If you want to teach your children about money but are unsure of how to go about it, there are numerous tools and resources out there that can help. A great way to help teach your children about money is to use a pocket money app and in this article, we take a look at some of the top free and paid-for apps. We provide a list of the main features, the pros and cons of each as well as two handy comparison tables so you can easily compare the best free and paid-for apps.
What is a pocket money app?
A pocket money app is a money management tool that allows children to learn how to earn, save and spend money wisely. A prepaid card is usually sent out as part of the signup process and parents and children can access the app with parents able to set tasks and spending limits.
Best paid for pocket money apps
Below is a comparison table of the best pocket money apps that require a monthly subscription fee. For more information on each of the apps scroll down to reveal the features we like as well as the pros and cons.
Pocket Money Apps that charge a fee - Comparison Table
(scroll to see full table)
| GoHenry* | NatWest Rooster Money* | Nimbl | Osper | |
| Cost | £3.99/month for Everyday, £5.99/month for Plus, or £9.99/month for Max (30-day free trial) | £19.99 a year or £1.99 a month (1 month free) | £2.49 a month / £28 a year (1 month free) | £2.50 per month (30 days free) |
| Age Range (years) | 6-18 | 6-17 | 6-18 | 8-18 |
| Prepaid debit card | Yes | Yes | Yes | Yes |
| Connect bank account | Yes | Yes | Yes | Yes |
| Separate children's app | Yes | Yes | Yes | Yes |
| Free loads | Yes^ | 10 free loads a month (50p thereafter) | Yes |
50p for instant loads
|
| Savings goals | Yes | Yes | Yes | Yes |
| Fee-free spending in the UK | Yes | 15 free spends a day and 25 free spends a week (50p per spend thereafter) | Yes | Yes |
| Fee-free spending abroad | Yes | 3% spending transaction fee over £50 per month | £1.50 per ATM withdrawal 2.95% of spending transaction value |
£2 per ATM withdrawal
3% of spending transaction value |
| Set tasks/chores | Yes | Yes | No | No |
^Depends on membership - Unlimited free top ups with Plus and Max memberships but with Everyday membership, you get 1 free load a month (50p thereafter)
GoHenry - good for setting tasks and chores
GoHenry* is a pocket money app for parents to teach their children about money. The app is easy to navigate and allows full access to your child’s account and spending habits. For more information on GoHenry read our independent Go Henry review.
- £3.99 a month for Everyday membership, £5.99 a month for Plus membership or £9.99 a month for Max membership (30-day free trial)
- For children aged between 6-18
- 1 free load via BACS, direct debit or standing order a month (50p charge thereafter) with Everyday membership and unlimited free top ups with Plus and Max memberships
- Your child can save real money
- Instant spending notifications
- The ability to block/unblock cards
- Pick where your child can spend money
- Set custom tasks and chores for your child to complete
- Set savings goals
- Manage your child’s allowance with spending limits
- Open up to 4 GoHenry accounts
- Plus membership has all the Everyday membership benefits mentioned above plus unlimited free top ups, unlimited access to GoHenry's in-app money lessons, 4.50% AER (variable) interest on savings and 1% cashback on in-store spending.
- Max membership gives you all of the Plus membership benefits plus you can hold up to four children's accounts for that one monthly fee.
NatWest Rooster Money* has a colourful app that is easy for parents to navigate and child friendly. You can set and manage tasks with the option of a prepaid debit card. There are different account types which makes it suitable for children from the age of 3 to 17. For more information read our 'NatWest Rooster Money review'.
- £19.99 a year or £1.99 a month (1 month free)
- Up to 3 free NatWest Rooster Card subscriptions for NatWest Group customers who have children aged 6-17, T&Cs apply.
