bankaroo virtual bank for kids

What is bankaroo virtual bank for kids?

Bankaroo is a money-management app for kids, developed by a father and his eleven-year-old daughter in 2011.

Available for iOS, Android, desktop operating systems, or via a web portal, the Bankaroo app functions like a virtual piggy bank with a number of educational bonus features.

Bankaroo is a free app, rated for everyone but does offer in-app purchases.

Bankaroo doesn't tie into your bank accounts, or store and track real currency. It is really more akin to a sticker chart.

During setup, you can specify which currency your family uses (either a real-world currency, points, stars, hearts, and so on) and how kids will 'earn' money for their account. You can schedule allowances, make individual payments and gifts, or start matching campaigns to encourage responsible savings habits.

You'll need to fill in their starting balance, as well, and whether parents can transfer 'money' into each child's account or if management is entirely up to them.

Maintaining your child's Bankaroo account can take a little work. Kids have to manually deduct money they spend and track their savings goals – but keeping Bankaroo separate from your real bank accounts may be a feature, and not a bug. It keeps the ultimate power in parent's hands, at the point when Bankaroo currency needs to be exchanged for the real thing.

That said, the Bankaroo app's interface is easy-to-use and attractive, and some of the features (such as the ability to print Bankaroo cards for your child's account) really keep kids engaged in learning how to manage their money.

Perhaps the most valuable feature of Bankroo, from an educational perspective, is its goal system. Kids can specify one of more goals towards which they want to save, their target, and how much they would like to contribute towards that goal on a weekly of monthly basis. From then on, funds will be automatically allocated towards that goal, with progress tracking and cute, cartoon badges for achievements along the way.

There is also a Bankaroo for Schools app, which is built on the same platform but at a larger scale. Teachers and administrators can add entire classrooms or individual students, with group or individual goals. Imports can be handled either manually, as with the Bankaroo app, or imported as files maintained with your preferred desktop apps.

There are options to theme Bankaroo for schools, as well, adding your school's logo or branding throughout the app.