DIGITAL payments company Revolut has made its child-friendly money management app available for those who use its free online current account.
Up to now Revolut Junior was only an option for those paying a monthly fee for using the Metal and Premium accounts.
It is now available for free to all adults who have a standard Revolut account.
Revolut Junior allows a child to have their own contactless payment card that can be topped up by parents to a maximum €40 each month.
The app is for those between ages of seven and 17 years of age. It gives young people access to a list of transactions so they can monitor their spending and check their balances.
But parents retain control as it is linked to their Revolut account.
The account allows children to make contactless, chip and PIN or online payments
The parent can switch on or off the ability to make online purchases, prevent or allow ATM withdrawals, and switch on or off contactless payments.
They receive in-app notification every time the child’s card is used.
If the child has trouble remembering their PIN, their parent can get a reminder in the app too.
However, children do not need their own mobile phone to use Revolut Junior.
Revolut claims more than one million customers in this State.
Q We have around €67,000 in the credit union, which we have been saving for a deposit on our first house. Building has been delayed because of Covid and it will be winter before we can buy. We read about a credit union in Dublin which went into liquidation and another in a town near us has stopped taking deposits. Is our money safe and should we move it elsewhere? We are very worried.