Mobile Banking

RoosterMoney Review: An Allowance-Tracker App Made For Kids

In this RoosterMoney review, you will find out how this mobile application helps parents in encouraging their children to save, spend wisely, and give to certain charities.

RoosterMoney Review: An Allowance-Tracker App Made For Kids

The United States is the richest country in the world. But, economists estimate that approximately half of the American people won’t retire with enough money saved to be able to keep their current lifestyle.

This means there’s a lot of work to do in order to break the chain. The best way to do that is, of course, to ensure that the younger generations do not commit the same mistake.

Interventions should be made. Trends must be changed.

Where else this should start but within the family, right? The homes should be the primary place where kids learn about how to handle their finances properly.

However, according to the 2014 Stress in America survey conducted by the American Psychological Association, it was found that “money is consistently among the top sources of stress for Americans year over year.”

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More so, the same survey revealed that “parents of children under the age of 18 are more likely than adults with no children to having higher financial stress and are less likely to feel financially secure.”

Furthermore, the survey results indicated that “36 percent of Americans are uncomfortable talking about money, and 18 percent say money is a taboo subject in their families.

For many American families, money talk is a sensitive topic to discuss.

If we want our children to be responsible for managing their money, though, we, parents need to step up. We need to start talking about money within our families and start teaching our kids to become financially literate.

We understand the task is not easy.

The good news is, parents nowadays have lots of options to choose from in order to teach younger ones about financial literacy.

There are lots of tools and platforms available that were specifically designed to help parents teach their kids to be financially responsible.

One of the many tools available in the market today is RoosterMoney.

RoosterMoney is a mobile application that serves as a virtual allowance tracker. It is specially designed to help parents teach their kids how to handle their money wisely.

If you want to know more about this app, then, continue reading on. In this in-depth review, you will find out what makes RoosterMoney stand out from other financial apps of similar make.

Specifically, we are going to tackle the following:

  • What is RoosterMoney?
  • Who is RoosterMoney best for?
  • What does RoosterMoney offer?
  • How does RoosterMoney work?
  • Are there fees involved?
  • How to open an account with RoosterMoney?
  • Is RoosterMoney safe?
  • What are the upsides of RoosterMoney?
  • What are the downsides of RoosterMoney?


RoosterMoney was created in 2012 by a group of parents with one goal in mind — to enable their kids to learn the value of money, and how to budget and save from such a young age.

RoosterMoney is a mobile application, at the same time, a basic bank accounts specially designed for children. It helps to encourage young people to save, spend, and even give to certain charities,

The app offers separate accounts for both parents and children.

With the parent account, it allows parents to set up automatic allowance payments as well as split payments into different categories, which include saving, spending, and giving.

Meanwhile, the children’s account allows kids to check their balances using the app. They also can decide how they want to use their money.

Unlike other financial management apps for kids, RoosterMoney offers a Rooster PLUS account, which allows users to unlock more features like paying interest, adding chores, and making regular deductions for expenses.

To know more about the RoosterMoney app, check the video below:

Since the app is an allowance tracker, parents cannot send money to their kids through the app. Instead, they need to do it on their own.

What the app does is that it helps parents stay on top of how much they’ll give depending on the currency of your choice.

RoosterMoney also includes educational content, which includes articles, worksheets, challenges, as well as activities to help your children improve their financial literacy.

Additionally, the RoosterMoney app offers a Rooster Card plan that comes with a Visa debit card for an additional fee. This allows children to spend in stores or online. Even so, this is still 100% controlled by the main parent account.

However, the said plan is only available in the United Kingdom. The plan is ideal for children aged six years old and above.

With RoosterMoney, once the account has been created by a parent, he or she can add a child or multiple children and set up each account according to their needs.

Although originally established in the United Kingdom, RoosterMoney is also available in the United States and Australia.


RoosterMoney is an app that helps parents instill good money habits in their kids.

Thus, making it an ideal choice for those who want to teach their children how to value money.

The app also allows parents to set up chores in return for “pocket money” payments. This helps children learn how to earn money, and gives them a rough idea of how it is in the real world.

The app should appeal to families with one kid or more. RoosterMoney allows parents to set up multiple accounts with just one major account.

By using RoosterMoney, it will help encourage good saving habits, which kids can carry with them as they grow old.

RoosterMoney is ideal if you want your child to develop budgeting skills. 

Specifically for the Rooster Card plan, it is suitable for children aged between 6 and 18 years old.

