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Bankaroo review

Kids can manage their personal finances with this virtual bank account.

Bankaroo was designed by an 11-year-old to keep track of how he was spending his allowance and other monetary gifts. Bankaroo isn’t a real virtual bank account. Rather it simulates a bank account so that parents have a safe place to teach their kids about saving and spending before they’re ready for a real debit card or bank account.

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$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMsNo access to ATMs

Review by

Heather Petty is a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, and MediaFeed, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.

Expert review

Bankaroo is best for kids who aren’t ready for a real bank account. Similar to RoosterMoney, the account gives parents and teachers the ability to teach kids financial management skills without using real funds.

Bankaroo is better for parents who want to add interest or match their child’s savings to help kick-start their savings goals. On the other hand, RoosterMoney is handier with its allowance schedule and doesn’t require your child to manually input their allowance every time.

But if your child is ready to graduate to a real bank account, consider opening a kids’ prepaid debit card like Greenlight that allows your child to track and manage real money.

How much does it cost to use Bankaroo?

Bankaroo has three different plans:
PlanBest forCost
Bankaroo OnlineDesigned for kids learning the basics of managing money.
  • Free
Bankaroo PlusDesigned for kids ready to learn how to manage separate checking, savings and charity accounts.
  • $4.99 — one-time fee
Bankaroo for SchoolsDesigned for teachers to use in their classrooms. It includes a teacher portal and mobile app for kids.
  • Free to set up the first classroom of up to 40 students.
  • $10 a month to add additional classrooms.
  • Annual subscriptions and licenses are available when you contact Bankaroo.

How do I open a Bankaroo account?

Download the app or sign up through the website in four simple steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Bankaroo website, select Sign up for Free.
  3. Enter your full name, email and password.
  4. Select Sign Up.

What are the benefits of a Bankaroo account?

Bankaroo helps kids use their math skills to learn about money. Other perks include:
  • Printable bank card. Bankaroo can email you a bank card with a QR code to print out for your child. But it’s not a real bank card: Your child can’t use it to purchase items, and it only serves to bring up your child’s Bankaroo account.
  • Encourage savings. Add interest or even match your child’s savings to help them reach their goals faster and teach them the benefits of long-term savings.
  • Finance tracker. Your child will need to manually input their allowance amount and what they want to use their money for, so that they can track their money.
  • Set savings goals. Your child can set a savings goal and win in-app badges for meeting those goals. For example, if they want to save up for a game, they can set that goal and subtract funds from their account to go toward their goals until they meet them.

What should I look out for?

Bankaroo continues to update the app, but keep the following in mind before you download:
  • Not a real bank account. You can’t add real money to the account or link an existing account to track and manage your kid’s spending and savings.
  • No automations. Everything you do through Bankaroo is manual. It doesn’t connect to a real bank account, so it works more like a budgeting spreadsheet that you manually have to adjust and track.
  • Updates are slow. Customers have complained about how slow the company is to address bugs and glitches in the app. The version history supports that, with updates a full year apart.
  • Online only. Very few account features work offline, which means you’ll need reliable access to use the app. For example, your child can set a savings goal or make profile color changes, but they can’t do anything that involves the account balance.
  • Doesn’t support multiple currencies. While you can’t have different currencies within the same account, you can open multiple accounts for the same child, each with its own currency.

If you want an account that allows your child to manage real money, consider a prepaid debit card for kids. These accounts give you the ability to add real money to your kids debit card account and include features like chore tracking.

Is Bankaroo safe for my child to use?

Bankaroo doesn’t manage real money, so you won’t need to worry about losing your money. The app has security protocols in place to make sure your child is safe.
You aren’t required to use your child’s real name or email address in the app. Also, all of the information is stored on a secure, encrypted server and only you control who has access to your child’s account.

Compare Bankaroo with other kids accounts

Name Product Annual or monthly fee Age requirements Features Offer
Finder Rating: 4.6 / 5: ★★★★★

Finder Award
Free trial
$4.99 per month
1 to 17 years old
  • Spend, save & invest
  • Chores & allowance tools
  • Spending controls & limits
  • Up to 5% savings rewards
Get the first 30 days for free. After your one-month trial, plans start at just $4.99/month for the whole family. Includes up to five kids.
Teach your child to spend, save and invest all in one app. Get 5+ financial literacy tools, including chores and allowances. All with powerful parental controls to decide where your child can spend and how much. Includes up to 5% savings rewards. Free one-month trial.
Finder Rating: 4.3 / 5: ★★★★★
Free Trial
$4.99 per month
6 to 18 years old
  • Used by 2 million+ families
  • Automates allowance
  • Spending controls & limits
Free 30-day trial
Free 30-day trial! Get interactive money and investing tools for your kids, including expert-developed games and quizzes. Offers strong parental controls that allow you to set where and how much your child can spend.
Finder Rating: 4.2 / 5: ★★★★★
$0 per month
Any age
  • $0 monthly fees
  • Teens build credit safely
  • Savings and crypto investing tools
  • Cashback rewards
Teens can build credit safely without overspending or paying interest. Get savings and crypto investing tools alongside cashback rewards. $0 monthly fees.
Finder Rating: 4.2 / 5: ★★★★★
$3.95 per month
7 to 17 years old
  • Rewards program
  • Chores and allowance
  • Spending controls & limits
  • Financial literacy courses, quizzes & games
Robust financial literacy platform. Parental control and notifications. Auto-fund and auto-allowance capability
Axos Bank First Checking
Finder Rating: 3.5 / 5: ★★★★★
Axos Bank First Checking
$0 per month
Any age
  • Earns interest
  • ATM reimbursements
  • Minimal fees
Made for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees.

Compare up to 4 providers

How do I get Bankaroo Plus?

You’ll need to activate a Bankaroo account and then upgrade to Bankaroo Plus through the app.

How do I add an account for my child?

Once your account is active, use the following steps to add a kids’ account:

  1. Type your child’s name, username and password.
  2. Select an avatar from those shown or take a photo to personalize one.
  3. Select a color for the child’s banner.
  4. Determine the account parameters by selecting a currency, setting an initial balance, and choosing whether your child can go into a negative balance or if they can add funds to their own account.
  5. Option settings include:
    • Set allowance. Choose a start date and a dollar amount to automatically add money to their account weekly, bi-weekly or monthly.
    • Match savings. Enter the amount that you want to match per $1 saved.
    • Interest. Enter the interest rate and if you want it to apply to their savings, their account balance or both.
  6. Click Add to open the account.
  7. Download the app on your child’s tablet or smartphone, or have them log in to the account on the Bankaroo website to get started.


There’s no age requirement for Bankaroo, but you’ll need the following to access the application:

  • An Internet-accessible tablet, smartphone or computer
  • A valid email address to sign up for a Bankaroo account

How old does my child have to be to start using Bankaroo?

While there are no age requirements, Bankaroo is best for kids who have basic reading skills. Most Bankaroo users are between the ages of 5 and 14 years old.

How can I contact Bankaroo customer service?

You can contact customer service by emailing or using the contact form on the website.

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