Apps that make it easy
CommBank Youth
A real-time app for children under 14. It helps parents transition their kids from saving money to spending wisely. Kids can view their balance and transfer money between their own accounts. Saving goals can be set and chores listed, and when the chores are ticked off parents can transfer pocket money directly into the child's account. Debit Mastercard can be attached to the transaction account.
Pros: Parents have full visibility of their child's transactions; ability to set spending limits and lock the child's keycard; default spending limit of $20 a week for cardholders who are aged nine to 13; interest earned on savings accounts; no fees on youth accounts.
Cons: It's not independent – must have Commonwealth Bank products.
Spriggy
The first to offer prepaid cards to families with kids as young as eight. It allows parents to allocate money to their child's prepaid Visa card, encourage saving through goals and follow their transactions.
Pros: Spriggy is independent and is not owned or sponsored by a big bank; funds are protected from accidental spending; and parents can lock the card at any time from within the app.
Cons: $30 subscription fee a year; no interest earned on money in the prepaid card.
Westpac Pay Pig
Brings the traditional piggy bank into the 21st century. The interactive program between parent and child allows chores to be set and at what price, while your child sets goals and performs the tasks. Parents are sent confirmations when chores are completed so payment can be made.
Pros: Parents don't have to be Westpac customers; non-Westpac customers would need to make a funds transfer to their kid's account to make payments.
Cons: Not independent.
TrackMySpend
A basic app developed by the Australian Securities and Investments Commission without all the extra bells and whistles. It's easy to use: you set a weekly, fortnightly or monthly budget, add your expenses as you go and it lets you know how you're tracking. You can also categorise expenses and set regular expense items as favourites.
Pros: Great for older kids who want to track their spending; independent of banks.
Cons: Basic but that's probably why it's so effective!