Finally, RoosterMoney should appeal to parents who are willing to pay monthly fees to enjoy additional perks. The app’s virtual tracker is available for free, which is a great option for parents who are on a tight budget.


RossterMoney is an app that was designed to help parents in raising kids who are financially literate.

RoosterMoney offers the following options:

  • Virtual Tracker (Free Version)
  • Rooster PLUS
  • Rooster Card

Virtual Tracker (Free Version)

With the app’s virtual money tracker feature, parents get to track allowances.

They can set an amount and how often their children should receive it. The payment frequency options include weekly, monthly, and fortnightly.

Rooster PLUS

If you want to unlock and enjoy more features, you have the option to upgrade to Rooster PLUS.

By upgrading, you can tie your kids’ allowance to Chores to encourage your kids to earn, set up an Interest Rate to incentivize your kid’s savings, set up Regulars for items like magazine subscriptions to help develop your kid’s budgeting skills, as well as use the Add Unlimited Guardians feature to get the whole family (including grandparents) involved.

The Rooster PLUS version is a paid plan, which costs $2.99 per month or $18.99 a year. The plan offers a 1-month free trial, though.

Rooster Card

The Rooster Card plan is currently available for RoosterMoney users in the United Kingdom only.

This plan allows parents to load the card with money and let kids fully manage their money through the app.

The Rooster Card plan comes with a Visa debit card.

Similar to the Rooster PLUS plan, there is a cost to be able to avail of this plan. Since it is only available in the UK, the cost is 24.99 British pounds per year or 2.08 British pounds per month.

It is important to know, though, that the cost only covers one child. Additional cards will cost 19.99 British pounds per year.

What’s nice about it is that this plan provides parental controls for kids aged 6 years old and above. Also, by availing of this plan, your get to enjoy the Rooster PLUS features for free.


The RoosterMoney app is very straightforward to use. Once you head into your account, parents will be presented with a dashboard. There they get to control their kids’ accounts, which include setting up saving goals and weekly budgets, as well as approving transactions.

The app was designed to prepare kids for the future. Thus, this allows children to keep on top of their finances by offering itemized statements similar to what real bank accounts offer.

With the features that the app provides, after a few months, your kids will eventually learn how debits and credits work, which is something essential in life but is not taught in schools at an early age.

By the way, the RossterMoney app is available for both iOS and Android devices.


By now, you probably have an idea already how much it costs to use the RoosterMoney app.

As mentioned, there are three choices available — although the third one is not available yet in the United States.

For users in the US, you have the option to avail of the free version or opt for the paid plan called Rooster PLUS.

The free version includes features like a virtual tracker, allowance scheduling, saving, giving, pots for spending, as well as goals and educational content.

The Rooster PLUS offers lots of helpful features. To avail, it will cost you $18.99 per year or $2.99 per month.

Meanwhile, the Rooster Card, which offers Rooster PLUS features for free costs 24.99 British pounds per year or 2.08 British pounds per month.

As mentioned, the amount only covers one child. Additional cards cost 19.99 British pounds per year.


In this part of our RoosterMoney review, we are going to talk about how to actually open an account with RoosterMoney.

To get started, all you have to do is visit the RoosterMoney website and click the “Get Started” button.

Primarily, you will be asked to provide your complete name, email, and your preferred password.

You will also be asked about your country of origin as well as your preferred plan. Again, you can choose from Virtual Tracker, Rooster PLUS, or Rooster Card plan.


Technically speaking, RoosterMoney is not a bank, which means there is no Financial Services Compensation Scheme protection.

However, the app is licensed by the Financial Conduct Authority (FCA) to deal in electronic money and keeps all client money in a segregated account.

If you avail of the Rooster Card plan, your child can only spend the money that is available on his or her card. Thus, there is no chance of going overdraw or getting into debt.

More so, parents can see every transaction their kid makes directly on the app.

Should there be attempts to make transactions from merchants that sell products for over 18 years of age will be blocked. Additionally, parents may opt to disable the cash withdrawal option if they find it necessary.

In addition, the app generates a new CVV code every time your child uses the card to pay for purchases made online. This feature adds an extra layer of security to the account. Also, parents may freeze the card from the app in case it gets stolen or lost.


This RoosterMoney review will not be complete without sharing with you a list of the app’s pros and cons.

Let’s begin with the advantages first.

