Exciting news, it is now possible to add your child's bank account and start managing real money in the Gimi app, completely free of charge! You can pay weekly allowances, bonuses and rewards for tasks directly to the child's bank account whilst having an overview of how the money is spent. To make this happen, we partnered up with Tink, one of the best open banking platforms out there.
Why is this such a big deal?
This new feature enables financial literacy to all children, irrespective of what bank provider their parents have and is the first open banking solution for children in the world! Not only is this great news for smoother and pain-free money transactions in the app, we have also added features to optimize learning for the child.
Greater learning accessible with Gimi
At Gimi we believe that the benefits with cash is something we can easily reproduce in our very technical world. We are proud to announce some new pedagogical tools for children, allowing them to have the best opportunity to succeed with their personal finances. This is where we differ from traditional bank apps that generally neglect the special needs of children that are new to economic responsibility. In Gimi your child can rate their purchases as either a “great success” or “deep regret”, encouraging them to reflect about their spending behaviour. The idea is for Gimi to interfere with the otherwise streamline process of spending money without a feeling of consequence and instead make every purchase a conscious decision. As an early introduction to budgeting we have also included summations and categorisation of their monthly spending, creating an overview of how much money they are spending and on what.
How to connect
It is easy, and only takes a couple of minutes!
1. Go to Settings in the Gimi app and press “Connect child's bank account”
2. Log in using your (parent's) BankID
3. Wait a few minutes, then select the child's bank account from the list of accounts
This works for most banks at the moment, except SEB and Swedbank.