- Invstr launched Investr Jr., a digital bank and investing account for users under the age of 18.
- When they are ready to invest, child users can send their investment proposals to the adult on the account, who can approve or decline the request.
- The new Investr Jr. accounts cost $6.25 to $7.99 per month.
Kids want to do everything their parents do, so why not let them invest… with a little help, of course. Digital banking and investment app Invstr launched Invstr Jr. this week. Invstr Jr. is a custodial account to help users under the age of 18 learn how to earn, invest, and manage their finances.
When parents open an Invstr Jr. account for their child, they can schedule monthly deposits and set allowances for completing goals. Each account, offered by Vast Bank, features a checking and savings account, a debit card, a brokerage account with commission-free fractional investing, and a crypto account. When they are ready to invest, the child user can send investment proposals to the adult, who has the option to approve or decline the requests.
“At Invstr we believe that you’re never too young to start investing,” said Invstr CEO Kerim Derhalli. “We believe everyone can be an investor and can learn to invest in the same way that we learn to play a sport or a musical instrument. Investing is increasingly being recognized as a key life skill. We have made it fun and social for people to build experience and confidence safely and to learn good money habits.”
Invstr Jr. is also focused on bridging the financial health knowledge gap that young users face. Children can receive rewards for completing gamified learning modules in the Invstr Academy. And because many kids learn by doing, Invstr Jr. offers a Fantasy Finance game that allows users to manage a $1 million risk-free, virtual portfolio and create leagues to compete with friends. Within their league, players will see a leaderboard and statistics, and can chat or direct message other users or their adult.
Invstr Jr. accounts, which cost $6.25 to $7.99 per month, can include up to four kids and will have access to Invstr Pro. This solution offers the member tools to find the best investments and provides daily feedback on their portfolio risk and returns, their progress as an investor, and a personal Invstr Score.
The company’s new custodial investment account competes with Acorns, which offers Acorns Early at $5 per month, and with Greenlight, which offers investing tools within its account, that costs $4.99 per month.
U.K.-based Invstr was founded in 2013 to democratize finance. The company’s app has been downloaded more than one and a half million times in over 200 countries.
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- Source: https://finovate.com/invstr-launches-parent-permissioned-kids-investing-tool/
