How Does It Work?
The Bank of Mom and Dad is simple, it helps you act like a bank. You accept “deposits” from your children and pay out “withdrawals.” You use the app to track transactions and record the balance. You can even use the app to pay allowance directly into your children’s account each week.
More importantly, rather than paying your children 1 or 2% interest per year like a real bank (Boring!), you can choose to pay your children 1 to 2% interest per month (Wow!).
Paying 1-2% per month helps your children see the power of compound interest much faster. When your child makes a deposit, they’ll see interest grow daily! This helps make saving fun and continually provides positive feedback.
Note: The Bank of Mom and Dad does NOT take deposits or pay interest. Parents are responsible for holding deposits AND paying interest. The app only helps parents track deposits, withdrawals, and calculate compound interest on a daily basis.