Kit: Money app for kids
- Account keeping fee
- $3
- ATM withdrawal fee
- $0
Our verdict
Kit offers a prepaid Visa card and app for kids aged 5 - 14 so they can learn how to manage their pocket money and develop good money habits.
This is a great solution for kids if they’re too young to use a regular bank account as most bank accounts require you to be at least 12–14 years old. What’s great about Kit is the kid’s account is linked to your own “boss” account as the parent, giving you complete visibility over their spending and saving progress.
The prepaid card could be a great way to teach your kids some financial independence as they’re able to make purchases on their own (but within the limits set by you). You can link your existing Australian bank account to the Kit app to act as the parent account where you’ll make direct debits from. There’s no need to open a new account. The prepaid card is available on Apple Pay and Google Pay to download.
There are, however, membership fees to pay. It's $3 per month for 1 child, or $5 per month if you have 2 or more children using the app. You can choose to pay annually to save a small amount - $30 per year for 1 child, or $50 per year for 2 or more children. Free Kit membership applies for eligible CommBank Yello customers.
Details
Key details
| Product Name | Kit: Kids prepaid card and money app |
| Monthly account fee | $3 |
| Card access | Visa |
| Own network ATM fee | $0 |
| International ATM Fee | International ATM fee $0 |
| Monthly deposit required to waive account fee | N/A |
Eligibility
| Minimum Age | 5 |
| Minimum opening deposit | N/A |
How to apply
The app and prepaid card can be used by kids ages 5–14 living in Australia.
First, download the Kit app from the App Store or Google Play, complete the sign-in process and link your existing bank account.
Once this is done, you can download the app for your child if they have a tablet or mobile device. You’ll need to sign in with your own credentials first, then they’ll be prompted to create a log-in PIN.
Add up to 5 children to your app and save their individual BSB and account numbers for future transfers.
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Your reviews
Alison Finder
Editor
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Raj Lal Finder
September 18, 2023
Hi Marty.
The card is a physical one and as long as there is money loaded on the card, you can use it as tap-and-pay in stores, make purchases online or withdraw cash from ATMs (provided the transaction is within the spend limits set by the parent)
Thanks
Raj
Marty
August 07, 2023
Is my child’s card a physical one ‘coming in the mail’, or is it just the virtual one on the app. Additionally, once there is a useable amount on their card, how do they pay for something at the store?