- For children aged between 6-17 (a virtual star chart is available for children 3+)
- 10 free loads via BACS, direct debit or standing order a month (50p charge thereafter)
- A maximum of 15 spends a day and a maximum of 25 spends a week (50p charge thereafter)
- Create an account with real or virtual money
- Instant spending notifications with the prepaid debit card
- The ability to block/unblock cards
- Pick where your child can spend money
- Set custom tasks and chores for your child to complete
- Set savings goals
- Manage your child’s allowance with spending limits
Nimbl is a prepaid MasterCard debit card and a smartphone app that helps you to manage your child's spending money
- £2.49 a month / £28 a year (1 month free) for first card
- Discounted price of £1.99 per month / £23 a year for each additional card on your account for family members
- For children aged between 6-18
- Free loads via debit card
- Your child can save real money
- Instant spending notifications
- The ability to block/unblock cards
- Pick where your child can spend money
- No ability to set tasks or chores within the app
- Micro saving feature which allows your child to automatically save between 5p and £5 every time they spend on their card
- Manage your child’s allowance with spending limits
- Add up to 4 children
Osper is not a bank but a prepaid card that allows children to learn how to manage their money whilst parents can still keep tabs on their spending.
- £2.50 per month (30 days free)
- For children aged between 8-18
- 50p charge for instant loads
- Save real money
- Instant spending notifications
- The ability to block/unblock cards
- Pick where your child can spend money
- No ability to set tasks or chores within the app
- Set savings goals
- Inbuilt spending limits
- Add up to 4 children
Best free pocket money apps
Below is a comparison table of the best free pocket money apps. For more information on each of the apps scroll down to reveal the features we like as well as the pros and cons.
Pocket money apps that are free - Comparison Table
| HyperJar | Starling Kite | NatWest Rooster Money* | Revolut <18 | Gimi | |
| Cost | FREE | FREE | FREE | FREE^ | FREE |
| Prepaid debit card | Yes | Yes | No^^ | Yes | No |
| Age range (years) | 6-17 | 6-15 | 3-17 | 6-17 | 8-13 |
|
Separate children's app
|
Yes | Yes | Yes | Yes | Yes |
|
Able to use real money within the app
|
Yes | Yes | No^^ | Yes | No |
|
Set tasks/chores
|
No | No | No | Yes | Yes |
|
Set regular allowances
|
Yes | Yes | Yes | Yes | Yes |
|
Add family members
|
Yes | Parent Starling account holders only | Yes | Yes | Yes |
^You get 1 free Revolut <18 account with a standard Revolut account
^^Paid for version allows your child to use real money
HyperJar - good for saving
HyperJar is a great app for both parents and children alike. It can be used for budgeting and saving with the money separated into 'digital Jam Jars' to help teach children how to manage their money and save for spending goals. HyperJar is free to download, use and spend and spending abroad also comes at no extra cost. There is one app that can be downloaded by both adults and children but the child's app is adapted to be suitable for children. One thing HyperJar lacks, however, is the ability to set tasks and chores for your child to complete. If this is what you are looking for, then one of the other pocket money apps may be more suitable.
- FREE
- For children aged 6-17
- Parents and family members can add money directly to jars
- Can have unlimited children's accounts
- Budget effectively using Jars
- Create and set goals
- Rewards and discounts in the app
Starling Kite - good for FSCS protection
Starling Bank launched a child's account that allows you to manage your child's pocket money whilst giving your children the independence to manage their own money. You can open a Starling Kite space within your own Starling Bank account but you cannot set tasks or chores within the app. Find out more in our 'Starling Bank review'.
- FREE
- For children aged between 6-15
- Free instant loads or regular transfers
- Instant spending notifications
- The ability to block/unblock cards
- Pick where your child can spend money
- No ability to set tasks or chores within the app
- Create Savings Spaces
- Separate app for your child
- Add up to 6 Starling Kite spaces
NatWest Rooster Money free version - good for earning rewards
NatWest Rooster Money* has a variety of features and the free version is a virtual money management system that allows parents to track the money each child has earned, but unlike some of the other apps you still have to give it to them manually. The free version of NatWest Rooster Money allows you to keep track of how much money each child has but in order to track chores/tasks you need to pay for the pro version of the app or the debit card.
- FREE
- For children aged 3-17
- Add more than one parent account
- Can have multiple children's accounts
- Virtual money management
- Earn in stars or virtual pounds
- Give boosts for good behaviour or as a reward
- Create and set goals
- Extra learning resources in-app
A Revolut <18 account is a prepaid Visa debit card that allows your child to manage their own pocket money within their own Revolut <18 app. Children can choose to personalise their brightly coloured card and the card number is on the back to keep their details safe. Find out more in our 'Revolut review'.
