rakuten for things she already has to buy, like rental cars and flights. It takes less than 60 seconds to create a Rakuten account and start shopping. All you need is an email address, then you can immediately start earning cashback at your go-to stores through the site.

Your cash will be deposited directly into your bank account or via a check in the mail every few months. Talk about money for nothing.

3. Get Paid Up to $140/Month Just for Sharing Your Honest Opinion

If you’re turning blue in the face waiting for a raise at work, it might be time to quit holding your breath and start speaking your mind to someone who wants to listen. Brands want to hear your opinion to help inform their business decisions on everything from products and services to logos and ads — and they’re willing to pay you up to $140 a month for it.

A free site called Branded Surveys will pay you up to $5 per survey for sharing your thoughts with their brand partners. Taking three quick surveys a day could earn up to $140 each month. It takes just a minute to create a free account and start getting paid to speak your mind. Most surveys take five to 15 minutes, and you can check how long they’ll take ahead of time.

And you don’t need to build up tons of money to cash out, either — once you earn $5, you can cash out via PayPal, your bank account, a gift card or Amazon. You’ll get paid within 48 hours of your payout being processed, just for sharing your opinions. They’ve already paid users more than $20 million since 2012, and the most active users can earn a few hundred dollars a month. Plus, they’ve got an “excellent” rating on Trustpilot.It takes just a minute to set up your account and start getting paid to take surveys. Plus, right now, you’ll get a free 100-point welcome bonus just for becoming part of the community.

4. Buy an Apartment Building (Even if You’re Not Filthy Rich)

The uber wealthy 1% have access to exclusive, lucrative real estate investments that seem totally out of reach to the rest of us. But not anymore.  A company called CalTier lets you invest in commercial real estate — specifically, multi-family apartment complexes across the country — for as little as $500.

Traditionally, you’d need a six-figure income or a million-dollar net worth to invest like this. Instead, CalTier lets you invest like the big wigs in the real estate world, even if you’re not rich. Investments in multi-family housing have outperformed the S&P 500 for the last 20 years* — and it’s expected to grow another 33% this year alone.

CalTier also gives you a 30 day money-back guarantee. And if you have any questions along the way, you can talk to a real human to get them answered. Ready to join the ranks of wealthy and institutional real-estate investors?

It’s easy to open a free account and get started here.

5. Cancel Your Car Insurance

Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal. Use a website called EverQuote to see all your options at once.  EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.

Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance.

Source: Worried About Inflation? Here Are 5 Money Moves to Make This Year – The Penny Hoarder

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20:18 Wed, 06 Jul
13:09 Wed, 06 Jul

Two Friends Who Met On Twitter In High School Are Latest Under-30 Billionaires

Brex’s two twenty-something founders are now billionaires, thanks to a lofty new funding round announced this week that nearly doubled the valuation of their five-year-old fintech firm.

The San Francisco-based startup—which is aiming to overhaul the corporate credit card—confirmed on Tuesday that it has raised $300 million in a funding round led by investment firms Greenoaks Capital and Technology Crossover Ventures (TCV), giving it a $12.3 billion valuation—a sizable jump from the $7.4 billion valuation it fetched just nine months ago.

Cofounders (and co-CEOs) Henrique Dubugras, 26, and Pedro Franceschi, 25, each hold a 14% stake in Brex, Forbes estimates, worth about $1.5 billion apiece. (Forbes discounts the value of privately held companies.) The pair declined to comment on Forbes’ estimates but Dubugras did speak with Forbes about his startup’s path to success.

The young fintech has made a name for itself with a corporate credit card tailored to the needs of startups. It remains Brex’s marquee product, and the interchange fees merchants pay when employees swipe Brex’s cards constitute nearly all of the company’s revenue.

In recent years, Brex has also launched new software offerings like an expense management product and a business bill pay feature: “If you get an invoice in your email, you can just forward it to us and boom, it gets paid,” Dubugras tells Forbes on a Zoom call from his home office in Los Angeles. In May, the company rolled out one of the first crypto rewards programs for corporations.

Brex is not the only business attempting to disrupt the stodgy, spreadsheet-centric world of B2B payments. Today, its rivals include startup Ramp (founded in 2019 and valued at almost $4 billion after an August funding round) and publicly traded Bill.com (valued at some $21 billion), which bought expense reporting software fintech Divvy for $2.5 billion last spring.

But Brex has been able to attract a deluge of venture capital by offering a suite of products that extend beyond the corporate credit card. Dubugras maintains that he’s not too worried about competition.  “The market is pretty big, and I think that there’s space for a lot of people,” he says. “Most B2B payments are still paper- and check-based.”

The 1,000-person startup can credit its existence to a lively Twitter exchange in December 2012 between Dubugras and Franceschi about the nuances of coding tools. At the time, they were high school seniors living in Sao Paulo and Rio de Janeiro, Brazil, respectively. The 140-character tweet cap hindered the debate, so the two teens hopped on Skype to discuss further.

