As your children grow older, it’s helpful to teach them the basics of saving, budgeting and spending money.
Many parents hand their children pocket money in order to do this.
Pocket money apps available on tablets and smartphones have made it easier than ever to do this. What’s more, many of them include useful software that helps you and them track where their money is going.
What is a pocket money app?
Pocket money apps come with a prepaid card for children to spend their money. Parents can link the app with their bank account and top up their children’s card at the tap of a button.
The app allows parents and children to analyse their spending. On some apps, it’s possible for parents to set chores and savings goals for their kids.
Pocket money apps typically charge monthly fees and you may have to pay to make top-ups.
What are the best pocket money apps?
Below, we’ll review some of the most popular pocket money apps, highlighting the key features of each.
GoHenry Account - with £15 pocket money and 2 months free
Get an exclusive 2 months free and £15 pocket money offer when you sign up with CODE: AFFFDR220.
GoHenry has a parent account and a child account. You can top up your parent account from your main bank account, then transfer money to your child instantly. The child is given a prepaid card and can make payments (at home and overseas) and ATM withdrawals for free. Parents and children can analyse their spending using the GoHenry app.GoHenry is available for children aged between 6 and 18. You can open four child accounts per parent account.
Pros
Full parental control thanks to instant notifications and spending limits
One-month free trial
It can be used by children as young as six
Reward system for completed tasks
Children learn about personal finance in a controlled environment
Relatives can also send money to the children
You can manage up to four child accounts from the same parent account
No fees to spend or withdraw cash abroad - these were scrapped in 2020
Rooster Money also works with a parent account and a child account. The app includes clever features that allow you to set goals that trigger the release of money. You can also choose to set up a savings account and pay interest on it. This will teach your child the value of saving. Rooster Money has a free version, but the edition that comes with a prepaid card costs £1.99 a month. The paid edition of Rooster Money is available for children aged between 6 and 16.
Pros
Great educational value; a slick app with lots of features to personalise the way you teach your children about finance.
Children as young as 4 years old can use it (6 for the card).
Total control over where your children use the card and how much they can spend.
Safe and secure. The card can be frozen from the app.
No fees for using the card (including abroad).
One-month free trial.
Cons
Annual fee to access the full range of features, including the card.
Parents topping up card limited to 3 loads a day/10 a month for free.
Spending abroad on the card is free up to £50 a month, then it’s 3% of the transaction.
No interest paid on the account balance.
UK cash withdrawal fee
£0
Loading fee
3/day or 10/month free, then £0.50
Replacement card fee
Free for the first replacement (per household), £5 thereafter
Network
VISA
How many child accounts
No limit
Fees abroad
Free ATM withdrawals, 3% of transaction value on purchases over £50/month
If you have a Revolut account, you can add a card for up to 5 children aged 6 to 17. You'll make instant top-ups from the adult account to the child account. Revolut has its own app, where a child can view their spending history.
Pros
A parent can digitally top up their child’s account with spending money.
Instant parental notifications are generated whenever the child makes a purchase with the prepaid debit card.
Parental controls mean rules can be set on where the child’s card can be used.
The child gets their own account and payment card, which helps teach them financial skills.
The dedicated Revolut
Cons
The parent has to be a Revolut account holder.
If you have more than one child and want more than one Revolut
There are charges for ATM withdrawals exceeding £40 per month.
Get £10 free pocket money plus your first month free when you sign up for an annual subscription.
With nimbl, you'll receive a parent account and a child account. You can top up your parent account from your main bank account, then make a transfer to your child from there. You'll be alerted on the nimbl app whenever your child makes a purchase. There are no goal-setting or saving features, but also no fees for making top-ups. You can create accounts for up to four children, aged between 6 and 18.
Pros
Full control on how children spend their money thanks to spending control settings and instant notifications.
Children as young as six years old can use it.
It helps you to educate your children to manage their finances.
You can turn off online payments or cash withdrawals.
Safe and secure. The card can be blocked online or via the app.
You can manage more than one Child Account from the same Parent Account.
No fees for topping up the Parent Account or child’s card, or for “Gifting”.
Cons
While most mainstream bank accounts for children are for free, nimbl charges a monthly fee.
You cannot top up the account using cash.
With nimbl, children earn no interest on any savings.
UK cash withdrawal fee
£0
Loading fee
£0
Replacement card fee
£5
Network
Mastercard
How many child accounts
4
Fees abroad
£1.50 per ATM withdrawal and 2.95% currency exchange fee
22% off the standard pricing + 1 month free trial.
Osper is a prepaid debit card for children aged between 6 and 18. You can use the Osper app to set up a weekly or monthly direct debit from your bank account to your child's prepaid card and there is no fee attached to this. You can also use the app to make an instant one-off top-up from your bank account, but a 50p fee will apply here. You can order up to four prepaid cards per Osper account.
Pros
Both parents and children can use the mobile app.
Parental controls on spending.
Option for kids to put aside money to save.
Up to four cards per household available.
Fees on a par with similar providers.
Cons
Fees for card use abroad – £2 per ATM withdrawal and a 3% surcharge on purchases.
50p charge for an instant card load (outside of the free pre-set automatic load each week or month).
UK cash withdrawal fee
£0
Loading fee
Direct debit free. 50p per instant load
Replacement card fee
£4
Network
Mastercard
How many child accounts
4
Fees abroad
ATM, £2 per withdrawal. Purchases, 3% of transaction value
Other fees
50p per load from friends/family. £6.99 for a third party branded card
If you have a Starling current account, you can add a Starling Kite prepaid card for your children aged 6 to 16. These cards can be topped up from the Starling app.There are no fees for making top-ups or for your child to make payments (including overseas). You'll be alerted in the Starling app whenever your child makes a payment.
Pros
No fees for topping up the card’s prepaid account.
Robust parental controls.
Easy for parents to manage from their existing mobile banking app.
Cons
Parents already need to be a Starling account holder to order and use Kite.
Give your children the freedom to manage their own money, while controlling their budgets and monitoring their spending.
Some apps include the ability to set chores and saving goals.
Some apps include a savings account for your children.
Some apps include no extra charges for overseas spending.
Cons
With most of these accounts, you can expect to pay a monthly fee and top-up fees.
Finder survey: £5 is about the right amount of pocket money for a primary-age child. Do you agree?
Response
% of respondents
Come on, Scrooge... That's not enough!
23.53%
Bang on! You read my mind.
47.06%
Alright, Alan Sugar! That's a bit too much.
29.41%
Source: Finder survey by Finder of Finder members
Bottom line
These apps will do a lot to help your child get used to budgeting, but you’ll have to pay a small fee for this privilege.
To find the best pocket money app for your needs, consider what features you actually need, then calculate which app provides them for the lowest cost.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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