My Childs school is doing a stall and they mentioned Spriggy as a preferred method of payment. Had to google this thing as I had no idea what it was. Basically kid friendly debit card managed by parents.
Got to connect it to a NAB account but if you're not a NAB customer just setup a free account and connect.
Includes 4 kids - $10 extra per annum for each additional kid for those who like to breed.
$20 for referrer and referee
Cheers.
Will be useful for over spending mistress
Well - for the first 4 of them, yes.
Spriggy is a scam…
Just get your kids a debit card.
If it is then you simply cancel after 12 months
I didn't neg u, but I can't find the option to cancel on the app :(
check out the fees and compare to other financial products that are similar.
Surely another bank has an option equal to this without an annual fee?
Like an NAB classic account?
Need to be 15+ for the visa debit with the NAB Classic
Just get a eftpos debit card then, and probably better this way since you can still do in person transactions, but not online.
@dyziplen: With CBA debit cards, the parents can control the types of transactions allowed, and what the max daily/weekly spend it.
eg. You can disable all online transactions
You can do this from the Netbank app or the website.
There are CBA bank accounts for under 14's
yes.. CBA has Youth Saver and you can get a Debit Card for under 14's
I started out kids with a Smart Access account for under 14's with no fees and linked it to my account to transfer funds instantly.
They now also have a Youth Saver account which they deposit into each month to get higher interest rates.
Got all my kids and dog and fish Amex cards back then when they were not asking for IDs.
I found kit to be better unless spriggy has changed, as spriggy was more like a prepaid card and kit operated more like a bank card. When we had spriggy the kids couldn’t transfer money off the card back into my account and they couldn’t get cash out from an atm, not sure if spriggy has fixed these things since they switched to kit about a year ago.
I know they won’t allow certain transactions. For example. Can’t buy alcohol or tobacco. Fingers crossed they change this soon as my boys a pack a day now
That’s why I prefer kit, I buy his ciggies then transfer the money from his account to mine so he’s paying for them. With spriggy I couldn’t transfer the cash back to my account.
Get em while they're young.
CBA Dollarmite vibes.
Anyone remember Investron from Westpac? Actually may have been when it was still Wales Bank.
Get a piggy bank instead.
Where do you get the cash from to give to the kids each week?
Why sign up our kids for a product that is going to cost $60/year? My kids get $1/week pocket money, so they would be going backwards after their free year.
This product is obviously for financial illiterate parents' which banks LOVE to prey on. Unfortunately, financial literacy isn't taught in schools and so when they grow up they sign up suckers like this.
Spriggy is Indue, far far far worse than banks.
What's happened to Indue? Once upon a time they were the powerhouse behind the customer owned credit unions and mutuals. These days they seem even more thirsty for nasty fees than the big banks?
Just be mindful of the following: (which may also apply to Spriggy)
Kit is a brand of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 trading as HEY KIT. CBA New Digital Businesses Pty Ltd is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (CBA). CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of CBA.
Surely you would name an account pitched at kids as Sproggy
Alternatively if your home loan comes with an offset account and visa debit card create multiple accounts with multiple cards and give one to your child with 20 to $50 on it.
NAB them young.
I got my kid Great Southern Bank's kid account. It allowed opening a transaction plus a high-interest savings account. Since I am the signee plus GSB member, the kid accounts are visible in my profile so I can see activity plus can perform actions as well. The account has zero fees except for international transaction fees which I doubt matters in the case of a kid account.
Do they send the child an EFTPOS card or debit card?
Yes, The account comes with a Visa Debit card and it has the child's name. It is Apple Pay compatible as well but the minimum age for Apple Pay is 12 years. So card can't be added to apple pay if the child is younger than 12.
It is call as Youth eSave Account not a kid account. From the link
Are you eligible?
What is the advantage of a $60 a year Spriggy card over a free debit card?
What would be the differences?
Revolut <18 has a similar offering, and is free for the first child
WTAF