“On Skype, we couldn’t fight that much and became best friends,” says Dubugras.

In 2013, the pals launched a startup called Pagar.me that allowed Brazilian merchants to accept online payments. It was a 150-person outfit by the time they sold it three years later to a larger Brazil-based payments fintech called Stone. Dubugras won’t share the pair’s take, but says it was enough to pay for college—he and Franceschi are both Stanford computer science dropouts—and stow away some savings.

For their next act, the pair initially wanted to build bank accounts for U.S.-based startups, but settled on corporate credit cards as a more attainable route. (“What business would trust their money to these random 22-year-old Brazilians?” chuckles Dubugras. “With corporate cards…

We were giving them money instead of asking for their own money.”) Dubugras and Franceschi founded Brex in 2017 after quitting Stanford in the spring of their freshman year and, two years later, both earned spots on Forbes’ 30 Under 30 Finance list. By then, Brex had raised $213 million and was valued at $1.1 billion. In 2019, Brex also rolled out its take on the business bank accounts that had enthralled its founders from the start.

(Brex is not a chartered bank itself, so it partners with LendingClub or JPMorgan Chase for the accounts.) All told, the duo has secured more than $1.1 billion in venture money from the likes of Tiger Global Management, Peter Thiel and Affirm founder Max Levchin.

The company says its revenue more than doubled over the past 12 months, though it won’t share specifics or comment on profitability; private markets data provider PitchBook estimates Brex generated about $320 million in revenue for 2021. Dubugras says that Brex counts “tens of thousands” of corporate customers today, including the likes of Carta and Classpass.

The startup wants to keep the ball rolling in the new year. With $300 million in fresh funding, Brex aims to increase its headcount by at least 50% while also keeping cash in the coffers in case there’s a market downturn. Brex originally set out to serve startups, but Dubugras says mid-market firms account for more than 60% of its customer base today. In 2022, he hopes to reel in large corporations as well.

“I think it’s easy for people to think that we’re already successful,” he says. “We are, and we aren’t. We’re obviously happy about what we’ve achieved, but there’s so much more to come.”

I’m a reporter on Forbes’ wealth team covering the world’s richest people and tracking their fortunes. I was previously an assistant editor for Forbes’ Money & Markets section…

Source: Two Friends Who Met On Twitter In High School Are Latest Under-30 Billionaires

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Critics on BREX:

Brex is a financial technology company that primarily offers a corporate credit card to early-stage companies. Furthermore, business owners can also create a bank account (called Brex Cash) and utilize the company’s various expense management tools for their business.

Brex makes money through a monthly account subscription, interchange fees, referral fees from cashback rewards, interest on loans, as well as interest on cash held in its customer accounts.

When you think of the most rewarding small-business credit cards, you might assume that you’ll need to shell out a sizable fee each year for the ability to rack up bonus points. The Brex Card, however, proves that assumption incorrect.

The Brex Card doesn’t charge an annual fee, and no personal guarantees or credit checks are required to be approved. Plus, new cardholders can earn 50,000 signup bonus points after spending $9,000+ in the first 30 days.

The Brex Card still packs a generous reward structure, which can be tailored to pay out more based on the type of business you run. Here’s a look at a standard rundown of earning potential:

  • 8x on ride-sharing spending
  • 5x on travel booked through the Brex portal
  • 4x at restaurants
  • 3x on eligible Apple purchases made through the Brex portal
  • 1.5x on advertising
  • 1x on all other purchases

There are a few key caveats to the rewards structure. Let’s start with the most important piece of the puzzle: You have to use the Brex Card exclusively to get in on all those bonus opportunities. After two months, you have to “ensure card exclusivity,” which I assume you do by linking your other bank accounts.

If you’re using other small-business credit cards, your rewards dip to a measly 1 point per dollar, plus 3x for eligible Apple purchases — a rewards structure not worth celebrating. So, this credit card is only for business owners who aren’t afraid of a serious commitment and who are willing to break up with their other cards.

Read more: The best small-business crypto cards in 2021

Now, if you can make it your exclusive card, Brex offers some additional options to make the card more rewarding based on your spending routine. For example, if your company calls itself a tech company, you’ll earn 3x on recurring software purchases. If your company works in the life sciences, your highest payout — 8x — comes on conference tickets. So, if five of your employees are registering for that big annual meeting on biomedicine with a fee of $2,000 per ticket, that payout can come in handy. You’ll also learn 2x on lab supplies.

Another big differentiator is that Brex rewards you more if you pay your bill on a daily basis, similar to a debit card. To do that, you deposit money into a Brex cash account, and each day, your bill is automatically paid from those funds. If you pay your bill on a monthly basis, your rewards are a bit less: The highest payout is 7x.

And finally, Brex can claim a first in the business credit card space: You can redeem your rewards in cryptocurrency. The company recently announced that cardholders can enjoy redemption conversions in Bitcoin and Ethereum, which sets it apart from every other business credit card offer you’ll find right now. If you’re looking to dabble in crypto (and you aren’t afraid of Elon Musk’s Twitter account impacting the value of your points), this is a low-risk way to do it. 