By using RoosterMoney, you get to enjoy the following benefits:

  • Accounts for Parents and Kids – RoosterMoney allows both parents and children to have their respective accounts. But the thing is, parents can set up their kids’ account using their own device.
  • Parent Gets Full Control Over Allowances – With RoosterMoney, parents get to take full control of their children’s allowances. They get to see their kids’ balances as well as have the ability to move money between their save, spend, and give pots.
  • User-Friendly App – The RoosterMoney app has a slick, colorful, and entertaining design that kids will surely enjoy. Needless to say, it would be a lot easier for them to see what chores their parents want to do to be able to earn money.
  • Free Version Available – Unlike other kids’ financial apps out there, RoosterMoney offers a free version specifically its virtual tracker, which is very much ideal for parents who are on tight budgets.
  • Educational Content – Apart from the allowance-tracker, RoosterMoney users get to access educational content, which includes educational primers on different subjects like payment methods, compound interest, and earning money; money challenges; printable worksheets; as well as tips on using the app.
  • Supports Multiple Currencies – Although RoosterMoney was made by a UK-based company, parents from different parts of the world can use it. Parents can choose from any currency in the world for their children’s allowances.
  • Free 1-Month Trial for Rooster PLUS – Rooster PLUS offers additional helpful features. Although it comes with a monthly fee, once you subscribe, your first month is free of charge.
  • Interest Rates – Like typical banks, parents can set up interest rates. This is a great idea to encourage kids to save money and earn.
  • Allows Kids to Earn Extra Cash – RoosterMoney comes with a chores feature. This enables your kids to earn extra cash from doing certain chores.


In the previous section, we talked about the upsides of RoosterMoney. This time, we are sharing with you some of the downsides of the app. This includes:

  • Free Plan is Limited – Although it’s nice knowing that RoosterMoney comes with a free version, the features of it are very limited, which means parents will most likely avail the paid plan to take full advantage of what the app has to offer.
  • Monthly or Annual Fees – While it may not be a concern for some parents, the monthly or annual fee may add up to families’ budgets. Thus, it may not be ideal for those with meager budgets.
  • Not Ideal for Multiple Kids – Unfortunately, the Rooster Card plan is limited to one child. If in case you have more than one child, you may still enroll them, but that will incur an additional cost, which can be too much to add to your families’ monthly budget.
  • Switch User Option – Ideally, each child must have his or her own smartphone to access the RoosterMoney app. However, if this is not possible, the app does have a switch user option so your child can use your device in accessing the app.
  • Rooster Card is Only Available in the UK – Unfortunately, the Rooster Card plan is not yet available in the US, which could be a great drawback given the fact that most of the app’s competitors offer that option already. But then again, who knows, maybe the company is already working on it as we speak.


RoosterMoney is a virtual allowance tracker. It is an app that allows parents to teach their kids how to be financially literate.

Unlike other apps of the same type, RoosterMoney offers three plan choices – one of which, however, is not available yet in the United States. The plans include a free version, the Rooster PLUS (additional features apply), and the Rooster Card, which gives access to a Visa debit card.

Given all the information provided, are you considering RoosterMoney over other financial apps of the same type?

Through this RoosterMoney review, we hope you are able to decipher whether or not this app is your perfect partner in teaching your kids about the value of money.

Mobile Banking

Greenlight Review: A Great Tool To Help Raise Financially Literate Kids

If you are looking for a platform that allows you to have an efficient system when it comes to giving allowances to your kids, at the same time, helps teach them the value of money, then you got to keep reading this Greenlight review.

Greenlight Review: A Great Tool To Help Raise Financially Literate Kids

Being consistent in giving allowances could sometimes get a little challenging especially for busy parents. More so, to include teaching them how to properly handle their finances.

But that is part of our responsibilities as parents. Financial management, after all, must be first taught at home.

The earlier we teach our kids how to manage their finances wisely, the better. It will surely help keep them away from financial troubles in the future. It’s preparing them to be responsible individuals d as early as now.

Unfortunately, though, a survey conducted by Harris Poll on behalf of the American Psychological Association (APA) revealed that the majority of Americans (64%) says that money is a somewhat or very significant source of stress especially for parents whose children are aged 18 years old and below.

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Furthermore, the Programme for International Student Assessment (PISA) test, which measures the financial knowledge and skills that are needed to make the jump from high school to college and on into the workforce revealed that one in five American teens fail to meet the level to be considered as financially literate.

To be honest, these numbers need improvement. Young American people need to be educated to handle their finances well. After all, this will help them in facing the realities of life as they grow older.

Parents have definitely a lot of work to do, but, as we’ve said, the results will be very helpful in the long run – not just for your kids, but for the community as well.

