Who remembers using piggy banks to store their pocket money and savings? These days Gen Alpha and Gen Z are after more exciting online piggy bank methods that give them more than a pot to put their money in.
What is an online piggy bank?
An online piggy bank is a financial money app that allows users to save, track and use money online. It's similar to a traditional piggy bank, as it’s used to store money. However, these accounts offer several advantages over conventional piggy banks:
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They are more convenient. Kids can access their accounts from their phones and devices.
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They are more secure. Online piggy banks use encryption technology to protect user data and money.
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They offer a wider range of features alongside savings, such as budgeting tools and goal-setting features.
What are the benefits of an online piggy bank?
If your child is keen to try an online piggy bank, the benefits are far-reaching
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It's convenient: You can add money to your child's account via a bank transfer or debit card.
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It's secure: Online piggy banks use encryption technology to protect your child’s data.
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It has many features: Many online piggy banks offer interest on savings, budgeting tools, and goal-setting features for kids.
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You can use it to teach your child about financial education. Online piggy banks are an ideal way to teach your child about money management, budgeting and saving.
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Your child can get a prepaid debit card with most online piggy banks.
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You can see how much your child has and what they spend their money on.
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You can set limits around spending and withdrawing cash for your child.
Of course, just as normal piggy banks have drawbacks, so do online piggy banks, so be sure to read the small print before signing up.
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Fees: Some online piggy banks charge fees for particular transactions, such as ATM withdrawals or bank transfers.
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Accessibility: Your child's money isn't as accessible as it would be with a traditional piggy bank.
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You may not want your child to have a prepaid debit card.
How can GoHenry help?
If you decide the time is right to start giving your children pocket money, GoHenry makes it quick and easy. You can open a GoHenry account online, manage regular pocket money payments, set tasks and spending limits, and invite relatives to contribute via Giftlinks.
For your kids, the GoHenry pocket money app is packed with benefits. They can earn money by completing tasks, set savings goals, and use their GoHenry kids debit card in shops, online, and ATMs. What's more, with in-app Money Missions, they can develop their money skills and learn about everything from budgeting and saving to giving to charity.
GoHenry also helps keep your child’s money safe. You can make your child’s account extra secure by setting limits for ATM withdrawals, individual purchases, and weekly spending. Plus, you get notified whenever your child makes a purchase.
If a card gets mislaid, or you think it’s been stolen, you or your child can instantly block it on the website or app. Loss protection keeps their money safe, and you can replace their GoHenry card for free.
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