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Deploy these four steps to help you manage your money and gain control of your finances.
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Have any cash left in the jars at the end of the week or month? Try to get into the habit of putting it towards an Emergency savings fund. Find out how to set up Direct Debits and standing orders.

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Likely the biggest name out there is GoHenry, which allows parents to control up to four child accounts, complete with prepaid visa debit cards, from one app. It says it has more than , customers. Open an account online or in-app and you will receive a contactless card within seven days. Parents who don't have to pay for a bank account with their high street bank might wonder why they need to shell out a monthly fee on an app and a prepaid card. Bank accounts are cross-subsidised from other sources, which is why they don't cost anything.

GoHenry say their fee is because of the fact they don't offer any overdrafts, loans or credit cards and so have to charge a membership fee in order to cover the costs it is charged for each transaction. Using the parental account you can set up a regular allowance or transfer of pocket money, or make one-off payments.

As well as choosing how much your children receive, you can also control how much they spend. GoHenry lets you set single spending limits as well as the maximum a cardholder can spend each week and will give you notifications each time it's used. Meanwhile, you can block or unblock the card if need be and even choose where it's used by blocking online payments or ATM withdrawals if you like.

When it comes to day-to-day functionality, it costs 50p each time you load up the parental app beyond doing it once a month. Rooster Money's card and app allows you to compartmentalise your child's allowance into pots, with them only being able to spend what's.

A newer entrant to the market, at least when it comes to providing a card, is Rooster Money. Cards can be issued to those aged over eight, and differs slightly from GoHenry in that money is stored in different pots; 'spend', 'save', and 'give', with only money stashed in the spend pot able to spent on the card. The pots allow parents to split the allowance handed out to their children so that only a certain percentage of what you give them is available to spend.

Much like GoHenry, limits on how much your children can spend can be set, while in a unique move the card generates a different CVV number in-app each time you try and make an online payment, boosting security. Osper doesn't use savings pots, but it categorises spending and lets children set savings goals and siphon a percentage of their allowance off, much like a full-on digital bank.

A third and final name in the children's money management app space is Osper, a prepaid card backed by TV presenter and fitness DVD star Davina McCall that styles itself as 'mobile banking for young people'. Like Rooster, it is available for children aged eight or over and parents get an app that allows them to set an allowance, oversee the child's spending, load money and also lock their child's card if need be. While it doesn't use pots like Rooster, a child using the card and app can set up a regular monthly saving based on a percentage of their allowance, and can choose to put those savings towards a specific goal — in a feature reminiscent of mobile banks like Starling.

Any spending your child makes also gets tagged into certain categories and gives both them and you instant mobile notifications when they make a purchase. This makes Osper much more of a halfway house to a full-on mobile bank like Monzo or Starling than either Rooster or GoHenry. Rooster does not charge you for loading up the app, and use of the card is free.


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However, parents can make a maximum of 10 loads and children can use the card 25 times a week and make 10 ATM withdrawals. If you're looking to teach your child about safeguarding money and managing it, you'd want to be sure your money too is safe. Money with Rooster is stored with Cornercard, a firm given an e-money licence by the Financial Conduct Authority.

This licence means your money is deposited in a ring-fenced account in a full bank, meaning it should be safe in the event of Cornercard going bust. Rooster is just the app, it doesn't issue the card. There is always the suggestion that the widespread use of cards has numbed us to exactly how much we're spending. While parents with these money management apps can always turn off the ability to use the card except to withdraw cash, Ann Griffiths from The Money and Pensions Service suggests there is 'a strong link' between children receiving regular money and better financial habits.

In which case it might be the money management side of these products that is the most crucial aspect, rather than precisely whether the money is spent in the form of card or cash. Both perks last for a year. We'll let you know when our checking product and the Betterment Visa Debit Card become available.

How To Manage Your Money Like The 1%

If you're interested in joining the waitlist for Betterment Everyday Checking, submit your email above to stay informed. Our customer support team is also available seven days a week to answer questions about your account. This APY is variable and subject to change daily. See Current APY.


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Deposit balances are not allocated equally among the participating Program Banks. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. Cash Reserve and Betterment Everyday Checking are separate offerings and are not linked accounts. Neither Betterment LLC nor any of its affiliates is a bank.

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Through Cash Reserve, clients' funds are deposited into one or more banks " Program Banks " where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option. See Betterment Client Agreements for further details. Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above.