Digital bank Starling is rolling out mobile app use for children who have its Kite debit card, according to a press release.
The app access will be available for children ages 6 to 16 after they get permission from a parent or guardian, the release stated. Then, they’ll be able to use Starling’s app to check balances, see transactions and get access to real-time spending notifications on their phones or tablets.
In addition, parents will be able to manage family finances all through one place and see the way their children spend money, according to the release. Kite is linked to a parent’s account and consumers can use it to manage kids’, adults’ and business accounts in a single place.
Parents will also have the ability to use Kite in order to check, control and limit some functions for their kids, the release stated. They can set a daily transaction limit and put limits on ATM withdrawals or online payments. And if the card is lost or stolen, parents can use the app to lock the card for security purposes.
“Research shows that only 37 percent of children keep their money in a bank account,” said Starling Bank Chief Banking Officer Helen Bierton in the release. “From providing real-time notifications to seeing their transactions listed in the app, Kite is the perfect way for both parents and children to educate themselves about digital banking together.”
PYMNTS reported that there has been an increase in teen checking account offerings as the need for financial literacy climbs. Chase is collaborating with Greenlight to offer a zero-fee checking account through the Chase mobile app that aims to teach kids about the importance of money management.
There’s also a feature that lets parents set controls for funds to be dispersed once chores are completed. And kids can get alerts that let them know they still need to finish chores before getting money.