The news: Youth and teen banking has exploded in popularity over the past year, but banks and fintechs are approaching the six- to 18-year-old cohort with a slew of different strategies. We take a closer look at the landscape to see what is and isn't working.
What do they offer? Generally, youth- and teen-focused banking apps offer a savings account, a debit card, and financial literacy learning modules. They may also include features that let parents control their child's spending and transfer money to them from parental accounts.
Apps geared toward older teens may introduce investment options, like mutual funds, ETFs, and stocks.
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