Give your child the tools they need to manage their finances with this innovative mobile app.
You may be able to take advantage of a free promotional offer based on the time of year.
The WALO app teaches your child how to develop good financial habits from a young age. You can assign paid and unpaid tasks and set up a regular allowance to pay your child like clockwork. Your child can use the app to develop money management skills and learn financial literacy through play. Sign up today and you may be eligible for a trial offer, depending on the time of year.
- Think about this app if you want your child to develop effective money management skills through a gamified financial learning experience.
- Choose something else if you aren’t very tech savvy or you don’t want to pay a monthly fee.
How WALO worksWALO requires you to sign up for an account through its mobile app. You can then send your child an invite to link their account to yours as soon as you register.
- Parent account. Your parent account lets you assign paid/unpaid tasks and send your child cash or a regular allowance through a linked bank account.
- Kids account. Your child’s account lets them complete tasks, set savings goals and complete financial literacy courses. Any money you transfer to them will be deposited into their regular bank account.
You can enjoy the following benefits when you sign up for WALO:
- Effective teaching tool. You can use the app to teach your child about money basics, including how to set financial goals and manage a budget.
- Practical application. It’s easy to assign tasks to your child and send them impromptu cash or a regular allowance.
- Playful lessons. Your child can earn rewards and complete courses and quizzes with friends to learn about money concepts such as compound interest and debt.
- Promotional offer. You may be able to take advantage of a free promotional offer based on the time of year.
How much does WALO cost?
For a monthly fee of $6.99 you can have an account with up to 4 kids on your plan. WALO sometimes offers free trials throughout the year.
4 things you will like about WALO
- Flexible payments. You can choose to send your child money when they complete a task or as a regular allowance.
- Add several children for free. You can add up to 4 children on your plan without paying an additional monthly fee.
- Easy to load mobile wallet. You can load cash into your wallet using a credit card or an Interac e-Transfer.
- No minimum age to sign up. It’s up to you when you want to start teaching your child about finances through WALO.
4 things to watch out for
- Monthly fee. You’ll have to pay a fee of $6.99 per month to keep your account active.
- No tracking for spending. You won’t be able to track how your child spends money since the app is not currently connected to a physical debit card.
- Technology required. Your child will need to have a mobile phone or iPad to access the app.
- Linked bank accounts. You’ll have to link your child’s bank account to the app in order for payments to be processed.
What should I know before I apply?
You may need to meet the following requirements to sign up for WALO.
- Be a Canadian citizen, permanent resident or temporary resident of Canada
- Be over the age of majority in your province
- Have a bank account and access to a mobile phone or iPad (for both you and your child)
Required documents and information
To sign up for a WALO account, you’ll need to provide the following:
- Name, date of birth and contact information for you and your child
- Your email address and phone number
- Bank account information for you and your child
How to apply for WALO
- Download the WALO app from the Apple App Store or Google Play Store.
- Sign up by clicking “I am a Parent” on the app’s home screen
- Input your personal information and follow the prompts to set up your account.
- Add your child and connect their bank account.
- Once you’re approved, add money to your WALO Wallet using a credit card or Interac e-Transfer.
- Send an invite to your child to download the app.
How do I fund my WALO account?
In order to send money to your child’s account, your parent account must be funded. You can do this by linking a credit card or a Canadian checking account. Fund transfers from your credit card are instantaneous while deposits from your bank account take 1-2 days.
Is WALO safe for my child?WALO uses financial services industry-standard encryption and security measures. All communication and data is also encrypted.
How can I contact WALO?
Right now, WALO customer service is available through email only at firstname.lastname@example.org.
The WALO app lets you set tasks and allowances for your child to help them develop good money habits. Your child can also learn money basics through games, courses and quizzes in the app. It costs $6.99 per month but you may get a free trial for signing up, depending on the time of year.