Teaching financial literacy these days is a lot easier – actually. There are so many platforms available out there that parents can use to help teach their children how to handle their money well.

Thanks to the advent of technology, there are platforms like Greenlight that parents can use to raise financially literate individuals.

Speaking of Greenlight, in the next few sections, we are going to do an in-depth review about this financial platform that was specifically created to help parents teach their children about the value of money. It is an app that helps parents automate allowance-paying with a prepaid debit card for kids.

In particular, this Greenlight review will focus on providing essential information about this financial app by answering the following commonly asked questions:

  • What is Greenlight?
  • Who is Greenlight best for?
  • What does Greenlight offer?
  • How does Greenlight work?
  • Are there fees involved?
  • How to open an account with Greenlight?
  • Is Greenlight safe?
  • What are the upsides of Greenlight?
  • What are the downsides of Greenlight?


Greenlight is an app founded in 2017 with a mission to “help parents raise financially smart kids.”

With the app, parents can automate seamlessly allowance-paying with a prepaid card for kids.

By using Greenlight, parents become the bank. You get to control funding the prepaid cards of your kids, which they can use anywhere and for any purchases.

Through the app and the prepaid debit cards, your kids get to feel what it’s like in the real world. They get to experience managing their money with your guidance.

Greenlight allows parents to automate, at the same time, oversee their kids’ spending with security features built-in.

The app allows parents to set up “accounts” for up to five kids. All of this can be controlled using the app.

Furthermore, parents can opt to divide their kids’ allowance into Saving, Spending, and Giving categories by percentages.

Similar to banks, parents can also set up interest in the savings category so your children earn rewards for saving their money.

For more information about the Greenlight and what to expect from it, check the video below by Neat Apple Tech:

If your kids do have phones, they can access their “account” by downloading the app. There they get to see how much money they have per category, their spending history, as well as their approved list of stores.

Sure, Greenlight seems to be a very good tool to teach kids how to manage their finances, but all these services come with a monthly fee of $4.99 a month.

All Greenlight accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means each depositor will receive up to $250,000 in case of a bank failure.


Greenlight is ideal for parents who want to teach their kids how to be responsible in handling money.

It is a great app for kids as well who want to learn how to handle their finances at an early age.

Greenlight should appeal to parents who want to take advantage of automating the allowance-paying feature. This helps parents be consistent in proving their kids their weekly or monthly allowances.

For parents, Greenlight is good for you if you want to still have control over your kids’ accounts as the app allows you to see your children’s spending as well as their balances. Additionally, the app allows you to choose the stores where your kids can use the money.

Also, since Greenlight comes with a monthly fee, this should be a good option for families with extra money to pay for the fees.

Greenlight is an all-digital financial platform, which means it does not have a physical branch location like a typical bank. So, it should appeal the most to parents who are okay with the all-digital setup.


As mentioned, Greenlight is an app that comes with prepaid debit cards. It helps kids become responsible for handling their finances.

Major Features

By using Greenlight, you get to enjoy the following major features:

  • Parental Controls
  • Incentivizing Chores
  • Earn Interest
  • Money Requests
  • Up to 5 Kids Per Account

Parental Controls

Greenlight app allows parents to split the money into two categories. First is using one pot for money your kid can spend anytime and anywhere. The other would be the one with multiple parental controls.

If you opt to put money under the parental control spot, you will be notified whenever your child makes a purchase, as well as when payment was declined, or when their account balance is running low.

Incentivizing Chores

The app allows parents to incentivize chores with payouts. Using the app, you can create chores and then pay for one-off and recurring chores.

Furthermore, parents can set recurring payments if they want to.

Earn Interest

Similar to how banks work, parents can also set an annual percentage yield (APY) to encourage their kids to save.

Your preferred interest is paid out to your kid’s account on a monthly basis.

Money Requests

With the Greenlight app, kids can also request money through the app when their balances are running low. This is very helpful especially when your kids are away from home and they get into a money emergency.

Once you agree to send money, the amount will appear in real-time to your kids’ wallet.

Up to 5 Kids per Account

Greenlight lets you open an account for up to five. Additionally, you can customize your children’s cards by adding their photographs to it. This, however, costs $9.99.

Additional Features

Apart from the above-mentioned, Greenlight also offers the following features:

  • Custom Spending Limits
  • Activity Notifications
  • Educational Saving Tool
  • Customized Alerts

Custom Spending Limits

What’s nice about Greenlight is that it allows parents to have full control over the stores that their kids can purchase items from.

