With Greenlight’s Savings Goals we’ve made it easier for you to empower your children to establish healthy, lifelong financial habits by setting new savings goals to motivate and focus their money management. Your kids can create Savings Goals to save for specific purposes - like a new bike, phone, game, or trip!
Kids can also earn up to 5% on their Savings balances with Greenlight Savings Reward.* Learn more here.
Within the Greenlight app, your kids can move money from other approved Spend Controls into their General Savings or Savings Goals at any time. If your kids decide they want to spend money from either their General Savings or Savings Goals, they’ll need to send you a request in the Greenlight app to have that money moved. This way, you can have those crucial conversations about the tradeoffs between continuing to save, or spending their hard-earned money.
If you’d like for family members and friends outside of Greenlight to contribute towards your child’s Savings Goal, you and your child are now able to share new and existing Savings Goals with others and invite them to contribute via your Paylink. Contributors will be able to see what your child is saving for, what the total goal amount is, and how their contribution helps your child get closer to their goal. Once their contribution payment is sent, parents can either approve or decline the payment.
To ensure that you and your child are able to share your Savings Goals, please ensure that Paylink is not disabled in your app. You can do so by checking your Share Settings in-app and ensuring that sharing is enabled. If sharing is enabled, simply toggle on Allow sharing when creating a new Savings goal or tap on an existing Savings goal and click Share goal. It’s that easy!
Keep in mind, you can add money anytime instantly to your child’s General Savings, and adjust your Parent-Paid Interest!
*Greenlight and Greenlight + Invest families can earn monthly rewards of 1% per annum, Greenlight Max families can earn 2% per annum, and Greenlight Infinity families can earn 5% per annum on an average daily savings balance of up to $5,000 per family. Only Greenlight Max and Infinity families can earn 1% cash back on spending monthly. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.