Greenlight Savings Reward is a new Savings Boost that helps kids learn the power of compound growth and rewards them for smart money management. Families can earn up to a 2% per annum reward, paid monthly (by Greenlight), for money in a child’s General Savings and/or any Saving Goals.*
What is 1% Cash Back?
Greenlight Max kids can earn 1% Cash Back on purchases made with their Greenlight Card, deposited to their Savings every month.*
What are Savings Boosts?
Greenlight now has four Savings Boosts to help encourage smart saving. The two newest, Greenlight Savings Reward and 1% Cash Back, are paid by Greenlight to help facilitate lessons around smart saving.*
Kids can also use Round Ups to take the change from every purchase and move it to their savings automatically – another great way to make smart saving a habit. Parent-Paid Interest is an easy way for parents to pay their kids an interest rate of their choice, and it helps parents contribute to their kids’ goals while driving home lessons in compound growth.
When does earning begin?
For both Greenlight Savings Reward and 1% Cash Back, earning begins August 1, 2021. After a month of smart saving (and spending), the first payout will be in September.*
How are rewards calculated?
Greenlight Savings Reward
On a monthly basis, Greenlight calculates your average daily savings balance (up to $5,000), multiplies it by your percent earned annually and divides that by 12 months to get your monthly reward. Then, the reward is deposited proportionally into General Savings and any active Savings Goals.*
1% Cash Back
Greenlight takes the total of all your posted transactions in the previous calendar month and multiplies it by 0.01 to arrive at your 1% Cash Back payout. Then, we deposit your cash back into your General Savings every month— automatically.*
Do all plans receive rewards?
Yes! Greenlight and Greenlight + Invest families can earn a Greenlight Savings Reward of 1%. Greenlight Max families can earn 1% Cash Back and a 2% Greenlight Savings Reward.*
What else is needed to qualify?
In order to be eligible for rewards, families must connect a verified bank account (via ACH) to their Greenlight accounts.
Your Greenlight account must also be in “Good Standing,” which means that your Primary Account has completed the account registration and verification process, your Primary Account and all Sub-Accounts have a positive balance, and your Card Account is current with respect to the payment of the Monthly Fee and all other cardholder fees. See our Terms of Service for more information.
Try today. Our treat.
After your one month trial, plans start at just $4.99/month for the whole family. Includes up to five kids.