Is it weird that I want to get this and put myself on it?
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Cool product -- although the existing research doesn't support paying kids to do chores! (Intrinsic vs. extrinsic motivation!) Otherwise, I love the idea of teaching kids about interest & saving early on.
@liora_ Thanks Liora! Re chores, I couldn't agree more. In fact, check out my blog post making that exact point: http://nickel.co/blog/2015/2/3/o...
Nickel supports sending money to your child for any reason at any time (often jobs and chores), but we are designed to deliver a reliable allowance the child can count on - which is the foundation for building budgeting skills.
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I really like the ability to set a custom interest rate that can be meaningful and motivating to a child. Great product!
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How much of an allowance does the target demographic of this app give their kids? Any stats on that yet? To me, it's a bit hard to justify charging $5 per kid per month (compared to for instance a 2-5% transaction/processing fee), but I also don't have kids.
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Your "Parent Resource Center" is a great idea - you might ask app-users what questions they have and periodically (weekly or monthly, depending on submission volume and audience size) post updates or host a webinar or podcast or short video or something that addresses those questions. Your audience for this could be the children (ongoing series of "quick facts" via SnapChat?) as well as the parents.
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This idea has been tried many times (see oink.com) but no breakthrough hits yet... Not sure whats the reason
Nickel
Relayo