Kids accounts - teaching finance

This isn’t something that affects me directly as I’m not a parent/guardian, but I have relatives with young kids.

Just curious what everyone’s take is on teaching finances to kids, and whether or not you use any of the fintech banking products for this (e.g. Starling Kite, Go Henry, and so on).

What are your experiences with them?

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I have used a few:

Roostermoney - not bad and this is now a third of my solution! The free level allows the kids to have access to the app, set goals etc but not set chores or have a card- you can do the last 2 bits if you go premium. I’ll come back to this later.

Go Henry-had this for 14 months, got a discount for 4 months free and my boy loved how he could personalise his card. The COVID struck and he basically didnt use his card as we were not going out (he is now 11). I have ditched this now as £2.99 a month is just not worth it.

Hyperjar - I got 2 free kids cards when they launched and this is the second part of my solution. My 2 kids have a card each and a jar set up in Hyperjar for them.

Starling- This is the 3rd part of my solution. I have a space set up for each kid but do not use the Kite as I don’t want to pay £2 a month.

So my overall solution which is now pretty automated and works well is as follows.

Roostermoney which allows you to manage a virtual pot of money and auto adds the allowance per week into their pot. In effect this money is actually housed as a automated recurring payment to each of their spaces in Starling. The two are always in sync.

From my kids perspective they only see Roostermoney and think it all runs in there. If they want to buy something specific or just to add a float, then I load up their Hyperjar and they use their Hyperjar card. I then deduct that amount from both the space and their virtual account on Roostermoney.

I know it sounds complicated but it really isn’t and is 100% free. While I absolutely want my kids to understand money etc. I am not really happy to pay anyone 2/3 pounds a month for the privilege!

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I use HyperJar Kids cards for mine.

Funded from money I store in Starling Spaces.

I did try to educate them first, before they had their cards but, in reality, they are learning “on the go”, i.e. If you spend your money freely, there’s none left when you really want something :man_shrugging::joy:


Sounds sad I know, but i’m quite excited by the prospect of GoHenry once my kids are old enough, my fiancee will probably try and put a blocker on it as she doesn’t like anything to do with technology or that’s new but I think it’s a fantastic idea.