So, you have found Otly and you maybe even signed up already, but you wonder why Otly exists and what we do? Well, look no further because we are here to explain it all.
In short, Otly is the first banking experience for kids.1 This means that children can finally have their own banking app, but all under the control of the parents. With the Otly app you can set up an account and add your children to your Otly Household and you can add another parent or caretaker. You can also talk with your children about creating an Otly Jr. account for them.
As a parent, this means you can:
- Set up automatic (monthly or weekly) allowance,
- Track the spending and saving of your children,
- Begin the conversation about money and start the financial education of your children.
As a kid, this means you can:
- Create saving jars for things you want to buy,
- Check when your allowance comes and track purchases.
Although we try to be as clear as possible on what we do and why, if there are any questions or if you have suggestions for what we could be adding to our app, feel free to let us know on email@example.com
At this moment, Otly only uses virtual money. This means there is no real money involved. In the near future we plan to integrate the service of multiple banks with Otly so your children can start and spend their own money for real. We will keep you updated through the app once we have integrated with the first bank. ↩