You signed up. Now what?
Pages you will come across
At a high-level, the app is composed of three main sections:
Landing page: This is the screen that asks “Who are you?” You child selects the avatar that corresponds to their name. The top left menu icon is where you access the parent area or sign-out.
Parent area: This is where you can approve/reject transactions that your child submits to you as well as change account settings
Child area: This is where your child can see how much money they have, what they have spent their money on, and can initiate a deposit or withdrawal.
How to introduce the app to your child
You can have a valuable conversation with your child
Responsibility: Talk to your child about how having a bank account increases their responsibility and that you will expect them to behave more like a grown-up and pay for things on their own
How it works: Explain how you, the parent, are the bank for your child and when they want to make a withdrawal or deposit, they do it with you and log what happened in the app. You can go to an ATM and show them how it works for adults.
Initial Deposit: have your child “deposit” their piggy bank savings with you and record the first transaction in the app.
Interest: Highlight that they get rewarded for saving with a certain percentage of the total amount they have saved each month, which is reflected in the “next year” amount in the child’s bar graph. If you think your child will understand, explain the time value of money (a dollar is worth more today than it is next year) and how in real life banks pool deposits and make loans, rewarding the deposits with the loan profits. Make the parallel between their account and the real banking world.
Haven’t created an account yet?
Creating an account on Guardian Savings is easy.
Before you create your account: Fill out our educational impact assessment. Answering these questions before and after using the app will measure the educational impact Guardian Savings has and what can be improved.
Access the app and complete account set-up by providing some basic information about yourself (currently web page works only on mobile and tablet)
Email/password is used to access the entire family’s account
Parent pin is used to approve/reject transactions your child submits and change account settings