The greenlight investment app is a financial management platform designed specifically for children. Parents can use greenlight to teach their kids financial skills while monitoring and controlling their spending. By leveraging greenlight, parents can set up investment accounts for kids to accumulate wealth and grow financially. This article discusses key aspects of using greenlight for investing for kids like setting up accounts, funding and transferring money, choosing investment options and tracking investments.
Open a greenlight investment account for kids
Greenlight offers specialized debit cards and accounts for kids that parents can fully control through the app. To get started, parents need to download the greenlight app and sign up. Once the parent account is created, they can add profiles for each child along with nicknames, photos and other details. Parents have to then link their bank accounts or cards to transfer money. Greenlight has partnered with Community Federal Savings Bank for providing the debit cards and insured deposit accounts linked to each child profile.
Transfer funds and make deposits for investments
Parents have complete flexibility in adding money to their child’s greenlight account for investing and other spending needs. Money can be transferred instantly from the linked parent account to the child’s account within the app. Parents can set one-time transfers or scheduled automatic transfers of allowance, funds for chores, gifts etc. The money in the account can then be used by children for purchases using the debit card or allocated toward different goals like saving and investing.
Choose from investing options for kids
Within greenlight, parents can enable investment accounts for their children with options catered to helping kids learn investing. The primary investment offering is Greenlight Max which provides exposure to over 7,500 stocks and funds. It allows automated recurring deposits in the account that are then invested in select exchange traded funds (ETFs) based on the child’s risk profile. The investments grow tax free and can be tracked easily. Parents can also open custodial investment accounts with brokerages like Fidelity, Charles Schwab and TD Ameritrade that have dedicated programs for kids.
Monitor kids investment portfolio and performance
A key advantage of greenlight is enabling parents to not just control their child’s spending but also view and monitor their investment account details. Parents can track the investment account balances, see how the investments for their child are performing, analyze returns over custom periods etc. The app provides an intuitive and easy to understand snapshot of the investment portfolio. Parents can accordingly make adjustments or optimize investment deposits and choices as needed.
The greenlight app makes the entire process of investing for kids simple while giving parents oversight through their phones. By leveraging greenlight, parents can open investment accounts for children, fund them on flexible schedules, choose from tailored investing options for kids and closely monitor the investment portfolio growth and returns.