- What is Greenlight Savings Reward?
- How is my Greenlight Savings Reward calculated?
- What is my average daily savings balance?
- How can I qualify for Greenlight Savings Reward?
- How can I see my child's history of Greenlight Savings Rewards?
What is Greenlight Savings Reward?
Beginning August 1, 2021, families can earn up to a 2% per annum reward for money in a child’s General Savings and/or any Saving Goals.*
Rewards are paid at the beginning of each month, based on the average daily savings balance of the previous calendar month.
Don't see this in your app? Make sure you have updated your app to the latest version in order to see the previous month's reward in your child's Savings tab.
How is my Greenlight Savings Reward calculated?
On a monthly basis, Greenlight calculates a child's average daily savings balance, multiplies it by their percent earned annually and divides that by 12 months to get their monthly reward. Then, the reward is deposited proportionally into General Savings and any active Savings Goals.
If the average daily savings balance for a family is higher than $5,000 for any month, Greenlight will allocate the reward payment to each child's savings based on the percentage of the entire family’s savings balance.
What is my average daily savings balance?
To calculate your average daily savings balance, we add up your total savings balance (both General Savings and Savings Goals) every day. Then, we take the balance for each day of the calendar month, add it together and divide that big number by the number of days in the month.
How can I qualify for Greenlight Savings Reward?
Families on Greenlight Core and Greenlight + Invest plans can earn 1% on savings, and families on Greenlight Max can earn 2%.
To qualify for Greenlight Savings Reward, parents must add a bank as a funding account, instead of a debit card. You can do this from the “Funding accounts” page in your Parent Settings. See more here.
The parent’s account and all child accounts must also be in “Good Standing.” To be considered in “Good Standing,” (i) the parent must be current on the payment of all monthly fees; and (ii) neither the parent account nor any child account shall have a negative balance.
How can I see my child's history of Greenlight Savings Rewards?
To view the history of all the Greenlight Savings Rewards your child has received:
1. Navigate to your child's dashboard.
2. Tap their "Savings" tile.
3. Tap "History"
*Greenlight Core and Greenlight + Invest families can earn monthly rewards of 1% per annum and Greenlight Max families can earn 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 Terms of Service for details. Subject to change at any time. Earning begins 8/1/2021.