Kit: Money app for kids
- Account keeping fee
- ATM withdrawal fee
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.
|Product Name||Kit: Kids prepaid card and money app|
|Monthly account fee||$3|
|Own network ATM fee||$0|
|Monthly deposit required to waive account fee||N/A|
|Minimum opening deposit||N/A|
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.
Set parental controls
You can set daily spend limits for your child within the app to ensure they don’t overspend. You can also lock the card immediately within the app, preventing the card from being used to make purchases until you release the lock.
You’ll also receive real-time notifications when the card has been used so you can monitor your child’s transactions. You can choose to block particular merchants that you don’t want your child spending at.
Add multiple kids to your account
You can add up to 5 kids to your parent account, each with different pocket money goals and spending limits. Each child will only be able to see their personal profile in their own app and won’t be able to see the profiles for the other children in your app.
Each child profile will have their own BSB and account number, so other relatives or friends can transfer money individually to each child just like a normal transaction account transfer.
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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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?
Raj Lal Finder
September 18, 2023
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)