best pocket money app

Top 10 Best Pocket Money Apps UK

Are you a parent eager to equip your child with essential money management skills in today’s digital age with the best pocket money app you can find?

Look no further! We’ve meticulously researched and curated a list of the best pocket money apps for kids, ensuring they not only learn the value of a pound but also understand saving, spending, and budgeting in a fun, interactive way.

Dive into our comprehensive guide, and discover the perfect tool to transform your child’s financial literacy journey.

Whether they’re saving for their first bike or managing their weekly allowance, these apps are the key to a financially savvy future!

In an increasingly cashless society, children are being introduced to digital means of understanding and managing money.

Here’s a summary of the top apps designed to help children navigate their finances:

Best Money Apps For Kids

Spoiler Alert: The best apps for kids that stand out in terms of features, parental controls, and financial education are RoosterMoney, gohenry, Starling Kite, iAllowance, and Gimi. These apps offer a blend of financial education, savings goals, and spending controls, allowing children to learn about money management in a modern context while parents maintain oversight.

RoosterMoney:

  • A free pocket money tracking app that offers a virtual balance for younger children and an optional prepaid card for older ones.
  • Features parental controls and a ‘Plus’ version that links chores to allowances.
  • Costs £24.99/year for the prepaid card option and £14.99/year for the ‘Plus’ version.

Source: Finder & The Motley Fool UK

gohenry:

  • A prepaid card and app combo that offers parental controls and allows setting up weekly pocket money transfers, spending limits, and saving goals.
  • Charges a monthly fee of £2.99 and an additional £4.99 for custom card designs.

Starling Kite:

A kid-friendly section within Starling Bank for children aged six to 16.

Offers a debit card made from recycled plastic and a separate app for monitoring balance and transactions.

Parents can control spending and lock the card if lost.

Source: Finder & Good With Money

iAllowance:

Tracks allowance owed to each child and allows parents to virtually “prompt” them to finish tasks and chores linked to their pocket money earning potential.

Syncs information across devices.

Source: The Motley Fool UK & Good With Money

Gimi:

Tracks allowance and chores while providing financial education.

Offers a ‘Superskills Adventure’ tool for exploring personal finance topics.

Source: Good With Money

The following Table Provides a quick reference guide comparing costs to the relative pros and cons.

App NameCostProsCons
RoosterMoney£24.99/year for prepaid card; £14.99/year for ‘Plus’ version– Virtual balance for younger kids
– Parental controls
– Links chores to allowances
– Visual savings targets
– Costs associated with prepaid card and ‘Plus’ version
gohenry£2.99/month; £4.99 for custom card designs– Parental controls
– Weekly pocket money transfers
– Spending limits
– Saving goals
– Instant notifications
– “Money Missions” feature
– Junior ISA option
– Monthly fee
– Additional charge for custom card designs
– Only one free top-up per month
Starling KiteFree– Kid-friendly section within Starling Bank
– Debit card made from recycled plastic
– Separate app for monitoring
– Parental controls
– Instant card lock feature
– “KiteLink” for family/friends to pay onto card
– Previously had a £2 charge, now scrapped
iAllowanceFree for basic; £2.99 one-off fee for full access– Tracks allowance owed
– Virtual prompts for chores/tasks
– Syncs across devices
– Email/print reports
– Doesn’t hold actual money
– No debit card
– Only available on Apple products
GimiFree for basic; £2.99/month for ‘Gimi Pro’– Tracks allowance and chores
– Financial education
– Interactive goal map
– Interest addition option
– “Superskills Adventure” tool
– In-app adviser “Piggy”
– Costs associated with ‘Gimi Pro’ subscription
BeanstalkFree app; Annual fee of 0.5% for investments– Helps families save and invest
– Tax-free Junior ISA
– No minimum amount or regular contribution
– Link to Kidstart account for cashback
– Designed for saving/investing, no debit card for spending
Natwest Rooster MoneyFree account; £1.99/month for prepaid card and parent account– Tracks earnings from chores
– Visual savings targets with images
– Easy-to-read statement
– Costs associated with prepaid card option
HyperjarFree– Digital version of jam jar saving
– Budgeting and goal setting
– Prepaid debit card
– Instant notifications
– Card cannot be used to withdraw cash
Nimbl£2.49/month or £28/year; Cash withdrawals £1.50; 2.95% transaction fee for foreign usage– Regular or ad hoc pocket money payments
– Parental controls
– Micro-saving tool for rounding up spending
– Monthly/yearly fee
– Charges for cash withdrawals and foreign transactions
Pigby’s FairNot specified (Educational game app)– Educational game designed by NatWest and Aardman
– Teaches children about saving and spending through gameplay
– More of an educational game than a money management tool

Conclusion: The best apps for kids that stand out in terms of features, parental controls, and financial education are RoosterMoney, gohenry, Starling Kite, iAllowance, and Gimi. These apps offer a blend of financial education, savings goals, and spending controls, allowing children to learn about money management in a modern context while parents maintain oversight.