Parents can whitelist or blacklist websites and stores in just a few clicks. By blacklisting a store, all attempted transactions will be automatically declined.

Activity Notifications

To keep parents informed about their kids’ spending activities, Greenlight allows you to turn on notifications so you are informed every time your kid spends his to her money.

Additionally, parents can also set up the accounts in a way that they have to approve every transaction that their kid makes.

Customized Alerts

Greenlight allows parents to create their own alerts. This way, they are notified every time their kid uses their Greenlight card in making transactions.

Parents may also op to custom alerts when a balance reaches a certain amount or when the card is declined. This feature helps teach your kids not to overspend.


Now that you already know what the app is all about and what it has to offer, on this part of our Greenlight review we are going to look into how it actually works.

First of all, you need to download the app to your mobile phone to be able to start using Greenlight.

You will then have to link your existing bank account and set up your Parent Wallet.

Greenlight will ask you to provide personal information such as your name, address, and Social Security number, as well as your date of birth.

Setting Up Parent Wallet

The Parent Wallet is where you will find your current balance. It also allows you to set up AutoFunding.

Additionally, the Parent Wallet records your funding history so you know how much you’ve given to each of your kids every week (or month).

Using a debit card or a bank account, transfer a starter amount of money to your Greenlight Parent Wallet. The app will then pull the Parent Wallet to distribute weekly allowances to your kids’ accounts.

Transferring money from your bank to the Greenlight app is free. It is important to know, though, that it takes a day or two to process the transaction.

You may also opt to set up an AutoFunding option to have Greenlight fund a certain amount into your wallet.

Setting Up Weekly Allowance

Setting up a weekly allowance is easy. You can set up an automatic allowance amount per week, and you get to decide what percentages of allowance got to a particular category, which includes Save, Spend, and Give.

Kids Version of the App

If your children have mobile phones, they may as well download the Greenlight app. However, the interface is different from yours.

Your kids will see their weekly allowance and balances in the Saving, Spending, and Giving categories. Your kids will also see where they can spend their money. That way they know what specific stores to buy from.


As already mentioned in earlier sections, using the Greenlight app comes with a fee.

Greenlight costs $4.99 per month, which is automatically taken out of your Parent Wallet.

The monthly fee covers up to five kids, which makes it worth it for bigger families. If you have five kids, for instance, that means you spend $1 a month per child.

Meanwhile, if you want your child’s photographs to be placed on the card that costs $9.99.

Apart from these, the app does not charge anything else. Transferring money from your bank to the app does not cost a fee.


Opening a Greenlight account is quick and easy.

To start a Greenlight account, all you have to do is following the following steps:

First, download the app to your mobile phone.

Second, link your existing bank account, and set up your Parent Wallet. You will need to provide some personal information to finish this process.

Greenlight requires you to provide your name, address, and Social Security number, as well as your date of birth.


The safety of your account and personal information is important to Greenlight.

Greenlight uses state-of-the-art SSL encryption to ensure your data are safe. The app’s partners comply with Payment Card Industry Data Security Standard when processing and storing sensitive information.

Meanwhile, Greenlight debit cards have an EMV chip, and PINs can be controlled by parents. Additionally, cashback is unavailable to prevent unmonitored spending from happening. Rest assured that unsafe spending is prevented by Greenlight’s automated blocked categories.

As mentioned, all accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means each depositor will receive up to $250,000 in case of a bank failure.


This Greenlight review will not be complete without providing you with a summary list of the pros and cons of using the app.

For this section, we are providing you with the upsides of Greenlight, which include the following:

  • Automated Allowance-Paying Process – This helps parents a lot to be consistent in giving allowances to their kids.
  • Customized Features – Greenlight offers customized features so parents can take control of their kids’ spending and saving habits, which will definitely help them learn to handle their finances responsibly.
  • Parental Control – Greenlights allows parents to take full control of their kids’ money by choosing how much goes to Save, Spend, and Give categories, as well the stores where they can purchase items from.
  • Multiple Accounts – Parents can set up accounts for as many as five children.
  • Debit Cards – The account comes with a debit card, one per kid. Unlike cash, this makes it easier for children to keep track of their spending, as well as their balances.
  • Customizable Debit Cards – For the amount of $9.99, parents may opt to put their kids’ photographs on their respective cards to make them more personalized.
  • Security Features – Greenlight has put essential security features in place to ensure all accounts are safe.
  • Reasonable Monthly Fee – For the price of $4.99 per month, families can enjoy all the perks that Greenlight has to offer. In fact, the monthly fee becomes super worth it if you have five children in the family that you want to enroll in. That means spending $1 per month per child only.
  • FDIC Insured – All accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means each depositor will receive up to $250,000 in case of a bank failure.


