In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Kit: Money app for kids

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Kit: Kids prepaid card and money app
Account keeping fee
$3
ATM withdrawal fee
$0

Our verdict

Kit offers a prepaid Visa card and app for kids aged 5 - 14 so they can learn how to manage their pocket money and develop good money habits.

This is a great solution for kids if they’re too young to use a regular bank account as most bank accounts require you to be at least 12–14 years old. What’s great about Kit is the kid’s account is linked to your own “boss” account as the parent, giving you complete visibility over their spending and saving progress.

The prepaid card could be a great way to teach your kids some financial independence as they’re able to make purchases on their own (but within the limits set by you). You can link your existing Australian bank account to the Kit app to act as the parent account where you’ll make direct debits from. There’s no need to open a new account. The prepaid card is available on Apple Pay and Google Pay to download.

There are, however, membership fees to pay. It's $3 per month for 1 child, or $5 per month if you have 2 or more children using the app. You can choose to pay annually to save a small amount - $30 per year for 1 child, or $50 per year for 2 or more children.

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Kit: Kids prepaid card and money app
Monthly account fee $3
Card access Visa
Own network ATM fee $0
Monthly deposit required to waive account fee N/A

Eligibility

Minimum Age 5
Minimum opening deposit N/A

Key features

Kids money app

The app is designed for kids to help them engage with and get excited by their money. The app features interactive elements for kids to learn about their money and watch their pocket money grow.

Manage kids pocket money

You can set up regular or individual pocket money payments for your child and also set them chores within the app for different pocket money values.

Monthly membership fee applies

The Kit app is free to download, however there are monthly membership fees to pay. It's $3 per month for 1 child, or $5 per month if you have 2 or more children using the app. You can choose to pay annually to save a small amount - $30 per year for 1 child, or $50 per year for 2 or more children.

Prepaid Visa card

The app comes with a prepaid Visa card for your child which they can personalise with their name and preferred colour. The card can be used to tap-and-pay in stores, make purchases online or withdraw cash from ATMs (provided the transaction is within the spend limits set by the parent).

As the card is designed for kids, it cannot be used for adult purchases including alcohol, tobacco and gambling.

NOTE: This card is not a debit card, and the account is not a bank account. The money in the account isn't guaranteed under the government's deposit guarantee scheme.


How to apply

The app and prepaid card can be used by kids ages 5–14 living in Australia.

First, download the Kit app from the App Store or Google Play, complete the sign-in process and link your existing bank account.

Once this is done, you can download the app for your child if they have a tablet or mobile device. You’ll need to sign in with your own credentials first, then they’ll be prompted to create a log-in PIN.

Add up to 5 children to your app and save their individual BSB and account numbers for future transfers.

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Alison Finder

Editor

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Marty

August 07, 2023

Is my child’s card a physical one ‘coming in the mail’, or is it just the virtual one on the app. Additionally, once there is a useable amount on their card, how do they pay for something at the store?


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Raj Lal Finder

September 18, 2023

Hi Marty.

The card is a physical one and as long as there is money loaded on the card, you can use it as tap-and-pay in stores, make purchases online or withdraw cash from ATMs (provided the transaction is within the spend limits set by the parent)


Thanks

Raj


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