Forgot to pay allowance again this week? After this, you won't have to remember. Bank of Parents takes about three minutes to set up, and once your recurring deposits are running, the app handles it from there. Here's exactly how.
Step 1: Create your account
Head to bankofparents.com and sign up with your email. No credit card, no bank connection needed. Bank of Parents is a ledger, not a bank.
Step 2: Set up your household
After signing in, create a household, the container for all your family's accounts. Most people use their family name. If you have a co-parent or partner, invite them now. They get full access to manage accounts alongside you.
Step 3: Add a child account
Inside your household, tap Add account and name it after your child. Each account has its own balance and transaction history, their own slice of the family ledger.
Add as many accounts as you have children, plus extras for savings goals. A holiday fund, a bike they're working toward, a rainy-day stash, whatever makes sense for your family.
Step 4: Schedule a recurring deposit
This is the one that changes everything. Set it up once, and Bank of Parents handles allowance day automatically. No more trying to remember every Friday:
- Open the child's account
- Tap New transaction → Recurring
- Set the amount, frequency (weekly, fortnightly, or monthly), and start date
- Save
Bank of Parents posts the deposit on schedule. You'll see it in the transaction history, the balance updates, and you didn't have to think about it once.
Step 5: Make your first transfer
Move money between any accounts in your household instantly. If your child wants to save for something, create a goal account and let them transfer into it themselves.
Transfers show up in both accounts' histories, a concrete way to show them that money doesn't disappear when you spend it. It just lives somewhere else.
That's it
Most families are up and running in about three minutes. After that, it's reviewing balances together, adding a transaction when your kid spends something, and adjusting allowances as they grow. The ledger handles the remembering so you can focus on the conversations.
No bank cards, no real money. A clear ledger your whole family can see, with real lessons and no real consequences.
Set up Bank of Parents free. Your first recurring allowance will be running in under 5 minutes.