PKTMNY is supported by a new type of VISA card and has an easy to use secure website that offers a range of savings tools. The website is designed for parents by parents and the interface is engaging and colourful to appeal to children.
The parent and the child have their own login that they can use to monitor pocket money sent and pocket money received and any transactions, and is easy to use and control. The child can set their own pin and upload a picture to personalise their account.
What I like as a parent about this website is that you can set limits on how much the child spends on the card. It gives you control over their spending but still gives the child the illusion of control as they can spend within the guidelines you set.
My son used his card on Amazon to buy a gift voucher. He thought it was easy to use and had no problems placing the order on my Amazon account with his PKTMNY card.
We are using the bank account to save for holiday spending money and we both felt it was nice to see a visual representation of the money as a saving goal on the website.
As a parent, I think the website can help focus your conversations with your children about money, finances and also importantly the value of saving for a goal.
PKTMNY charges a one-off joining fee of £5 per family and a monthly fee of £1 per child to use their services. This is deducted from the parent's outstanding balance, not the child's. The PKTMNY team are working on minimising any fees and keeping the costs low to run the account. There are no fees for using the Visa card online to buy products in the UK and no fees for funding the account via standing order.
In conclusion, a colourful engaging bank account for pre-teens and teenagers that can help them manage and appreciate the value of money.
Update PKYMNY is now called GoHenry http://www.gohenry.co.uk/why-gohenry/
This post is part of a project with BritMums, sponsored by PKTMNY, highlighting it's launch (http://www.pktmny.com). The new tool allows parents to easily pay and monitor their children's pocket money online, whilst allowing their children to earn, save, spend and manage their money in a totally safe and fun way.
* We have been trialling the service and all thoughts and opinions are our own.