Bankaroo is a virtual bank for kids, helping them manage their allowance, gifts, and chore money.
Created in 2011 by 11-year-old Dani, Bankaroo is helping hundreds of thousands of kids around the world manage their funds and become money-smart.
Using gamification and a simple, bright interface, Bankaroo helps parents teach their kids the value of money. Both parents and kids have access to the kids’ accounts, where kids can save up for goals and earn badges and parents can track where their kids’ money is invested. Kids can even earn interest on their savings!
Bankaroo Plus (available as a one-time in-app purchase for $4.99) adds features like checking, savings, and charity accounts and gives you the ability to transfer money between siblings and between accounts.
Key features for kids:
– Get an account where you can make sure your parents routinely give you allowance
– Record every expense you made, and always know how much you have.
– Save up for more expensive goals like games and toys. You’ll get a cool badge when you reach your goal!
– Set recurring payments for things like online memberships.
Key features for parents:
– Get your kids a recurring allowance or add funds to their account manually.
– Your kids will know if they have enough in their account for the things they want to purchase.
– Deduct their purchases from their account, or better yet – have them deduct their purchases so they can understand the implication of spending money.
– You can use Bankaroo as a point system to encourage good behavior
Bankaroo is used by schools nationwide as part of their curriculum to educate kids about money and its value.