What is it?
Bank of Allowance is a tool that helps parents teach their children how to manage their allowance much in the same way adults manage their finances but in a friendlier and encouraging environment. Each child is provided with virtual checking and savings accounts and parents play the role of a bank teller by depositing and withdrawing funds at the request of their children.
Give us a try!
We Are Not A Bank
Just to be extra clear, we are not an actual bank. Parents hold onto to any cash deposited by their children and hand out cash when children request a withdrawal.
No More Shoeboxes!
With Bank of Allowance there's no risk of children losing cash they are saving. Children can even earn interest on the funds in their virtual savings accounts (Parents choose the interest percentage).
Teach Budgeting Basics
Parents can schedule automated debits to simulate a bill being auto-drafted. Parents control the amount and frequency of allowances and any "bills" they setup for their children.