Banking/Card Options for Kids (Pocket Money/Basic Savings Goals) ?

SBOB on 04/11/2023 - 09:19

Looking for any suggestions on financial offerings that are suitable for kids under 13.

Idea is to provide some pocket money/basic savings goals and ability to have a card they could use for their own purchases.

Can see ones like spriggy and cba's kit, but not sure if there's other options more suitable?

Don't mind paying a small yearly/monthly fee if it makes the use/app/management simpler (which seems to be the spriggy/kit market), and interest rate is somewhat irrelevant for the $ values.

Anyone using similar?

Financial Bank Account

Comments

  • Jaduqimon on 04/11/2023 - 10:07

    Reloadable visa/master cards?

  • AustriaBargain on 04/11/2023 - 10:37

    Wise with physical card/bank account for each kid all managed by you? Or Revolut.

    • SBOB on 04/11/2023 - 13:29

      As in open an account per kid (in my own name) and then give them the cards to use?

      • AustriaBargain on 04/11/2023 - 15:02

        Yeah why not, you’d be able to see all the cards status from the one app.

  • sumyungguy on 04/11/2023 - 10:57
    +4

    I get that we're going digital, but I'd still suggest cash for under 13s. I started my first offspring from age three with a pocket money spreadsheet which tracked spending but didn't encourage saving. Then I read an opinion piece about how cash is tactile so teaches kids about saving - because they like collecting stuff. We moved to bank transfers from high school age.

    • AustriaBargain on 04/11/2023 - 11:13

      I spent all my pocket money cash on junk food and gaming magazines. I'd probably still be doing that today if not for the modern internet.

      • JohnSy on 04/11/2023 - 11:19
        +1

        Thanks to the modern internet, you have evolved and can now use Ozbargain for "ideas" on what to spend your cash on.

      • sumyungguy on 04/11/2023 - 11:24

        I'd say you led a comparatively pure and uncorrupted existence. These days it could be vaping supplies & onlyfans.

        • AustriaBargain on 04/11/2023 - 11:26

          I mean that's basically what I spend my money or time on today. Vaping has to be better than smoking. I'm just old enough to remember the tail end of smoking being common. I made an ashtray out of clay in school for parents, I can remember when most people smoked when I was a little kid, notes from parents letting little kids buy smokes from them from the shop…

    • SBOB on 04/11/2023 - 13:32

      True, they already have cash from things like bdays and christmas that sits unspent in drawers or envelopes going unspent.
      As one is approaching high school next year aim was to at least provide them with a level of understanding of digital money usage and being able to monitor things like how much they've spent or not spent over time, and i assume fit in with their peers who will be all 'paywaving' their energy drinks and coffees

      The younger one would just going to get taken along for the ride :)

  • Nillionaire on 04/11/2023 - 13:09
    +1

    Spriggy. It's literally designed for exactly this. https://www.spriggy.com.au/

    edit: I read your whole post and realize you already know about it 😂

    • SBOB on 04/11/2023 - 13:33

      yeah seems like a common/popular option though the cba's 'Kit' option looks to be a newer offering with less $ limitations (while still having similar yearly fees etc)

      • Nillionaire on 04/11/2023 - 13:47

        I hadn't heard of CBA's Kit, will check it out cheers

  • MITM on 05/11/2023 - 07:03
    +2

    A decade ago, our kid would earn cash pocket money, then deposit it with Heritage bank (the only bank that allowed a kid to open an account in their own name at the time) through the ATM every so often. (Most times just $5) Then we’d checked the atm receipt with online banking when we got home on the computer. This was to associate cash with digital. He then had a keycard for eftpos purchases. Occasionally we would withdraw cash from the ATM before going to the movies to buy a ticket. Cash to buy the ticket and eftpos to buy popcorn. When we got home we’d check the transactions online.
    He’s grown up now and has multiple accounts with NAB for different goals. We brought up an avid saver.

  • AustinBlack on 09/11/2023 - 10:37

    Our friends at Big W now have the Pocket Money Gift Card, might suit your needs :) I work for Blackhawk Network - just FYI.

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