- Must have a Revolut personal account to create a Revolut <18 account
- 1 x Revolut <18 account is FREE for a standard Revolut account holder
- Can create multiple Revolut <18 accounts, up to a maximum of 5, with a paid adult plan (Number of accounts you can create varies by plan)
- For children aged between 6 and 17
- No fee for topping up your child's account (no automatic top-up facility)
- Instant spending notifications
- The ability to block/unblock cards
- Pick where your child can spend money
- Pocket money can be spent abroad fee-free (limits apply)
- Separate app for your child
Gimi is a pocket money app created in Stockholm in 2015 with the aim to teach children and teenagers about money. There are two versions of Gimi, the free app and the paid-for Mastercard subscription service, however, you can currently only use the free version in the UK.
- FREE
- For children aged between 8 and 13
- Set and track chores
- Schedule pocket money
- Learn more about money in the ‘educate’ section of the app
- Virtually track your children’s money
How much pocket money should I pay?
If you have been considering paying your children pocket money but are unsure how much you should pay based on their age, GoHenry* has provided an estimate of how much you should pay a child based on the UK average weekly allowance in 2022.
| Age (years) | Weekly recommended pocket money allowance (£) |
| 6 | £3.04 |
| 7 | £3.26 |
| 8 | £3.67 |
| 9 | £4.12 |
| 10 | £4.90 |
| 11 | £6.21 |
| 12 | £8.14 |
| 13 | £10.31 |
| 14 | £12.15 |
| 15 | £13.76 |
| 16 | £14.68 |
| 17 | £14.48 |
| 18 | £12.28 |
Are children’s prepaid cards safe?
It is important to note that with any prepaid card your money is held as ‘e-money’ and will therefore not be FSCS protected. However, with most e-money accounts your cash is held securely in a ring-fenced bank account so your money should be safe should the pre-paid card provider encounter any financial problems. However, should the bank account that your money is held in go bust, your money would not be protected. Money held in a Starling Kite account is protected by the FSCS because Starling is a UK-registered bank.
Are pocket money apps safe?
Virtual bank accounts that do not manage real money store personal information such as emails on secure servers and allow full access to children’s accounts so you have full control.
Alternatives to pocket money apps
If you didn’t want to use a pocket money app to teach your children about money there are a few alternatives you can use instead:
Children’s bank accounts
Children’s bank accounts are for children aged between 11-18 years old and allow bank transfers, direct debits and standing orders just like regular bank accounts. Children’s bank accounts don’t come with overdrafts or loans so your child is unable to get into debt. Money in a children’s bank account is FSCS protected up to the value of £85,000 and comes with either a debit or cash card. A downside to children’s bank accounts is that they cannot be managed in the same way as the pocket money apps and there is no way of keeping tabs on your child’s spending without logging in to their account. For more information read our article, 'The best bank accounts for under 18s'.
Pigby’s fair
Pigby’s fair is an interactive app created by high street bank NatWest. The app is a virtual game where you run a stall at a village fair. Children get to run Pigby’s stall by managing and creating stock. They can also learn about money management and saving by visiting the bank. Pigby’s fair is a fun game for children to play whilst learning about money at the same time.
Teach your children about money
If you want to teach your children about money at home, here are a few tips from the Money to the Masses podcast:
- MTTM Podcast Episode 266 – Understanding fund performance & teaching your kids about money online
- MTTM Podcast Episode 230 – How to teach kids about money, best bill auto-switching services & stress-free investing
There are also a number of games that you can play with your children to encourage a better understanding of money. Find out more in our article, '5 ways to teach your kids about money'.
Summary
Pocket money apps are fantastic tools to teach children about money and there is an app to suit every parent's budget. The paid-for apps offer more comprehensive features and a slicker user experience, the free apps mostly act as virtual bank accounts and allow you to track how much money your child has. If you want to teach your children to be more financially independent, this is a great place to start!
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - NatWest Rooster Money, GoHenry
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