First Year of Greenlight Partnership Reaches More Than 67,000 Families
Complimentary access to Greenlight helps instill positive money habits in kids
Originally published on U.S. Bank company blog
Last summer, U.S. Bank became the first financial institution to provide Greenlight through an embedded mobile app experience. Today, families looking for help teaching their kids about money can join the more than 67,000 U.S. Bank families who are accessing Greenlight through the U.S. Bank Mobile App.
Complimentary1 access to Greenlight is available to U.S. Bank clients through their checking account relationship with the bank.
With Greenlight, kids can
- Learn critical financial skills with the Greenlight debit card and money app
- Earn, save and spend wisely with flexible parental controls
- Manage chores and earn allowance for their work
- Learn important financial basics with interactive games and videos
- Earn 2% rewards2 on savings
Kids and parents who have connected to Greenlight through U.S. Bank are demonstrating positive financial habits, with 48% of young users engaged in savings, 86% engaged in spending and 34% engaged in chores. Among the top reasons for saving are for a car, college or general needs.
“The engagement and interest we are seeing with Greenlight is extremely positive, which tells us we are filling an important need for many families,” said Arijit Roy, head of consumer and business banking products at U.S. Bank. “Greenlight is one of the latest ways we are making it more rewarding to bank with U.S. Bank, while helping clients and their families reach their financial goals.”
The financial education offering within Greenlight is also proving to be an impactful resource for U.S. Bank families. More than half of U.S. Bank Greenlight users have completed a Level Up in-app financial literacy lesson, and 96% of those users indicated they would start budgeting money after finishing the Budgeting Level Up. Users who completed five or more Level Up lessons have created 45% more savings goals and completed 115% more savings goals than users who have not yet participated in the lessons.
Complimentary Greenlight Select subscriptions (a $69/year value) are available to U.S. Bank clients with an eligible checking account. New connectivity features and capabilities for U.S. Bank Greenlight users are expected to be rolled out later this year.
Learn more about Greenlight at usbank.com/greenlight.
1U.S. Bank customers are eligible to receive the Greenlight Select plan complimentary when an eligible U.S. Bank checking account (excludes Safe Debit and Electronic Transfer accounts) is added as a funding source. You are required to be an authorized transactor on the U.S. Bank account, be at least 18 years of age, and be enrolled in online banking. Your U.S. Bank checking account(s) must be the preferred funding source for your Greenlight account for the entirety of the partnership. If your U.S. Bank checking account(s) cease to be the preferred funding source for your Greenlight account or you add a funding source that is not an eligible U.S. Bank checking account, you may be charged a monthly fee by Greenlight. In-app upgrades will result in additional fees. Subject to Greenlight identity verification. See greenlight.com/terms for additional information. Offer subject to change.
2Greenlight Select families can earn monthly rewards of 2% per annum on an average daily savings balance of up to $5,000 per family. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See greenlight.com/terms for details. Subject to change at any time.
Additional Disclosures
Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC. The Greenlight Mastercard is issued by Community Federal Savings Bank, Member FDIC, pursuant to license by Mastercard International.
