Rubies Digital Bank announces the launch of Rubies Junior, a bank app for children aged 11 – 17 years that is overseen by parents.
Rubies Junior is a banking service for children aimed at improving financial literacy in children and helping them acquire invaluable money management skills with the help of their parents powered by the right tools.
Parents authorize their children who will then be able to download Rubies Junior app, open an independent sub-account under their parents account and get a Rubies Junior card
Everyday, people make costly mistakes with their finances and this stems from a lack of basic financial skills. Introducing juniors to the world of money management provides an opportunity to develop good spending habits as well as understand the value of money as they grow older.
Money literacy is a key part of growing up and as digital banking becomes more commonplace, Rubies Junior has a key role in preparing children for what is to come.
What it entails:
Rubies Junior Account is a sub-account of the Parent’s bank account, driven by an app and subjected to parental control. This standalone app has all the basic tenants of the main Rubies Bank app, allowing juniors to view their Rubies Junior Bank account balances, view spending history, pay parent-allowed bills and make transfers. Rubies will also be given a Rubies Junior bank card.
The key feature is that Rubies Junior app is under parental supervision: Parental control exists on Juniors’ spendings while juniors are able to directly manage Savings and goals setting on Rubies Junior app.
How to get it:
The Rubies Junior app can be downloaded on any Apple or Android device from the App Store or Play Store respectively. Rubies Junior is downloaded on the devices of both the parents and juniors. However, parents create an administrative account, after which a Junior account is created for the juniors.