Radius Bank, a U.S.-based digital bank, announced on Monday it has formed a partnership with Wallit, a rewards-based savings app for families, to teach teenagers smart money habits. Radius reported it will serve Wallit as a banking partner providing FDIC insurance.
Radius Bank reported that through the partnership, parents will open a Wallit account for themselves and their children, they can link their personal checking or savings account(s) within the Wallit app to:
- Earn cash rewards for real-world achievements, such as completing savings goals or items on a to-do list
- Budget and track monthly spending
- Establish savings and spending goals
- Automate funding methods to make saving easier and rewarding
- Gain real-time access to account balance and transaction activity
- Automate and manage allowances and chores
- Send money instantly for any reason at all
- Shop Wallit’s virtual mall for a selection of the top brands in footwear and apparel, dining, cosmetics, gaming, and entertainment, and more
While sharing details about the partnership, Mike Butler, President and CEO of Radius Bank, stated:
“Everything the Gen Z generation does is digital, so it makes sense to teach them money management in a way they can inherently understand. Wallit’s easy and engaging digital experience allows parents to teach teens to earn, budget, spend and save the right way to learn healthy financial habits.”
Mike Vien, CEO of Wallit, then added:
“The Gen Z and Millennial segments represent an attractive and growing consumer market, but many companies often have difficulty finding ways to appeal and engage these new potential customers. We’re excited to have Radius as a partner as today’s announcement represents a unique opportunity and the beginning of a fundamental shift in financial services to meet the needs of younger, tech-savvy generations and to establish the building blocks for long-term financial wellness.”