Strive is set to be a new children’s prepaid card and app combination, moving into a space currently occupied by the likes of gohenry and RoosterMoney. It’s yet to launch, but here’s what we we know about it so far.
What is Strive?
Strive is designed for kids aged 0-18 and the company says it wants to make learning about money “fun for families”. It aims to do this by giving parents and kids the tools to learn about money together, helping to set children on the path to financial literacy from a young age.
The Strive service isn’t live yet, but you can join the waiting list on the brand’s website.
What are the features on offer with Strive?
Strive says that it’s going to have different products available that are designed to appeal to kids within certain age brackets.
These are the features that will be offer:
- Savings pots. Parents can set up a savings pot for their child at any age (or even when they’re born), in order to start putting aside money towards their future.
- Interactive toy. Called Penny the Pig, this is actually a real money box with a digital screen that works with the Strive app and card. Designed for 5-12 year olds, it shows kids how much they have in their savings pots, and can be used to set up goals, tasks and rewards. (This all sounds fun, though it’s worth noting that Penny the Pig is sold separately and will set you back £99.)
- The chores and pocket money app. Parents can set up tasks, chores, goals and rewards using the app, as well as manage each money box and Strive card. The app can also be used in a safe “junior mode” by kids (it’s recommend for those aged 8 upwards), so they can see how their pocket money is building up and can learn financial skills as they go.
- A card for kids. The Strive prepaid debit card is also recommended for children aged 8 upwards, giving them access to their money and the ability to spend it. Parents can move money from saving pots straight onto the card and can also limit certain types of transactions. The physical card designs are set to be customisable too.
- Goals and rewards marketplace. This will give Strive users access to offers from a range of “fun and educational brands”, and can be used by parents to reward children for hitting their goals.
How much does Strive cost?
The Strive app and account will be free, then it will cost £2 per month, per child to add on the Strive debit card.
The Penny the Pig money box comes at a separate cost of £99, although you will get 12 months of free debit card access with that.
How can I sign up to Strive?
Strive accounts aren’t available to set up and use yet, although the company says they will be “coming soon”. In the meantime, Strive says it will give priority access to people who sign up to the waiting list on its website.
As Strive isn’t live yet, we can only say what it sounds like, and it sounds good, as long as you’re happy paying £2 per month, per child for a debit card. We don’t know when it will launch, but if you’re keen then join the waiting list on the its website – and in the meantime check out our reviews of other good banking options for kids.
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