In this section, we listed down some of the major downsides of the Greenlight app. This includes the following:

  • Card Replacement Fee – Although replacement of card is free for the first time, you will need to pay a cost once it happens again.
  • Monthly Fee – Although the amount is fair enough, the monthly fee may seem a lot for some parents whose budgets are tight.
  • Allowances Are Not Withheld Automatically – Unfortunately, the app does not automatically withhold allowances in case your kid fails to complete a chore. Parents need to do it manually by turning the allowance off.
  • Entirely Online – Greenlight is a mobile application and is entirely online. So, if you want in-person access to your account that is not available. You may have to look for something else.


Greenlight is a great tool to help parents teach kids the value of money. It provides a lot of great features that are helpful to both parents and kids.

There is a lot of things to love about this app. But of course, like anything else, it does have its share of downsides as well. One of them is the monthly fee of $4.99.

However, if you look at what it has to offer, and how it will help parents raise financially literate children, then, it should be worth it.

So, are you considering downloading Greenlight now?

This Greenlight review, brought us to conclude that overall, Greenlight is a great app to help parents raise children who know how to handle money well.

Mobile Banking

FamZoo Review: One Of The Best Financial Tools For Kids

If you are looking for a financial tool that will help teach your kids about financial responsibility, then this FamZoo review is for you.

FamZoo Review: One Of The Best Financial Tools For Kids

Money matters is not a very easy thing to discuss at home especially with kids. But, it is essential so younger generations learn how to properly handle their finances in the long run.

As parents, it is your responsibility to teach your kids how to handle money wisely. Teaching them young is the most ideal thing to do as it will absolutely affect how they handle their finances in the long run.

The earlier they learn about financial management, the better.

We understand how challenging the task can be. Thus, we are not quite surprised that in the 2017 T. Rowe Price Survey, it was found that kids are actually not learning about financial literacy at home.

In fact, 69% of parents are reluctant about discussing financial matters with their children. Out of all the respondents, only 23% of them, indicated that they often talk to their parents about money matters while 35% stated that their parents are not comfortable about discussing financial stuff at home.

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Meanwhile, according to research conducted by the National Bureau of Economic Research, 40.2% of young people with low levels of financial literacy rely on their parents, friends, as well as acquaintances when it comes to gaining financial knowledge, while 20.8% are financially literate.

So, you see, whether you like it or not, as a parent you have to work on teaching your kids financial literacy.

Here’s the thing, unlike before, today, thanks to the advent of technology, there are actually a lot of available tools online that you can use to teach your children financial management.

One of the many platforms to choose from is FamZoo, a prepaid card that specially designed to teach kids the fundamental principles of good money management.

In the next few sections, you will learn more about the FamZoo as we specifically answer some of the most important questions about this tool, which include:

  • What is FamZoo?
  • Who is FamZoo best for?
  • What does FamZoo offer?
  • How does FamZoo work?
  • Are there fees involved?
  • How to open an account with FamZoo?
  • Is FamZoo safe?
  • What are the upsides of FamZoo?
  • What are the downsides of FamZoo?


FamZoo is a prepaid card company that was founded in 2006 by Bill Dwight. It is an online virtual family bank that can be used, obviously, by parents and children.

It specifically focuses on helping teach kids the fundamental principles of good financial management.

By using FamZoo, your kids will learn how to earn, save, as well as spend money sensibly.

What’s nice about FamZoo is that it was specifically made with children in mind.

In fact, Dwight initially created it to help his own children understand the importance of handling money wisely.

With FamZoo, parents and children can track spending and save through its website or its mobile app. Meanwhile, families can use IOU accounts to track spending.

FamZoo comes with a prepaid debit card that does not charge overdraft fees. It also does not drain the children’s parents’ actual checking account by accident. If you have lots of children, each of them gets to have their own IOU as well as debit card accounts.

Know more about FamZoo and what makes it work for young people based on a user’s perspective in the video below by Marble Jar Channel:


FamZoo should appeal to parents who want to teach their children how to manage their money wisely. In the same way, it is best for children who want to learn financial literacy as early as now.

FamZoo is open to any family. All you need is to open one account per family. One parent will be the primary account holder, and they will be the ones responsible for transferring money to their kids’ debit cards as well as IOU accounts.