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Greenlight Debit Card and App Helps Kids and Parents With Money

Piggy banks may still be useful for some — but Greenlight, an Atlanta-based debit card and financial trainer app, is aimed at kids and parents as the latter teach the former about how to grow and manage money in 2022 and beyond.

“Greenlight is the family finance company that’s on a mission to help parents raise financially smart kids,” Greenlight founder and CEO Tim Sheehan told Fox News Digital in an email exchange on Thursday, Jan. 27, 2022.

Greenlight, a start-up that’s only a few years old, today serves more than 4.5 million parents and kids. The company says families have saved more than $200 million and invested more than $10 million toward their financial futures through its programs.

Tim Sheehan is founder and CEO of Greenlight; he shared insights with Fox News Digital. He says that children can “learn to spend wisely” with his company’s debit card and app, with the help of guardrails and guidance.  (Greenlight)

“Financial literacy is one of the most important factors in our health and well-being,” Sheehan also told Fox News Digital, adding that it’s “the gateway to building a strong financial foundation for the future.”

He also that children need to understand the “difference between wants and needs. This is a financial fundamental … Once you help your kids nail this down, they can start learning how to spend wisely.”

What does the Greenlight card do?

The basic concept is simple: Teach kids how to handle money via a debit card that requires parental guardrails and guidance. After signing up for the service, parents load money onto the child’s debit card.

Kids can then use the card to make purchases virtually wherever Mastercard is accepted. Parents can also help kids set up the card to work with Apple Pay and Google Pay.

What does it cost?

The price of the basic service plan starts at $4.99 a month for up to five children. Plans that include investing for kids and parents, 1% cash back, and other premium perks are $9.98 per month.

How does the app work?

There is more to Greenlight than a debit card. Its app is useful for basic budgeting and handling transactions — and can be used for investing, too.With the app, kids can save, donate, and invest money. They can keep an eye on their balances, set financial goals, and research stocks.

The Greenlight debit card — controlled by parents — allows children to make purchases and track their spending; in addition, a companion app helps them understand how to budget for big-ticket items, and even invest. (iStock, File / iStock)

For example, a child might set a goal of earning and saving money for a new skateboard — then track his or her progress toward earning enough money to actually make that purchase.

Parents can set up the app to allow kids to experience the real-life rewards of earning, spending, saving, and investing — with a built-in cushion that prevents them from making any seriously devastating choices.

The app enables parents to put training wheels on kids’ financial habits. When the kids are ready to do it on their own, the training wheels can be removed over time.

How does the card help kids?

Young people aren’t often taught how to be financially responsible or literate — with dire consequences. Young adults may complete high school and even college without a fundamental understanding of how to earn, save, and grow their money over time.

In this image, a child is shown putting a coin into a piggy bank at home. A relatively new debit card service and app called Greenlight — five years old this year — helps children learn to use money wisely and budget for the future.  (iStock, File / iStock)

With the Greenlight app, kids learn early on to connect the work they do (such as household chores) with expanding balances — then to connect those growing balances with greater buying power.

When parents offer monetary incentives based on the quality of chores done, kids learn that work done well will be better rewarded than work done poorly. This valuable lesson will pay off when those children grow up and enter the workforce.

Though parents can put strict controls on how much a child can spend in a given category, some kids learn best by actual experience — even if that experience leads to temporary disappointment.

Some experiential learners might benefit from having the opportunity to spend a bit too much on frivolous items — then see exactly how poor choices delay the achievement of larger, more desirable goals.

Parents can allow kids just enough over-spending in one budget category to teach a lifelong lesson.

Why are adults using this card, too?

As a fintech app, Greenlight provides adults with a means of investing. “Fintech” refers to the use of technology to “improve and automate the delivery of financial services,” according to Investopedia. (Cryptocurrency, robo-advisers, and blockchain-based open banking are a few prominent examples.)

With Greenlight, parents can set up brokerage accounts to help fund college tuition, first cars, or other sizable expenditures. Families can also use the app to research investments in stocks and EFTs. How have young people improved their ‘financial literacy’ through these products?

Greenlight’s CEO Sheehan told Fox News Digital that in his view, “Gen Z is the most entrepreneurial generation to date, with 62% of Gen Zers indicating they’ve started or intend to start their own business.” He said that many “Greenlight kids” have become entrepreneurs and begun their own businesses.

Sheehan added that a 12-year-old girl used the card and app to start her own face mask business during the pandemic — and that she now donates 20% of her sales to charity. Another young person, a 14-year-old based in Alaska, used his savings from Greenlight to publish a book series, Sheehan said.

What’s the biggest mistake parents make in teaching kids about money?

“The biggest mistake parents make,” Sheehan said, “is not talking about money.” He added, “Kids and teens need to be taught that money is earned along with the importance of saving, spending wisely, and investing for the long term.”

Source: Greenlight debit card and app helps kids AND parents with money | Fox Business

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