![\"modak](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=57%2Cq=85%2Cw=200\/wp-content\/uploads\/2026\/05\/Modak-Review.png\" "\\"modak")
<\/a><\/span><\/div>\n<\/div>\n<\/div>\n- \n
- Banking and Money Apps for Kids and Teens <\/li>\n
- 4% annual savings available with premium Mogold membership<\/li>\n
- Debit card can be added to mobile wallet (Apple Pay and Google Pay) <\/li>\n<\/ul>\n<\/div>\n<\/div>\n
<\/div>\n<\/div>\n<\/div>\n \n\n\n\n\n- \n
- Most services are provided free of charge<\/span><\/li>\n
- Clean and modern user interface<\/span><\/li>\n
- comprehensive parental controls<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n
\n\n\n- \n
- No round-up savings feature<\/span><\/li>\n
- Does not pay interest like other savings accounts<\/span><\/li>\n
- Unused MBX rewards expire after 120 days <\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\nModak<\/a> is a banking and money app designed for families. It also offers debit cards for kids and teens, as well as tools that can help parents teach good financial habits, manage chores and allowances, and encourage savings. Unlike a more traditional teen checking account, Modak focuses more on financial education and gamification to keep kids engaged. <\/p>\n<\/div>\n
What is Modak?<\/h2>\n<\/p>\n
\nModak<\/a> is a fintech company focused on helping parents instill healthy financial habits in their children through mobile apps and debit cards. The company was founded in 2021 by Eric Murillo. It is based in Austin, Texas, and offers FDIC-insured banking services through its partner Legend Bank. <\/p>\n<\/div>\n
![\"modak](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=488%2Cq=85%2Cw=880\/wp-content\/uploads\/2026\/05\/Modak-homepage.png\" "\\"modak")
<\/span><\/div>\nWhat does it offer?<\/h2>\n<\/p>\n
\nModak offers several free tools to help parents teach their kids about money management. Here’s a closer look at some of the key features of modak: <\/p>\n<\/div>\n
A money app for families <\/h3>\n<\/p>\n
\nThe heart of the Modak experience is the Modak app, which acts as a hub for parents and kids. Parents can transfer money, monitor transactions, assign and manage tasks, and manage spending controls from the app. Kids can track their balance, spending activity, savings goals and rewards progress. I like that the app tries to keep kids engaged so they don’t ignore it after the first week. The user interface is modern and clearly designed for younger users. <\/p>\n<\/div>\n
All-in-One Debit Card for Kids and Teens<\/h3>\n<\/p>\n
\nModak<\/a> Offers a Visa debit card that your child can use to make purchases in-store or online, wherever Visa is accepted. The card is also supported by Apple Pay and Google Pay, so kids can add it to their mobile wallet. <\/p>\n
The app has several parental control features, including the ability to instantly lock or unlock the card. And, as mentioned, parents can monitor transactions and monitor spending activity. Because it’s a debit card and not a credit card, your kids can only spend the amount of money they have available, which can help you teach them about budgeting and reduce the risk of overspending. <\/p>\n<\/div>\n
work and allowances<\/h3>\n<\/p>\n
\nOne of the more unique features is the built-in work and allowance platform. Parents can assign tasks, set payment amounts, track task completion, and automatically reward kids when tasks are completed. This feature can work well for young children who are starting to understand the connection between work and earning money. <\/p>\n<\/div>\n
![\"Screenshot](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=441%2Cq=85%2Cw=880\/wp-content\/uploads\/2026\/05\/Modak-Chores-and-Allowances.png\" "\\"Modak")
<\/span><\/div>\nIn-App Mobux Rewards<\/h3>\n<\/p>\n
\nModak<\/a> Uses gamification through its rewards system. This includes weekly challenges with rewards upon completion, rewards for walking 5,000 steps per day, and daily rewards for completing the app’s “Scratch” feature. Your kids can also earn amazing rewards when they shop with their card. <\/p>\n
Rewards come in the form of Mobux or MBX. 100 MBX = $1, and kids can convert their MBX into real dollars, which they can easily spend with their debit cards. For example, Modak pays 10 MBX for every 5,000 steps a user walks, so with 10 5,000 step days, they will earn $1 in rewards. One downside is that Mobucks expire after 120 days, so you’ll have to make sure you convert and spend them quickly. <\/p>\n<\/div>\n
Are there any fees?<\/h2>\n<\/p>\n
\nModak<\/a> Does not charge any monthly fees for most of its services, including opening debit cards. It offers a premium subscription called MoGold, which costs $5.99 per month. Parents can get their own physical debit card, but there is a $5 fee, unless you have a Mogold membership, in which case there is no fee. Modak does not charge any ATM fee, but the ATM provider may charge you a fee. <\/p>\n<\/div>\n
How does modak compare?<\/h2>\n<\/p>\n
\nModak’s two biggest competitors include <\/span>green light<\/span> And <\/span>acorn early<\/span>. Greenlight offers the same parental controls, debit card, errand tracking, and family banking tools. It has a slightly more sophisticated ecosystem, but it comes with a monthly subscription fee, making Modak a better option for budget-conscious families. <\/span>
Acorns Early takes a different approach by focusing more on investing and long-term wealth building for your children. This round-up offers savings and investments and a 1% investment match. Like Greenlight, it charges a monthly subscription fee. <\/span><\/p>\n<\/div>\n\n - Does not pay interest like other savings accounts<\/span><\/li>\n
- Clean and modern user interface<\/span><\/li>\n
- Most services are provided free of charge<\/span><\/li>\n
![\"modak](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=43%2Cq=85%2Cw=150\/wp-content\/uploads\/2026\/05\/Modak-Review.png\" "\\"modak")
<\/span><\/div>\n<\/th>\n![\"acorn](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=42%2Cq=85%2Cw=150\/wp-content\/uploads\/2018\/07\/Acorns.png\" "\\"chestnut\\"")
<\/span><\/div>\n<\/th>\n![\"greenlight](\"https:\/\/thecollegeinvestor.com\/cdn-cgi\/image\/dpr=1%2Cf=auto%2Cfit=cover%2Ch=36%2Cq=85%2Cw=150\/wp-content\/uploads\/2021\/10\/Greenlight-logo.jpg\" "\\"greenlight"){kind=logo}
<\/span><\/div>\n<\/th>\n<\/tr>\n<\/thead>\n\n