Bankaroo-virtual bank for kids

Bankaroo

About this app

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:
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- 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:
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- 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.

Check members testimonials on https://www.bankaroo.com

Ratings and reviews

Good idea but Android app is un-useable. When I open the App 9/10 times it will not allow me to enter a user name or password. I have to close and restart the app and eventually can enter info to log in. Once logged in, do NOT switch to a different app or accidentally click back and close the app or you have to start the log in process again. App was great until a couple months ago.

I am using the virtual account option, so I can keep track of my child's balance - that I keep in my own bank account - so there is no reason that I should have to be online in order to open the mobile app on my Android device. If the app worked while offline, this would easily be a 5-Star app.

This setup is great for our family and allowed us to set up weekly allowance with recurring transfers to savings and charity accounts (plus version). We had some difficulty signing up for plus, but Etay was super responsive and helpful and got us all set up quickly. Had previously signed up for Greenlight but had to cancel due to difficulty accessing larger amounts from Savings account or otherwise - this feels much safer and leaves the funds safely in our bank.