Introducing the Current Student Account
Today we’re really excited to finally take the wraps off of the Current Student Account — a new solution to digitize allowances, teach teens financial literacy, and provide parents with more control on how children spend their money. Our team has been devoting 110% of their energy bringing this to life, and we’re pleased to be sharing it with you today.
It’s no question we are moving to a cashless society — yet the concept of allowances remains firmly footed in the past. In America, nearly 17 million teenagers don’t yet have access to digital payments solutions. They either pay for things with cash — providing parents with no insight on what their kids are buying, or have to rely on their parent’s credit cards — which doesn’t teach any form of financial responsibility.
The Current Student Account has two components: a Visa-branded debit card and an app that provides parents and their children with ways to mutually agree on allowances, how their money will be spent, and the chores and responsibilities needed to gain access to those funds. Money can be spread among three wallets: the Spending Wallet to track expenditures, the Savings Wallet to teach financial literacy, and the Giving Wallet to help teens identify local charities they can contribute to.
You can read more about the Current Student Account in our press release. We’ve also gotten some early coverage in the New York Post, American Banker, TechCrunch and I’ll be on Cheddar.TV later today to talk about it. We’re also taking questions and feedback on Product Hunt. If you know parents with kids who need to learn financial literacy, we’d appreciate you sharing the word!
Traditional banks have failed to keep pace with the realities of commerce and consumer needs — especially the needs of kids. It’s time to change that.