Children, as well as teens who earn an allowance or have a side job, may benefit the most from FamZoo as they may already have a basic concept of saving and spending money.

Although FamZoo primarily appeals to younger people, some families even use IOU accounts as well as debit cards for their college-aged kids.

Again, if you are a parent who finds teaching your kids financial management very challenging, FamZoo may just make your life so much easier.

Also, it is important to know that FamZoo is available for children who are 13 years old and above. For children below 13 years, FamZoo allows parents to get “on behalf of” debit cards.

For children below 13 years old, FamZoo expects that a parent is present when the child is making a purchase.


FamZoo offers two products — the Prepaid Card Accounts and the IOU Accounts.

Prepaid Card Accounts

As mentioned, FamZoo offers a prepaid card that is ideal for children from preschool up to college.

It is a financial product that is made to be supervised and managed by parents or guardians.

Unlike other prepaid cards in the market, what makes FamZoo unique is that it offers a way to set up and divert money to different accounts for categories such as saving, investing, spending, and giving.

FamZoo debit card offers a few more perks, including:

  • No overdraft fees
  • No hidden fees
  • Free card loading options
  • Support major digital wallets, which include Apple Pay, Google Pay, and Samsung Pay

With FamZoo, parents get to retain control of the card as well as the account all the time. More so, they can set up special accounts for monthly allowances or for certain payment chores.

Unlike a typical prepaid card or debit card, a FamZoo card can be ordered online without a credit check.

The Prepaid Card Accounts come with a monthly fee, which varies between $2.50 and $5.99 per month depending on your preferred subscription.

Here’s the price breakdown per subscription:

  • $5.99 per family when you pay each month
  • $4.33 per family when you pay $25.99 in advance for six months
  • $3.33 per family when you pay $39.99 in advance for 12 months
  • $2.50 per family when you pay $59.99 in advance for 24 months

IOU Accounts

With IOU Accounts, parents get to track funds they are holding elsewhere for their kids. While FamZoo still keeps track of them, parents handle the transaction of cash and inform FamZoo about it.

The fees are similar to the Prepaid Card Account. However, instead of one month, you get the first two months for free.

For your reference, here are the four different IOU budget plans to choose from:

  • Starter Plan– This allows young children to track occasional deposits and purchases.
  • Simple Allowance/Chore Plan– Parents may opt to pay for chores or a regular allowance, which makes it easier to track their child’s earning.
  • Spend-Save-Give Plan- This plan emphasizes splitting income between saving, spending, as well as giving accounts.
  • Teen Budget Plan– This plan allows division of income between different budget percentages for the present as well as for future expenses.


To be honest, FamZoo is like a serious play.

You are probably wondering why. Well, it’s because using it turns parents into bankers for their kids.

You get to use FamZoo by buying a subscription. In the subscription, each family gets a primary card, which is controlled by the parents, as well as additional cards. The number of cards depends on how many your children are.

The primary card is like the bank. It is the one that is responsible for funding the children’s cards. Meanwhile, the primary card is funded by a different bank account owned by one of the parents.

Your children’s cards can also be funded by another bank account, which makes it ideal if your kids are planning to do a part-time or a summer job.

Like a typical debit card, each of FamZoo cards does have its own routing and account number, which means you can use it to set up direct deposits or bank transfers.

It is also important to know that your children are not limited to having just one debit card. In fact, your kid or each of your kids can have several cards. It’s like having several piggy banks for different spending goals.

To make it easier for the cardholder to identify which one is for a specific spending goal, the cardholder can use the custom label embossed beneath the cardholder’s name.

As mentioned in the previous section, FamZoo does not require a credit check, which means regardless of your credit standing, you can open one for your family.

With FamZoo, both parents and children get to view their account activity on a shared dashboard.

This platform can also be used by parents to set allowances as well as give rewards to their kids for doing certain duties.

Parents can also withhold money so their children can save cash for a rainy day or give it to a charity of their choice.

Furthermore, FamZoo also enables parents to add interest to savings as well as create penalties for certain behaviors. They may also offer loans like what banks do.

With IOU accounts, parents will have the ability to track funds they are holding on their children’s behalf. IOU accounts provide information on how much money is owed to your kids. Similarly, parents may also set up IOUs for cash owed by their kids. Expense sharing may also be set up with IOUs.

Another thing is that, with the cards, children can spend money at the same time, record where it was spent. This allows parents to see exactly what their kids are spending their money on.

