Current has today launched a new service aimed at both kids and parents. The service revolves around providing kids with access to a debit card, but with the parents able to track, monitor, and keep on top of what purchases are made using the card. This of course, all stems from the Visa debit card’s linking to the ‘Current—Debit Card for Kids‘ app. An app which is accessible by both parties involved. Although, this is designed to be more than just a way for kids to spend money, as the ethos behind the service is to help educate kids on money management. With the idea being that instead of handing over cash to their children, parents can instead send money from their account to an account setup for the kid(s) and one which is linked to the debit card. As this is app-based service, the app also comes with a number of additional features like the ability for parents to set chores that need to be done before payment is received, and so on.
Once the account has been credited with funds, the kids are able to selectively choose how they spend that money. As well as being able to make direct purchases (and withdrawals from an ATM using the debit card), the app also comes with a “Savings Wallet” and a “Giving Wallet.” The former allows for children to start saving their accumulated wealth, while the latter allows the children to donate funds to various charities - as a means to ‘help teach empathy,’ according to Current.
While this is being touted as an educational tool, it is not one which is free to the parents. The app itself is free to download from the Google Play Store, but the service is based on a subscription model with the cost dependent on the type of subscription taken. Those looking for an easy month-to-month subscription can expect to pay $5 per month. Although there is also an additional cost involved for the actual debit card. While those taking out a one-year subscription will see the monthly cost drop drop down to $3 per month, by way of a $36 billed upfront payment. The biggest savings can be had when signing up to a two-year subscription, as the price then drops down to about $2 per month, billed as a $48 upfront payment. Both the one and two-year options do not require an additional charge for the debit card.