Current account for kids

Which parent does not like overseeing their kids’ expenses? ‘Current’ is for such people. The startup that has just come out with a smart card, connected to an app, is for teenagers to shop using money from their own bank account, funded by their parents. Each time the child does shopping in the US, the app sends out an alert to the parents. This makes them control the expenses, set targets, track spending and promote savings.

“The app allows parents to set up chores that have to be first completed and reviewed before the allowance is paid out, or parents can choose to auto-transfer an amount of their choosing on a weekly basis,” writes Techcrunch.

Parents can set a specific amount to be spent by the kid, say how many dollars a day or how much can be drawn from the ATM. Those kid-inappropriate purchases can be limited by barring the use of the card for certain categories like casinos, bars, airlines and so on.

A noteworthy feature of the app is Giving Wallet, which allows families to indulge in a bit of charity and act in support of the charities in the US. The app is not for free. Monthly and yearly packages are on offer, which according to the makers “only costs about the price of one coffee a month.” Current is available on Android and iOS platforms.