They want to give your child a debit card. What are you doing?

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Then some basics. If you are looking for regular allocation and management of allowances, most departments can handle it. But if you pay your kids for household chores and want to check the chores by item before you put money on a kid’s card, this is a feature you should select specifically. Gohenry does, and FamZoo helped launch it.

In addition, what financial behaviors do you want to encourage – or change? Many parents like to reward savings with automatic increases in interest rates or goal-based bonuses. “This allows parents to exaggerate the point to take stock,” said Tim Sheehan, co-founder of Greenlight. So check this feature if it is important to you. Greenlight offers it, and FamZoo has a solid offering as well.

Then there is the goal of comprehensive financial literacy. Tanya Van Court, the founder of Goalsetter, has invested resources in this aspect of her business. “A map is actually an incomplete solution,” she said.

Goalsetter allows parents to pay their kids extra if they do well on financial literacy quizzes and withhold the money when they don’t complete them. She also tries to persuade the credit bureaus to reward 18-year-old Goalsetter clients who are particularly knowledgeable.

“It’s not fair that some kids are added to their parents’ American Express accounts and develop a fantastic credit score when they haven’t spent a dime,” she said. (Step already has a system in place for young users to start building good credit.)

Also consider what help you might need. “Everyone underestimates customer service,” said Mr. Dwight of FamZoo, which has a fairly modest list of 13,000 family customers. “When your teenage daughter is stuck in a gas station, you kind of don’t want a bot. “

He would say something like that, given that this is sort of a house product, where he and his partner respond to customer requests themselves. FamZoo also earns bonus points for the granularity of the FAQs on its website, which stirs my dazed heart for the way it anticipates almost every use (and abuse) case. Test out any startup you are considering by sending a message with a question to see what type of response you get.


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