How to build a virtual bank app for kids: Top tips, features, and examples

How to build a virtual bank app for kids: Top tips, features, and examples

As technology is a big part of our lives, there are a number of apps that can help parents to teach kids about useful money habits. And if you want to figure out what is needed to build such an app or optimize an existing one, then read this article.

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When asked a few simple questions on money management and savings, 70% of respondents in a recent study were unable to answer correctly. Money management skills are even more critical during the current pandemic and the global economic changes it is causing.

Since money management takes a lot of time to master, it makes sense to teach kids how to manage their finances from childhood and how to do it in an engaging way with the help of financial mobile apps that they are already used to.

In this article, we explain how to create a kids’ money app that their parents will be grateful for.

What is the purpose of online banking simulation?

The main purpose of a cash app for kids is to explain to children the essence of money as an economic tool, to show them how finances work and teach them how to manage their savings. However, these are not the only functions. The kid’s banking app may also:

  • help your child gain an understanding of financial terms like credit, debt, inflation, interest, etc.
  • teach your kid to visually save his or her money by placing cash in a dedicated account
  • develop the right budgeting habits by planning spending and evaluating the necessity of a certain purchase
  • offers users the opportunity to engage with other kids

Below are some examples of virtual bank applications for kids. They have different features, but one approach to creating an MVP. Their common purpose is to help parents teach their children financial management even if the parents themselves are not financial gurus.

Examples of virtual bank apps for kids

So, at what age should kids learn about money? The earlier the better. The money tracking and budgeting apps for kids listed below prove that 4-years olds and older children can start mastering financial management under the supervision of parents.

  • Bankaroo. This is one of the first money-saving apps on the market and it was developed by Cprime Studios. We are very proud to contribute to the success of this app, which is now available in 70 countries. The app has allowance, budgeting, and tracking features for parents, as well as helping kids manage their money in an entertaining way with the help of ratings, stars, hearts, and interaction with other users.
  • Rooster Money. This is a simple solution that connects parents’ bank accounts to the accounts of their kids in the app. Parents may give their kids virtual pocket money, track their expenses, and receive notifications. Kids, in turn, can save their money in a savings account, set financial goals, plan their purchases, and keep track of their spending.
  • First Kid Bank.This is an app with basic functionality for older kids. It’s like a real bank interface. There is also an overdraft possibility so the kids can learn the consequences of debt and overspending, but with less pain than learning it as an adult.

There are not many banks for kids’ on the market beyond the ones above so this is a niche that can be easy to enter, especially if you come up with something unique, for example, a blockchain-based kids allowance app that will allow the use of cryptocurrencies to be saved and spent by kids.

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Essential features of an online banking simulation app

Here are the basic features to develop in a money tracker for kids:

  • Profiles for parents and kids. These are core features that help kids and parents interact with an app.
  • Spend tracking. This feature should be also developed and accessed from the profile.
  • Banking card integration. Basically, the kids’ budgeting apps are integrated with parents’ banking cards. Parents may allow kids to spend a certain amount that will be available in the kid’s profile. Older kids may have personal banking cards as well.
  • Notifications. This feature for parents will help them track their children's spending and/or savings.
  • Savings goals setting and savings account with/without interest. This is a must-have feature to teach kids how to save and manage money, and how to earn more just by saving it and being patient.
  • Financial data protection. All the data inside the app should be strictly protected with the help of data encryption protocols, and possibly AI-based fraud detection systems.
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Some important peculiarities of apps for kids to keep in mind

Apps for kids are different from other banking apps because you have to deal with two different groups of people and satisfy both parties with your solution. That is why there are some additional features you should/shouldn’t develop to make your app wanted by both kids and their parents.

  • No overdraft possibility. Overdraft is a temptation that some adults can’t avoid. That is why it is not recommended to have this feature in a budget app for kids. If you want to teach your kid to manage $100, he should succeed in managing $10 first.
  • No minimum balance restrictions. There is no point in setting a minimum balance restriction. Little children may begin with saving $1, and they should be able to do it with the app.
  • Decent interest rates. If you are going to provide interest on savings, make sure that it will really motivate the child to save.
  • Suggested savings initiatives. Little users may receive an offer to set an automated saving limit, for example saving $1 from each $10 allowance.
  • Partnership with children’s retailers. It can be beneficial for both parties. Little users will set little goals like buying a new toy. The discount from a retailer will motivate them to save using your app, and you may have additional benefits from the purchase as well.
  • Educational tips. This section can be very useful for kids and parents who are going to help their children with the right financial habits development. The app itself should provide all the necessary features to manage money wisely, and the educational section in the app can suggest how kids and parents should do it right.


A kids’ cash app is an interesting and promising idea for your next startup. What’s more, Cprime Studios already has experience developing a recognized and popular solutions in the financial field. Drop us a line at and we will invent something unique and useful together!