Parents looking to provide their children with a little more financial freedom might be interested in a new mobile child banking service which has launched in the UK this week called Osper.
Osper offers a convenient child banking service for children between the ages of 8 and 18. The service is controlled by parents but allows the child to have finance freedom and also learn budgeting skills and about the financial system.
The service is controlled via two smartphone applications one which the parents control and can set up a weekly or monthly allowance payments into the child’s account. The other child’s mobile application then provides an up-to-the-minute balance on funds in their account together with the remaining days until their next allowance is received.
The dual application approach for parents and children also means that either party can cancel the debit card connected to the account if its lost or stolen. The new service has already attracted over $10 million in prelaunch investment from venture capitalists such as Index Ventures, Horizons Ventures and others.
The Osper child banking service is available for free for the first year after which there is a £10 per year fee. For more information on the new child banking service jump over to the Osper website for details.