When I was a kid, I had my own bank account, that eventually added checking and a bank card when I was a teenager. I was surprised that I couldn’t find a bank to offer these services to my kids until they turn 18.
We found the Current app as a way to give them financial independence. It took some time to get all of the deposits in, cards registered, etc. The cost for two kids is about $3 a month.
We have all been very happy with the app. Before I had Current, I would always forget to pay the kids' allowance. So I always owed them money...they would just buy whatever they wanted and tell me to pay for it, "you owe me allowance anyway."
Now the allowances are paid automatically, and when the money is gone for the week, it is gone. This had really had a meaningful impact on their financial awareness. They are more careful about spending choices, and have seen what can happen if they spend below their weekly allowance. I have used the app to set incentives for extra work, or even for academic accomplishments.
It is so easy to move the money around, and there are never hidden fees behind using the card. They carry their pin-protected card in their phone case and have developed real responsibility. The fact that I see every transaction has opened up conversations about money as well.
So, after about 18 months of use, I can say this has been a great tool. It is much better than giving them their own accounts as I intended, as this is a better balance or independence and parental oversight!
Bottom Line: Yes, I would recommend this to a friend
2 people found it helpfulLink to this Review