FamZoo is compatible with both iOS and Android mobile apps. If case mobile apps are not your cup of tea, you may opt to access your account via the company website.

Additionally, you may also opt to text or email commands to FamZoo if you are unable or not in the mood to use the mobile app.

For text commands, all you need to do is send a text message to 41411 using this format: “famzoo [quick-command]”. You will then immediately receive a reply. You may opt to check the quick command reference guide on the FamZoo website to know every single command that is available. Text commands come in both short and long versions.


Just like in a typical bank, it is important to look into the costs involved.

FamZoo does not charge overdraft fees as well and does not have hidden fees.

However, it does have a per-family subscription fee.

The subscription fee costs $5.99 per month. But this can be reduced to $4.33 per month if paid every six months, $3.33 per month for payments done annually, as well as $2.50 per month if you pay a one-time payment for 24 months. The latter choice is definitely the best deal available.

Also, FamZoo offers a free trial so you get to check first if the platform works for you or not before you start subscribing to it. Also, FamZoo allows you to switch plans at any time. All you need to do is contact FamZoo.

Additionally, FamZoo charges a one-time shipping fee after the fourth card, which costs an additional $2 for each card.

For your reference, here’s a list of fees you should be aware of:

  • Overdraft Fee – $0
  • Reload fees – $0 for direct deposit, digital wallets, and FamZoo card transfers. Up to $6 for bank account transfers and retail stores.
  • Inactivity Fees – $0
  • In-network MoneyPass ATM withdrawals – $0
  • Out-of-network ATM withdrawals – Varies (However, FamZoo doesn’t charge an extra fee.)
  • Foreign transaction fee – 3%


In the previous sections of our FamZoo review, we talked about the most important details you need to know about this platform.

This time, let’s talk about how to actually open a FamZoo account.

To sign up, all you need to do is visit the FamZoo website and click the “Sign Up Now” button. You will then be asked to choose between Prepaid Card Accounts and IOU Accounts.

As mentioned, while both charges the same, Prepaid Accounts offer a one-month free trial only, while IOU accounts offer two months free trial.

To start your subscription, you will need to provide some personal information including your name, email, phone number, as well as your preferred password.

The whole process is quick and simple. You can finish it in just a few minutes.


Your personal data and account safety is important. Thus, in this part of our FamZoo review, we are going to see how secure this financial platform is.

For those with Prepaid Card Accounts, it is important to know that you can lock them at any point if they are either lost or stolen.

In addition, parents can also lock the cards if they worry about their kid’s spending habits.

As mentioned, children aged 12 and below cannot have their own cards. However, it is possible for them to use cards under their parents’ names.

All funds under Prepaid Card Accounts are stored in financial accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). With prepaid card accounts, all information is stored with TransCard.

Meanwhile, for IOU accounts, there really is not money at risk when you opt for this.

So, is FamZoo safe? Definitely, it is.


We are almost done with our FamZoo review. But first, here are some of the advantages of using FamZoo:

  • Teaches Kids The Value Of Money – FamZoo is specifically designed to teach kids how to efficiently handle finances. So, if you are a parent who finds it hard to instill financial literacy by simply talking to your kids, this is the best way to do it instead.
  • Intuitive User Experience – Both the online and mobile platforms are easy to use.
  • Service Can Be Customized – FamZoo can be tailored based on your specific needs and requirements to help your kids better appreciate financial values and expectations.
  • Parental Controls – Although your kids get to access the account, parents still have control. In fact, parents can lock their children’s cards if they find it necessary.
  • Digital Access – FamZoo is available both online and mobile.
  • Low Fees – Although there is a subscription fee, generally, it still is low as compared to other financial platforms available in the market.


To complete our review on FamZoo, here are some of the downsides of this financial platform:

  • No Free Plan – Unfortunately, FamZoo does not offer a free plan. The cost of the monthly subscription may be an added cost for families with a meager income.
  • Manually Input Transactions for Non-FamZoo Debit Card Purchases – To manually input transactions for non-FamZoo debit card purchases can be quite a daunting task.
  • Prepaid Cards are Available in the US Only – The FamZoo financial platform is only available for those living in the US. Outsiders can only avail of IOU accounts.


FamZoo is a financial platform that is specifically designed to help teach kids how to handle their money efficiently. It’s a great tool parents can use to instill in their children the right knowledge on financial management.

Given all the information we provided, do you consider using FamZoo?

With this FamZoo review, we hope you are able to gauge between the pros and cons and decide if this platform is ideal for you and your family.