There are many apps in the “reloadable debit card for kids” category, where parents can transfer money into their account and kids can spend it. However, I have been looking for a better app that can illustrate the power of compound interest and deferred gratification. Till Financial allows the parent to incentivize savings via both custom matching and interest amounts. The idea is to provide them a safe place to fail and learn, such that they don’t have to learn it later through missed opportunities and credit card debt. Here are some important highlights followed by details about my favorite features:
- No monthly fees. No premium tier exists, so not even requests to “upgrade”.
- Child can be of any age. Family owner must be 18+.
- Free virtual and optional physical Visa debit card.
- Now supports both iOS and Android app.
- Banking services provided by Coastal Community Bank, Member FDIC.
- No interest paid.
Match each savings contribution. Parents can encourage transfers to savings by matching each transfer by a custom percentage. For example, if they move $10 from their Spend bucket to the Savings bucket, you might match another $5 or $10. Any transfers both in and out of savings must be approved by a parent/admin account.
Pay monthly “interest” on savings balances. Parents can also encourage savings accumulation by paying a custom “interest” rate. For example, you might pay them 5% or 10% monthly for a while and see if they notice how fast it can compound if they don’t touch it. 5% growth every month compounded for a year is +80% growth, i.e. $100 would turn into $180. 10% growth every month compounded for a year is +213% growth, i.e. $100 would turn into $313!
Automatic weekly allowance or one-time transfers. You set the allowance to “auto-pilot” once a week, or just give manually.
Save for a specific goal. Your child can set a goal (ex. $100 for Airpods) and then redirect their allowance, other income, or requested gifts from friends and family into that goal.
Tasks. You can create a menu of specific tasks along with specific payouts (ex. $25 for mowing the lawn.) Tasks can be made available daily, weekly, or on a one-time basis.
If it’s free, how does Till plan on making money? This quote from TechCrunch sums it up well:
Besides making money on interchange fees, Till aims to earn revenue by partnering with merchants to offer rewards to users. It also plans to earn referral fees by referring the teens to other financial institutions when they get older and have different needs.
“It’s not our intention to be your son or daughter’s forever bank. It’s our intention to be their first bank,” Burton said. “So, when they hit the age of majority, we’re actually giving them a high-five off of our platform and introducing them to maybe their first college loan or their first credit card.”
Does Till offer a sign-up bonus for new customers? Yes, if you apply at this link and enter my referral code JP8548 during sign-up, you will get $25 (now only $10?) once you set up an account, create a family, fund, and make one debit card purchase transaction. My cash bonus arrived without problem.
My kids are still on the younger side, so I have been using this mostly as a virtual piggy bank for my kids so far, as they can log into their account and see the (growing) balance. I expect to gradually allow them to handle money and take some responsibility for their spending and saving decisions.
Bottom line. If you are looking for an educational spending app for your kids, check out Till. This is not a “high interest” account, but more about showing them how compound interest and consistent savings adds up. Hopefully, they can use the app to learn deferred gratification in a real-world environment. There is currently a referral bonus for new customers.
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This is exactly what I need, except it’s iPhone only. Literally every feature on here is what we do with our kids currently through a hodge-podge of manual work and kids savings accounts. Really hoping they can add Android or web soon.
Anyone know of an Android app like this?
It’s on android now… I have an android and made an account on my phone thru till financial
They have an android app now, but I think it is beta and not searchable. If you go to the website and put in your phone number to get the app, they will send a link and you can download it from the link. I just did it. It opens up and I have yet to set up the account though.
Other than the bonus, it seems like the app does not itself pay the interest; the parent does. If this is correct, I have a hard time accepting that I myself need to pay said interest. The app seems like a convenient interest and match calculator that will sell client information as clients turn 18. For that I think the account deserves at least a 1 to 2 percent APY, seeing as how the calculator app likely earns commission selling client information. I guess I am a demanding customer.
I use the one below. The savings account pays 6% for the first $2,000. I live couple of blocks from HEB so I can deposit cash into the account at the cashier. Also, the atms in HEB are free to use. This is a great deal if you live close to HEB.
https://www.hebdebit.com/
This is exactly what I have been looking for. And it looks like they have an android app now. I put my number in the website and I downloaded their app from the Play store.
Thanks for the tip!
Doesn’t look like child has to be eight anymore, minimum age was one year old when I just signed up
Thanks for the heads up! Till’s FAQ now says:
“Kids of any age can use Till. Family owners must be 18+.”
The Android app also appears to be live (out of Beta).
Do you know when the referral bonus should be reflected? I signed up using your code last week. Thanks!
Jonathan, unfortunately I was not able to sign up due to technical issues. First, I clicked on the link from your post. On the home page I tried to enter my phone number and it was just spinning, no action, no text message. Then I downloaded the app from the app store. When I entered my email address and clicked “Next”, I kept getting “Something went wrong” error. I hope they fix their technical issues and I can sign up when there is another $50 promotion. Please, keep us informed.
HI Jonathan – thanks for sharing this. I’d love to sign my kids up but I missed the extra bonus. Can you let us know when it comes around again?
Sure, I will definitely try.
I used your referral, Jonathan. After meeting the requirements stated in your review, and not receiving a bonus, I inquired with Till support as to the status. They responded back to say both your account and mine had to maintain a $20 minimum balance for 30 days to be eligible to receive the referral bonus. I’m writing to inquire whether your account meets that minimum balance requirement, and whether you have any contact info for Till as they have been unresponsive to every support email I’ve sent since June 7. Thanks.
Sorry to hear about your troubles, I have not seen that $20 for 30 days rules anywhere in the app or online. Maybe they added that recently, but they should be more transparent and clear about their requirements. I do have well over $20 for well over 30 days at Till. I have not contacted them recently.
We have been using Till for about 6 months for our 2 boys and, other than slow transfers, were pleased… until we had several fraud charges. We immediately contacted them via the only email listed and closed the card. Then the charges continued until the account was completely drained. Multiple emails later and it seems like this is a scam. Try explaining to a teenager that all his savings from lawn mowing and birthday gifts was stolen and we cannot get any help- no phone number, no chat. Never again.