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Wallit review
Last updated:
This digital money app gets the whole family involved in managing finances.
Wallit is a digital money app that enables parents to teach their kids how to earn, spend, save and give. But it’s missing traditional features like the ability to create a budget or import transactions.$0 per month
Fee
N/A
APY
Expert review
Review by
Cassidy Horton
cassidy.horton@findercrew.comCassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
Expert review
If you’re looking for a free app that gets the whole family involved with managing finances, Wallit may be a good option. Parents can assign chores, pay allowances and track savings goals. Kids can mark chores as complete, purchase gift cards and use their allowance to fund savings goals.
All these features make it an ideal choice for parents who want to teach their kids the power of saving without having to grab cash every time it’s time to pay an allowance.
How much does Wallit cost?
Wallit is completely free.How do I open a Wallit account?
Parents can sign up for Wallit through its mobile app or official website using the steps below:
- Go to the provider’s site and follow the steps to apply.
- Download the official Wallit mobile app or go to its website and click Get Started.
- Sign up using your name and password, phone number or Magic Link.
- Create your username and password, enter your date of birth and click Sign Up.
After you’ve created an account, you can link bank accounts, invite other family members and create goals.
How does Wallit work?
Wallit lets parents assign tasks and give allowances to their children. It connects to thousands of checking and savings accounts through its partnership with Plaid, Inc. It also offers redeemable digital gift cards to 45+ charitable organizations and major retailers.Once a parent creates a Wallit account, they can add their children and other family members.
Parents can link an external bank account and use it to fund tasks for their children. They have access to all of Wallit’s features and can:
- Create their own savings goals
- Assign tasks to family members
- Track their child’s progress toward savings goals
- Purchase gift cards with Wallit funds
- Link a bank account that enables their child to move allowances outside of the app
- Transfer money to an external bank account
Children have restricted Child Wallit accounts. While they can’t view anything in the parent’s Wallit, such as linked bank accounts and personal information, they can:
- Request tasks from parents
- Upload photos proving completed tasks
- Set savings goals
- Use allowances to fund goals
- Purchase gift cards with Wallit funds
- Transfer money to an external bank account set up by their parents
Is Wallit safe to use?
Wallit securely stores personal information and doesn’t share it with third-party sites. It encrypts financial information using best practice standards. The company complies with the Children’s Online Privacy Act of 1998 (COPPA) and doesn’t collect any personal information from minors.As an added layer of protection, users must enter their name, birth date, residential address and the last four digits of their Social Security number before linking a bank account.
Is Wallit safe to use?
Wallit securely stores personal information and doesn’t share it with third-party sites. It encrypts financial information using best practice standards. The company complies with the Children’s Online Privacy Act of 1998 (COPPA) and doesn’t collect any personal information from minors.As an added layer of protection, users must enter their name, birth date, residential address and the last four digits of their Social Security number before linking a bank account.
What are the pros and cons of Wallit?
Wallit is designed with families in mind. But as with most budgeting apps, it’s not completely perfect.
Pros
- Digitally assign chores and pay allowances. Wallit brings household chores into the 21st century by allowing parents to assign tasks and pay allowances through its mobile app.
- Benefits parents and kids. Parents can also create and track their own savings goals, which encourages children to follow suit.
- Straightforward mobile app. Wallit‘s app is as basic as they come — there are no menus and only one screen, so children should have no problem navigating through it.
- Encourages giving. Nearly half of Wallit‘s gift card offerings are for charitable organizations, which encourages family members to give.
Cons
- Checking and savings accounts only. You can’t link credit cards to Wallit at this time.
- No parental consent for gift cards. Children can use their Wallit funds to purchase gift cards without their parent’s approval.
- Limited features. Wallit misses the mark on key features such as creating a monthly budget and managing
transactions.
But if you’re looking for an app that lets you create budgets and track expenses, explore other options in our guide to budgeting for beginners.