The Parent Bank!
A simple "bank account" where you (rather than a pig!) hold your kids' money, set custom interest rates and allowance rules, and help teach them to responsibly save, spend and earn.
You set the (high!) savings rate
- Pay interest (aka Magic Money!) at a rate that you configure - help your kids appreciate the wonders of compounding!
- Configure a regular allowance payment. You can skip a payment if necessary because, you know, parenthood...
Simple and Private
- Get started in 30 seconds. No documents to sign or data to hand over to a financial institution or complicated forms. Your kids' money in The Parent Bank is backed entirely by the full faith and credit of you - the parents!
Use with Apple Cash for spending
- When your kids are old enough to spend money in the real world, you can give them cash withdrawals OR (cooler!) you set up an Apple Cash family account which will let them make purchases with an iPhone. You can send them funds from their Parent Bank account with our simple integration. There's no need for a debit card or bank account!
From The Parent Bank Blog
You should pay your kids a really high interest rate on their savings. Here's why and how.
One of the main reasons I started The Parent Bank was so that I could easily teach my kids that saving also means earning. No less than Albert Einstein himself, in fact, once wisely said that "Compound interest is the eighth wonder of the world."There are many problems with...
Replacing the Piggy Bank: how to share a Parent Bank account view with your kids
We think the The Piggy Bank is in need of an upgrade. But we also know that kid's want to feel secure with their money and know how to check how much they've saved at any time. So here is how to set up your kid's with (read only!)...
Introducing "The Parent Bank"
This is the story of why I created The Parent Bank. I wanted my kids to learn that saving money also means earning money. A piggy bank is too simple and a "real" bank isn't user friendly for younger kids. The Parent Bank Howdy! I'm Matt Sly, the founder...
Install The Parent Bank on an iOS Device
Step 1: Open The Parent Bank in iOS Safari (www.theparentbank.com) This must be using Safari on the device that you want to install The Parent Bank. Step 2: Tap the “Share” Icon at the bottom of the browser Tap the “Share” Icon Step 3: “Add to Home Screen” Tap...
Five problems with a Piggy Bank
A piggy bank is a great way to introduce kids to the concept of saving money. However, learning about personal finances requires learning about more than just saving money. With all due respect to the venerated (if a bit kitsch) piggy bank, we think it's time for an upgrade.Here are...