Good Habits Start Today
With Penny Bank Plus
What is Penny Bank?
Penny Bank is a reward system in a mobile app designed to teach your child good habits they will need to be successful as an adult. Penny Bank allows you to credit and pay your child with cash or free time for completing chores. Unlike our competitors you can use Penny Bank whether you want to pay your kids or not. In addition to the intuitive banking system, Penny Bank also awards your child with experience points and achievements. This gives a gaming feel that shows their progression and makes daily habits fun. Our social features allow your child to follow and share their achievements with their friends. Along with the other features, Penny Bank also provides a learning hub with fresh resources for your child to learn.
Did you know?
Real banks don't physically hold your money. Banks tend to keep only enough cash on hand to meet their anticipated transaction needs. The concept of "Penny Banking" is based off an earned value that only needs to be available at the time of withdrawal.
The Penny Bank Theory
If you were to ask Team Penny Bank a year ago what our core mission was it would have been hands down financial literacy. After feedback and much research in the Penny Bank Labs we have found that there are already solutions on the market that can help with this. Instead of being another "pay your child with their own debit card" app we found the problem we want to solve is with the concept of habits. The "Penny" in Penny Bank actually stands for The Compound Effect. We belive small consistent actions add up to a big pay off over time. One of the biggest assets a child has is their time. We built an intuive system to manage and award free time in exchange for them handling their responsibilities. Surprisingly kids are more interested in things over money and this also includes things they enjoy doing with their free time as well. Our cash or time banking system credits them with those rewards teaching a duality of financial literacy and time management. It ultimately teaches your child good habits today that will carry over in the real world tomorrow.
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Developed By Real People and Parents
We would love to hear your feedback!
Leave your email and we will reach out to you to join our Parents for Penny Bank focus group. We are building a community of parents to share tips and feedback to help us continously build a better experience with Penny Bank.
Penny Bank Plus
Features and Benefits
As of now we have dropped Penny Bank in favor of Penny Bank Plus. We want to maintain our integrity with your data by providing you an ad-free experience. Penny Bank Plus comes with a 30 day free trial and is on sale for $2.99/month (normally $3.99).
Love Tap
This is a fun feature that both parent and child can send to each other as a friendly reminder that there is something pending that needs attention.
The Ultimate Rewards System
You are the bank! Give your children a sense of accomplishment with a visual wallet. You can reward your child with cash or free time. You can still use Penny Bank for chore delegation with out being required to pay them. Penny bank notifies and tracks when your child checks out their dashboard so you can monitor their habit of checking for tasks.
Transactions
Penny bank gives your child a real banking experience with transaction records. You and your child can see a history of their earnings and their net worth in a snap shot. You can also see collectively what you owe within your family as your Penny Bank grows.
Discovery/XP Points
Our Discovery tab allows kids to learn and connect with their peers. We have our own reward system based off of experience points and achievements. We have made chores and responsibilities fun by gamifying it. We have leaderboards and badges to share with their friends in the Penny Bank community.
Avatar Personalities
We have added avatars and user names to represent your child in the Penny Bank universe. We even threw in a few zombies and princesses with customizable colors for the background.
Saved Chores/Quick Buttons
We have made things easier and quicker with quick buttons through out the app that make a task easy to be done in a few taps. We also added the ability to save chores so reassigning can be a breeze.
Free Time Banking
Penny bank introduces the concept of time banking. Time is the only asset we all share no matter the age. Distributing and withdrawing free time for things your child is interested in will feel seamless with our discipline and rewards system.
Debt Discipline
One unique feature is the ability to take away cash or time from their wallet as a discipline. We find this to be most useful with time because it is the asset that kids are most disciplined and rewarded for their actions for the things they love to do. Accounts do have the ability to go into the negative insinuating they will owe that time back in completing chores before they can start spending again.
Punctuality Score
In order to aid in teaching kids about time management we show a visual chart of the percentage of how often your child completes their chores on time. This provides an incentive for them not to let the things you assign expire.
Picture Verification
You can request your child send a picture of their work instead physcially having to check it before approving or denying a responsibility.
Chore Offers
Penny bank gives kids the power of decision making by giving them the ability to be proactive and make an offer on how much they want to be paid for a chore. You have to ability to accept or decline as the parent. This feature helps kids to develop a habit of providing value for value in return! It works great as a trade off for free time!
Withdrawal Requests
Manage how your child's requests for cash and free time with withdrawal requests. This allows you to manage how much cash or free time a child is able to use for certain things to maintain a healthy spending habits and time management.
Love Tap
This is a fun feature that both parent and child can send to each other as a friendly reminder that there is something pending that needs attention.
The Ultimate Rewards System
You are the bank! Give your children a sense of accomplishment with a visual wallet. You can reward your child with cash or free time. You can still use Penny Bank for chore delegation with out being required to pay them. Penny bank notifies and tracks when your child checks out their dashboard so you can monitor their habit of checking for tasks.
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Want to Learn More?
Check out our frequently asked questions (FAQ)
Penny Bank is designed for families with children 13 or younger (old enough to use a device). Although there are plenty of uses cases we are working on future features that cater to teenagers.
Penny Bank was our flagship product considered to be a lite version of Penny Bank Plus. At the current moment, we have switched fully over to Penny Bank Plus. Penny Bank and Penny Bank Plus are both made by Team Penny Bank
I'm glad you asked. Penny Bank accounts are free. Signing up gives you access to a Penny Bank account which can be used to access the web app and with future products as well. Penny Bank Plus mobile app is free to download in the app stores. The only cost is a small membership fee to access Penny Bank Plus mobile app. The web app is for account services and is limited on features.
Once you have an account in order to use the mobile app you must subscribe to being a Penny Bank Plus member. You can go to the get started button in the mobile app and it will take you to account management or visit the account page in the header. You will then log in and are your options for Penny Bank Plus will be available. After you are subscribed you can sign back into the mobile app with your normal credentials.
Your account still exists from the original Penny Bank. We ask all of our legacy users to reset their passwords as this build required us to migrate to a new backend