Bankaroo is a virtual bank for kids, helping them manage their allowance, gifts, and chore money.
Created in 2011 by 11-year-old Dani, Bankaroo is helping hundreds of thousands of kids around the world manage their funds and become money-smart.
Using gamification and a simple, bright interface, Bankaroo helps parents teach their kids the value of money. Both parents and kids have access to the kids’ accounts, where kids can save up for goals and earn badges and parents can track where their kids’ money is invested. Kids can even earn interest on their savings!
Bankaroo Plus (available as a one-time in-app purchase for $4.99) adds features like checking, savings, and charity accounts and gives you the ability to transfer money between siblings and between accounts.
Key features for kids:
- Get an account where you can make sure your parents routinely give you allowance
- Record every expense you made, and always know how much you have.
- Save up for more expensive goals like games and toys. You’ll get a cool badge when you reach your goal!
- Set recurring payments for things like online memberships.
Key features for parents:
- Get your kids a recurring allowance or add funds to their account manually.
- Your kids will know if they have enough in their account for the things they want to purchase.
- Deduct their purchases from their account, or better yet – have them deduct their purchases so they can understand the implication of spending money.
- You can use Bankaroo as a point system to encourage good behavior
Bankaroo is used by schools nationwide as part of their curriculum to educate kids about money and its value.
Some comments from our members:
“Excellent for piggy-banking. We and our kids love this app. It works well and gives the kids a sense of how to set goals and save. The developer is responsive and active, which is a huge plus.“
– The Huang Family
“Best kids bank out there & Super responsive help if you have a problem AWESOME customer service. Very responsive developer. BEST kids bank app by far (and I researched/tested this extensively, even paying for one lousy one).“
– Kathleen M.
Thank you for using bankaroo and helping us improve it!
A small update with some bug fixes and additional performance improvements.
Please contact us if you have any questions.
All the best!
Ratings and Reviews
Can’t Delete Allowance Setting
I really wanted to give this 5 stars, but I am so frustrated with the allowance function. I can’t turn it off. I set it to give my kid a weekly allowance, but on weeks where she doesn’t do her chores, I have to remove the allowance. But there is no way for me to turn off this allowance function. I’ve tried setting it to zero and that doesn’t work. Very frustrating. My only option is to go into her account after the allowance is added and do a “- funds”.
Super helpful, great update!
I’ve been using Bankaroo for years now to keep track of how much my kids have in the Bank of Mom. (Way easier seeing something they want to buy and having them try to remember how much money they have at home.). I initially used it because it was free and functional, although there were a few quirks I wasn’t fond of.
But the latest update has made this app really fantastic. The account screen is so much easier to navigate and there are a lot of new features, like accounts being able to go into the negative (optional) and setting little pictures for transactions. And it is still free! Hard to beat that!
Poor customer service
I love the idea of this app and site. In fact, it was everything I was looking for to use with a student in a school setting. I loved that staff can add money, they can set goals for the student to then choose where to save the money, and the “idea” that multiple staff could share a student or contribute. However, adding staff has proven very difficult. Even with making different accounts using different emails to test it has proven very difficult. Furthermore, if someone already has an existing account it appears you can’t add them to the student. When reaching out to customer service, I have received zero communication in response. I really wanted this app/site to work, however It looks as if I will be moving on from Bankaroo.
Data Not Collected
The developer does not collect any data from this app.
Privacy practices may vary, for example, based on the features you use or your age. Learn More
- BrightAct LLC
- 47 MB
- Requires iOS 10.0 or later.
- Requires iPadOS 10.0 or later.
- iPod touch
- Requires iOS 10.0 or later.
- Requires macOS 11 or later and a Mac with Apple M1 chip.
- Age Rating
- © BrightAct LLC
- In-App Purchases
- Bankaroo Plus $4.99
With Family Sharing set up, up to six family members can use this app.