Does Mydoh offer Savings?
At Mydoh, we want to ensure kids know how to earn, spend, and save their money in the most responsible way possible, which is why we are so excited to introduce our Savings Goals1 feature!
Kids can now allocate money they have earned in their ‘Spend’, to their ‘Savings Goals’. Within their Savings Goals, they can then allocate money to their General Savings, or set Goals. Have a look below for a full breakdown!
Spend: The ‘Spend’ tab allows kids to allocate funds which they would like to use on in-store and online purchases, subject to allowable limits on their digital and physical Mydoh Smart Cash Card. All task, and allowance payments, as well as one time transfers are sent to a child’s ‘Spend’.
Savings Goals: ‘Savings Goals’ allows kids to move money out of their ‘Spend’, and accumulate funds over time which they cannot spend using their physical or digital Mydoh Smart Cash Card. There are 2 savings options: General Savings, and Goals.
General Savings have no specific goal attached to them, kids can put money aside for the future or simply save them! Kids can also set Goals, which allow them to visually label and see their progress when it comes to saving up towards a specific objective of their choosing 2.
If you have any questions, please don’t hesitate to reach out to our support team via the in-app chat, or at hello@mydoh.ca.
Notes:
- Please note that your child’s ‘Savings Goals’ is not a savings account and will not receive interest or any other earnings.
- Kids can set up to 3 Goals at a time.