Safe to install
Mydoh: A Smart Way for Kids to Learn Financial Management
Mydoh simplifies money management for kids, allowing them to earn, save, and spend while providing valuable insights to parents.
Mydoh is a money management application designed for families with children aged between 6 and 18 years old. It aims to impart valuable money management skills based on practical experience and knowledge.
Through the app, children can develop an understanding of earning money and taking ownership of their spending decisions, with parents being actively involved in the process at every stage.
- TASKS AND ALLOWANCES
- Parents can assign tasks to their children, mark them as completed, and make payments all through a simple process. In addition, parents have the option to provide their children with weekly allowances, regardless of task completion.
- SPEND WITH THE MYDOH CARD
- Kids receive both a digital and a physical card known as the ‘Mydoh Smart Cash Card’ which can be used for purchases in physical stores or online, excluding ATM withdrawals.
- The reloadable prepaid nature of the card ensures that children only spend what they have, eliminating debts and surprises.
- For children aged 13 years and older, there is an option to add the Mydoh card to their Apple Wallet for in-store purchases where “Visa” or “Apple Pay” is accepted.
- Parents can conveniently lock or unlock their kids’ “Smart Cash Card” using the app.
- CUSTOM CARD
- Canadian youth can now personalize their Smart Cash Card with “Mydoh by Me,” a custom prepaid VISA card that allows children to showcase their unique identity.
- The customization process involves uploading a desired photo (or selecting one from Mydoh’s gallery) along with fun stickers. Upon approval, the unique card is shipped within 5 to 7 business days for a fee of $6.99.
- SAVINGS GOALS
- With Mydoh, children can establish healthy saving habits using the “Goals” and “General Savings” features.
- Children can define savings goals with specific targets and timelines in the “Goals” section, while also having the option to save without specific objectives in the “General Savings” section. They can view their savings progress and celebrate goal achievements.
- TRACK KIDS IN THE APP
- Parents can monitor their children's financial activities on the app, from setting goals to tracking savings progress and expenses. This feature offers kids easy access to financial literacy while keeping parents informed.
- ADD A PARENT
- Another parent can be added to the Mydoh account at no additional cost through a simple process within the app. This facilitates shared responsibilities in raising financially savvy kids, allowing both parents to assign tasks, provide allowances, manage goals, track expenses, and collaborate towards family financial goals.
- SAFE & SECURE
Mydoh benefits from the support of the Royal Bank of Canada, guaranteeing enhanced security and peace of mind. The Mydoh Smart Cash Card is backed by Royal Bank of Canada and powered by “Visa,” ensuring a safe and secure payment method. - TRY MYDOH TODAY
Experience remains an unmatched teacher, which is why Mydoh does not include any monthly fees*. Sign up for a Mydoh account today at mydoh.ca to embark on your financial journey.
*Royal Bank of Canada reserves the right to cancel, modify or withdraw this at any time.- FOLLOW US ON OUR SOCIALS
- facebook.com/mydohapp
- instagram.com/mydohapp/
- linkedin.com/company/mydohapp
- youtube.com/channel/UCO37WfNRF0VtQcwBFNqlCug
Overview
Mydoh is a Freeware software in the category Business developed by Royal Bank of Canada.
The latest version of Mydoh is currently unknown. It was initially added to our database on 06/23/2024.
Mydoh runs on the following operating systems: Android.
Mydoh has not been rated by our users yet.
Pros
- User-friendly interface that simplifies financial management for families and children
- Allows parents to set up customizable spending limits for kids
- Provides real-time notifications for transactions, helping users track spending
- Includes features for saving goals, promoting financial literacy among children
- Integrates with major Canadian banks, making it accessible for many users
- Offers a prepaid card that can be easily managed through the app
Cons
- Limited to Canadian residents as it is a product of Royal Bank of Canada
- May require the parent to have an account with RBC to fully utilize all features
- Transaction fees may apply for certain types of transactions or services
- Some users report occasional technical issues or bugs within the app
- The app's functionalities and features may not cater to older children or teenagers sufficiently
FAQ
What is Mydoh?
Mydoh is a financial app developed by Royal Bank of Canada that helps parents manage their children's money and encourage financial literacy.
Who can use Mydoh?
Mydoh is designed for parents with children ages 6 to 17, allowing them to set up accounts for their kids to teach them about money management.
Is there a fee to use Mydoh?
There are no monthly fees for using Mydoh, but standard transaction fees may apply for certain services.
How does Mydoh help teach kids about money?
Mydoh provides tools for parents to assign tasks, set allowances, and track spending, which helps kids learn the value of money and budgeting.
Can I set spending limits on Mydoh?
Yes, parents can set spending limits and monitor their children's transactions in real-time through the app.
Is Mydoh available on all devices?
Mydoh is available on both iOS and Android devices, and it can also be accessed via a web-based platform.
What features does Mydoh offer?
Mydoh offers features like task assignment, allowance management, spending insights, and the ability to receive money from parents directly through the app.
Do I need to be an RBC customer to use Mydoh?
No, you do not need to be a Royal Bank of Canada customer to use Mydoh; anyone can sign up for the service.
How can I add funds to my child's Mydoh account?
Parents can easily transfer funds to their child's Mydoh account using linked bank accounts or credit cards within the app.
What privacy measures does Mydoh have in place?
Mydoh follows strict privacy and security protocols to ensure that users' personal and financial data is protected.
Pete Milner
I'm Pete, a software reviewer at UpdateStar with a passion for the ever-evolving world of technology. My background in engineering gives me a unique insight into the intricacies of software, allowing me to provide in-depth, knowledgeable reviews and analyses. Whether it's the newest software releases, tech innovations, or the latest trends, I'm here to break it all down for you. I work from UpdateStar’s Berlin main office.
Latest Reviews by Pete Milner
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