Can parents send money directly to their kid’s Savings Goals?
Great question! When parents send one time transfers to their kids, they can select to send the funds to their kid’s “Spend”, “General Savings”, or any Goals they may have.
Additionally, when setting up a weekly allowance, parents now have the option to automatically dedicate a percentage of the allowance to their child’s General Savings. This allows for a portion of the allowance to go directly toward fostering saving habits and building toward their goals without requiring manual transfer.
If you have any questions, please don’t hesitate to reach out to our support team through the in-app chat!
Notes:
- Please note that your child’s ‘Savings Goals’ is not a Savings account and will not receive interest or any other earnings.
- Parents can adjust the percentage of the allowance allocated to General Savings at any time through their Parent account.