Mydoh

Mydoh is a money management app & card for parents and kids (6-18). With the Mydoh app, kids and parents get two different experiences customized for their use. Mydoh makes it easy for kids to gain real life money skills, and parents can coach, guide, or just keep an eye on things.

Mydoh’s card helps kids take responsibility for their spending. And, because it’s a reloadable prepaid card (not a credit card), kids can only spend what they have. No surprises!

Brief: The Mydoh Smart Cash Card provides a valuable tool for children to learn and manage money effectively. Backed by the Royal Bank of Canada and operating on the Visa network, Mydoh offers a unique blend of real-world financial experience paired with educational features, ensuring kids spend wisely and learn the importance of money through tasks and trivia.

Core Features:

• ? Visa Accessibility: Utilize the Mydoh Smart Cash Card anywhere Visa is accepted, providing kids with vast spending options.
• ? Interactive Learning: Engage children with trivia and interactive content to educate them on financial concepts via the Play feature.
• ? Safe Spending: Prevent overspending with a prepaid card system that does not permit spending beyond the card's balance.
• ? Parental Oversight: Monitor and control your child's spending decisions with real-time balance checks and the ability to lock/unlock the card.
• ? Secure Transactions: A partnership with RBC ensures a secure platform where children can't go into debt.

Pros:

• ?‍?‍?‍? Family-Friendly Design: Tailored experiences for both kids and parents to foster financial literacy from an early age.
• ? Habit Building: Helps cultivate good money habits by linking tasks and allowances to real spending power.
• ? Real-Time Notifications: Receive instant updates on transactions to stay informed about your child’s spending habits.
• ?️ Bank-Level Security: Trust in the robust security measures provided by the backing of a leading bank.

Cons:

• ? Limited Free Trial: Access to Mydoh's full features is only free for a limited time before the monthly fee kicks in.
• ? Monthly Fee: A recurring payment of $4.99 post-trial ($2.99 for RBC clients), which may deter some users.
• ? ATM Restrictions: Cards cannot be used to withdraw money from ATMs, limiting cash access for kids.
• ? Dependent on Parental Involvement: Requires active parent participation for setup and continued use, which may not suit all families.

Price:

• ? Mydoh is initially free, after which it costs $4.99 per month ($2.99 for RBC clients). Users can cancel anytime by contacting customer support.

Community:

• ?️ Official Site: mydoh.ca
• ? Facebook: Mydohapp
• ? Instagram: Mydohapp
• ? LinkedIn: Mydohapp
• ? YouTube: Mydoh Channel