Greenlight vs Current
The modern world changes faster than we can imagine, and teens need to be aware of how to manage money in a wise and responsible way. That’s why teenage banking plans are so popular all over the world. Of course, it is a great way to structurize finances, give allowances and generally let your children look cool with their own card, but the first and foremost goal of all these systems is to safely teach the kids to be responsible, to plan ahead and to manage their money carefully.
Today we’ll have a look at the two financial solutions for teenagers: Current and Greenlight. Both are very modern, both use cutting-edge technologies to help kids learn, but there are several differences that may be crucial when choosing the right one for your family.
Our verdict: Greenlight or Current?
Greenlight is definitely better as an educational and family app, offering all the needed tools for learning how to earn, spend, save, and invest as well as providing tons of educational content. At the same time, Current is more like a regular debit card for teens that is more affordable than Greenlight.
- Greenlight is a primarily educational program. It includes all the modern ways to teach teenagers, including kahoots, podcasts, challenges and rewards, and the interface that looks more like a game stat screen. It also provides up to 5% interest if the kids (or parents) choose to save their money, paid chores, spendings control etc. So if you have a younger teen who needs to start from the basics, or a not-very-determined kid who still needs to learn financial responsibility, Greenlight is your best choice. It also has a great option for family planning.
- Current, while also being very modern-looking, is less educational and more practical. Teenagers have all the benefits of Visa card, ATM access, Google and Apple pay. If you need an account without monthly or annual fees, for yourself or your late teen child, Current offers more relevant experience, easily transforming into an adult finance management system later.
Brief Greenlight vs Current comparison
| Greenilght | Current | |
|---|---|---|
| Price | $4.99-$14.98 per month | Free |
| Number of users | Up to 5 kids | not stated |
| Referral bonus | $30 | $50 |
| Platforms | Android, iOS, desktop | Android, iOS |
| Education features | Q&A,Support, practical education in the app, Kahoot, podcasts, classroom programs | Q&A, Support, practical education in the app, Finance 101 articles |
| Cashback | 1% | None |
| Savings | up to 5% on the system | 4% |
| Setting goals | yes | yes |
| Long-term savings (i.e. for the college) | yes | yes |
| Killer feature | amazing educational program | gas hold removals |
| Primary clients | more for the kids | more for the adults and late teens |
| Features for parents (savings, investment, financial planning, etc) | yes | yes |
| Interface | more friendly | more modern and adult |
| Best starting age | 10+ | 14+ |
| Security | strong | strong |
| Allowance for chores | yes | yes |
6 main differences between Greenlight and Current
- Greenlight is suitable for both kids and teens with no age limit, while Current requires a teen to be over 13 years old to open the account. Current also has more “adult” features available for users who are 18 years or older. Greenlight, on the other hand, is a family management system that is best for still underaged users.
- Greenlight is more family-oriented, providing fun ways for kids to learn, while Current expects the teen users to grow up and unlock more “adult” features such as buying and selling crypto, Overdrive (basically, a credit) and so on. Current’s educational course “Finance 101” is directed more to young adult topics than to teen ones.
- Being focused on younger users, Greenlight offers more protection layers and parental control features. For instance, there are purchase and theft protection as well as two-level spending controls–by categories and stores.
- Unlike Current, Greenlight allows investing for both kids and parents in over 4,000 stocks and ETFs. Every kid’s trade has to be approved by parents.
- Current has gas hold removals. This feature may be important for families, where children drive by themselves. This will allow kids to stay fueled and able to return home even if their own card balance is insufficient.
- Different reward styles. While Greenlight provides fun challenges and events for the kids, Current has an influencers-recruiting program Current Creators, where teens or young adults can create their own brands or content and give special discounts to the Current users, profiting from the wide community.
Similarities between Current and Greenlight
Despite being a bit differently focused, Greenlight and Current do share some fundamental similarities:
- both allow children pay via Google Pay and Apple Pay
- Current and Greenlight opt for moderate control, without restrictions like fees for poorly done chores
- the two systems share a modern and appealing interface
- they both allow interest rates, long-term savings and even cashback
Current vs Greenlight pricing
Pricing may become a dealbreaker when we talk about financial app. And the pricing politics of Greenlight and Current are drastically different. Greenlight charges monthly fees from $4.99 to $14.98 depending on the subscription plan. We consider the Max plan – $9.98 per month – the optimal one, that includes all the necessary and some of the bonus features, but doesn’t make you to pay for the excessive functions. The only valuable benefit of the Infinite, the most expensive plan is 5% for your savings plan.
Current is a free card and there are also plenty of operations, like withdrawing cash from a certain ATM network, transferring money between Current accounts, etc, that don’t have fees at all.
The decision about the most beneficial app here requires precise calculations and understanding what will cost you less. A great chance to test our financial management skills.
What is Greenlight
Greenlight is a family-friendly app designed with educational goals in mind. It is available for Android, iOS and any modern desktop Internet browsers. One subscription (any subscription, from the very basic plan) allows parents to connect up to five children into a single system.
Greenlight debit card works just as any other card, the interface of the management system is simple and easy with charts and diagrams. Bright events, challenges and rewards make the user experience more fun and lighthearted, almost like a casual game.
But the functions and features of the system are real and serious. The parents can plan the common family budget, set up monthly allowance or create a list of paid chores, see where the children spend their money and block suspicious transactions. Greenlight provides a substantial degree of control without being obsessive and without imposing extra restrictions to teenagers.
Greenlight is one of the friendliest apps for financial education and is more suitable for younger children than most of its counterparts.
Greenlight pros & cons
Check out this Greenlight review for more details.
What is Current
Current is a financial multi-tool. Despite being not a bank and relying on third-party services, Current provides almost a full range of banking services: from small credits and cash withdrawal to cryptocurrency trading. Of course, lots of these features are available for adults only, but the teens may use a fair share of them, plus some unique features such as gas hold removal or Current Creators program.
Current’s interface is sharp and stylish, allowing more room for socializing, such as money transfers via tags or nicknames withing the Current network, exploring Current Creators and other things teens love so much.
Despite having some general educational materials, a friendly community and a broad Q&A section, Current is more on the practical side. It doesn’t exist to educate teens, more to provide them a full and ever expanding range of services they will need in their adult life.
There are also additional features for 18+ users, such as buying and selling crypto, so it’s a great way for the older teenagers to get used to the system and gradually unlock the new features, or become a Current Creator themselves, creating their own brand appealing for teenagers, and benefitting from the system’s audience.
Current pros & cons
David is an advocate of financial literacy. Having previously worked as a financial advisor and being a father of two daughters, he wants to show solutions to improve financial behavior.
