Built by x15ventures, which is owned by Commonwealth Bank, Kit is a kid-first app that aims to give young Australians more ownership over their money. It comes packed with tools to help kids visualise their finances, set and achieve goals, and embrace mindful money habits.
Designed with input from behavioural scientists, features include bite-sized educational content, in-app ‘nudges’ to reinforce positive financial behaviour, and the ability to create multiple ‘Stacks’ to save towards different goals. Also, Commbank Yello customers will also get access to a number of benefits like cashbacks, discounts, and prize draws (t&cs apply).
The linked prepaid card comes with spending limits that can be set and adjusted by parents through the app. And visibility over your child’s spending habits is assured with real-time notifications each time they make a purchase.
Kit has also just added a new feature: Payto. This offers instant transfers and real time payments, unlike direct debits that can take up to 3 business days to clear. It's also now enabled for Apple Pay and Google Wallet!
The Kit app puts a fun spin on money management with a colourful and customisable interface that lets kids check their balance, create multiple savings ‘Stacks,’ tick off chores and earn pocket money.
Parents can add up to 5 children on a single account. Each child will be issued their own BSB and Account Number, and once logged in, they won’t be able to view or access other children’s accounts.
According to Kit’s product disclosure statement, the following limits apply:
There's also a membership subscription fee of $3-$5 a month or $30-$50 a year, but you'll still get a 30 day free trial. If you're a 'Yello' rewards members who fufills the requirements, then these fees can be waived.
Kit users will receive a physical and digital prepaid card linked to their account. This can be used to make contactless payments, access an ATM (withdrawals capped at $250 per day), and make purchases online.
Overseas purchases are also allowed (both in-store and online), but you won’t be able to use your Kit card to withdraw from overseas ATMs.
Below are some of the main features available through Kit. Though the app is meant to be used by children and their parents, there are separate logins so children are able to maintain a sense of autonomy.
Kids will be able to create ‘Stacks’ to help them set and achieve their savings goals. All users start with one Stack labelled ‘General Savings,’ but you can create multiple Stacks for a variety of savings goals. You’ll be able to transfer money between each.
Parents can transfer money into a Stack using the ‘Transfer’ button on the Spend or Stack screen. Just keep in mind that you’ll only be able to transfer up to the amount of funds that have been cleared on the card.
Both the Kit account and prepaid card can be managed by parents via the app when logged into Boss Mode. You’ll be able to:
Parents will be able to set up a ‘PayDay,’ which is a recurring payment from your bank account to your child’s. Payments can be made conditional on the completion of jobs, such as assisting with weekly grocery shopping or taking clothes off the line. The two categories of jobs are:
Parents can choose to review the jobs their child has completed before approving their PayDay payment, or arrange to have payments made automatically based on the jobs that have been ticked off the list.
If you’re after an app to help introduce your child to healthy money habits, Kit could be a good choice. The customisable controls (which let you adjust spending limits and place limits on merchants) will be particularly appreciated by parents who are worried about their children spending money without their knowledge on online games.
Importantly, Kit has assured users it will not be marketing or recommending any financial products directly to children through the app.
To sign up for Kit, you’ll have to download the iOS or Android app. From there, you’ll have to create an account and add the number of profiles your family requires. Once the profiles are set up, your kids can start spending and saving.