10 Best Money Apps for Kids: In-Depth Reviews

1) Kids Finance

Kids Finance is an all-in-one money app with a kid-friendly interactive interface. Its simple navigation and clear functionality make it one of the best kids money apps.

When using this app, parents can give their kids KiFi coins, which is the app’s virtual currency. You, as the parent, can set the conversion rate between KiFi tokens and real money to then deposit it in their wallet.

You can use these tokens to either reward your children for completing a chore or to give them their pocket money. The main benefit of this app is that you can monitor and track each transaction. Also, if you opt for their smart debit card, you have even more safety options when your child uses it to withdraw money.

Finally, you can also set financial goals which your kids can track from their app. After completing a goal or set of goals, they even get a badge on completion which motivates them to consistently set and reach their goals.

Price: Free to use

The app is available on both IOS and Android (visit website)

2) Rooster Money

Rooster Money by NatWest is a fantastic money app for kids that focuses on helping kids smartly spend their allowance. It’s designed to make paying allowances easier and encourages children to save up money.

The app features a beginner-friendly interface with clear charts to visualize spending, earnings, and savings. It has three main ‘pots’ Spend, Save, and Give, which makes it clear for kids to set aside money for whatever they want.

Paying your kids weekly or monthly allowances is also much smoother. You won’t have to carry around any cash to pay your kids’ allowances, as you can automate the payments made to their virtual accounts. 

Price: Free 1-month trial, $2.49/mo after

You can download Rooster Money today on both IOS and Android.

3) GoHenry

GoHenry is a kids' banking app where your children can create an online account, spend and manage money, and get a debit card to use for transactions.

With GoHenry, parents get their kids’ debit cards in the mail a few days after signing up. After that, you can automate allowance payments, set up parental controls, and place spending limits.

Kids can also set savings goals, give to causes they support, and monitor their spending. You can also implement a chore system where rewards may be given for completing chores. Also, you don’t have to worry about your kids accruing debt, as they cannot spend more than what’s on the card.

Price: Free 1-month trial, $4.99/child/mo. Family: $9.98/mo. for up to four children

Sign up for GoHenry to get started today.

4) Greenlight

Greenlight is one of the best money apps for kids, with advanced capabilities and parental controls. With Greenlight, you get a personalized debit card for your kids with direct debit for depositing allowances.

Their debit card is also one of the few kid’s debit cards that allows you to block transactions from specific stores. You can also open a custodial brokerage account on your children’s behalf allowing you to invest in stocks and index funds, which you can then pass on to them.

With Greenlight debit card, you can make prepayments for your children’s expenses which could be spent on approved transactions. It also offers real-time monitoring and alerts for your child’s transactions while simplifying allowance and tracking capabilities for parents.

Price: Free 1-month trial, $4.99/month after

You can register for Greenlight from their official website here.

5) Step

If you’re parenting a teen, Step might be a more appropriate money app for them. Step lets your teen open an FDIC-issued bank account and doesn’t charge any ATM, monthly, or late fees. There’s also no interest, and you don’t need a minimum balance to open an account.

You also don’t have to worry about your teen overpaying for anything as the card can only be charged for the money within it - this means your kid would start with a positive credit history even before they turn 18!

For parents, Step makes monitoring and rewarding your kids that much more convenient. You can set up tasks and reward them for reaching their savings goals with gift cards.

Finally, Step takes it one step further (see what I did there) by allowing your child to invest in stocks and Bitcoin. You can set up a controlled learning environment in which they can learn the importance of making sound financial decisions when it comes to making the right investments.

Price: Free

You can get started with Step by going to their website.

6) PiggyBot

PiggyBot provides a virtual account for kids to teach them positive spending and saving habits. Like RoosterMoney, it also gives kids three separate accounts for spending, saving, and sharing with unique PINs and complete ownership.

Parents can deposit virtual money into their child's account and set financial goals for them to achieve. You can also allocate their allowance to each of their accounts as you see fit. PiggyBot is specifically made to teach kids the importance of delayed gratification and how to save money for what they want.

Price: Free (includes in-app purchases)

Get it today for IOS or Android.

7) FamZoo

FamZoo is similar to PiggyBot in its functionality but is more of a banking app than a personal finance one. It includes a larger range of features and functions as a virtual bank where the parents take on the role of bankers, and the kids are considered their customers.

The app gives a realistic example to your kids of how to deal with a bank, which makes it an app better suited to teens than minors. Within the app, you can track deposits, spending, and savings and incentivize certain tasks for your teen.

You can also transfer them actual money through their provided prepaid debit card and even give them loans, which can be a great way to teach them about interest and paying installments on time.

Price: $2.50 to $5.99 per month

Download FamZoo for IOS or Android

8) Hire & Fire Your Kids

Gamify finances with Hire and Fire Your Kids (HFK). It sets up an environment where you, as the parent, can post jobs (which could be a set of chores to do around the house) to which the kids can then apply. By doing a good job, you can reward them with bonuses, gift cards, or an extra allowance.

Consequently, you could also fire your kids if they break house rules and thus set up consequences like taking away their bonuses.

Overall, HFK can be a fun and exciting way to teach your kids responsibility and the value of a dollar, empowering them to spend wisely and save better.

Price: Free

To get started, you can download the mobile app or use their web app. Visit the website.

9) iAllowance

iAllowance is a simple and intuitive allowance app to track your kids’ allowances and spending while also assigning them chores or tasks to complete. It features basic functionality and is free to try. If you want to set it up for multiple children, you may have to buy their “Plus” account.

Price: Free to Try

Available on both Android and IOS

10. Copper

Copper is a smart banking app for kids and teens that teaches them how to make better financial decisions and sets them on a path to financial success. Your child also gets a prepaid debit card, as well as a place to manage their finances.

With the app, you can easily track all payments and savings from one dashboard. Alongside transactions, you can withdraw your money from one of their 55,000+ dedicated ATMs with no extra fee. You could also use the account to pay with Google or Apple Pay.

One place where Copper stands out is that they provide extensive learning resources to improve your children’s financial literacy and get them up to speed with finance and banking.

Price: Free 1-month trial, Copper $4.95/mo., Copper + Invest: $7.95/mo.

Get started with Copper today.

What Features Should You Look for When Choosing a Money App for Your Kid?

Investment Features

Are your kids old enough to understand the basics of investing? If not, an app with an investing feature won’t be necessary. As your child grows older, however, teaching them about investing can be a valuable life skill for growing their income and achieving financial independence.

Savings Plans

Teaching your children the value of delayed gratification is extremely important for them to adopt smarter savings practices. Choose an app that offers a separate savings account and the ability to create savings plans.

Monitoring

Your kids may not be mature yet to make sound financial decisions. Monitoring features such as real-time notifications, spending limits, and parent portals are essential to ensure your children don’t spend or invest in the wrong places.

Conclusion

Money apps are a great way to teach your kids about the value of a dollar and manage their allowances smartly. In this article, we reviewed 10 of the best money apps for kids. With these apps, you can help your kids work towards financial independence earlier in life and set them up for success for the future.

Looking for more ways to set your kids up for success? Check out this article on 8 of the best investing apps for kids!

To make the best decision for your child and understand how to fully utilize the benefits of having a money app, book a 1-on-1 coaching session with Invested Mom today!