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Last Updated: 06/21/2024

FamZoo

from FamZoo, Inc

Last Updated: 06/21/2024

Mostly not recommended6 total votes

2 users recommend

4 users don't recommend

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Highlights

Community Rating

Mostly not recommended

Monthly Maintenance Fee

Starting at $5.99(Verified 06/21/2024)

Money Management Tools Additional Features

N/A

Supported Platforms

N/A

Number of Reviews

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Message from our editor

What We Love About FamZoo

FamZoo is a virtual family bank that can help parents better manage their finances while also training their kids to understand important financial lessons. The tool helps kids learn how to live within their means, save money, and achieve their financial goals. This tool lets you create virtual bank accounts for everyone in the family, making it easier to handle giving out allowance. It also makes it easier for the kids to see how much money they have, so they can learn how to manage it.

FamZoo works better than a regular piggy bank because it allows the kids to see exactly how much they have. It also gets them ready to use apps that are similar to what they’ll be using when they get older and have an actual bank account to manage. The tool lets you share expenses, penalize those who don’t do chores, pay out interest and rewards, and more.

It’s also possible to give the kids prepaid FamZoo cards to teach them how to better use debit and credit cards later. It can give them practice for when they get older. As you can see, there’s a lot to love about this tool.

What FamZoo Could Do Better

The only real potential downside is that it isn’t free. It has a subscription cost each month. It’s possible to reduce the cost by paying for multiple years upfront, but many families don’t have the extra money to spare. This is higher than many other virtual banks.

FamZoo’s Backstory

FamZoo was created by Bill Dwight and Chris Beauford, who went to Princeton together. The goal was to create a fun and interesting app that kids would enjoy, which would help them learn how to manage money better. By helping kids learn how to manage finances now, it could lead them to a brighter future.

The Verdict

Although FamZoo might not be the only virtual family bank, it is filled with features and tools that make things fun for the parents and the kids. If you’ve been looking for a virtual family bank and have the money, this could be a good solution. You should also check out some of the other options like Agent Piggy, Bankaroo, and Active Allowance to see what they can offer and compare them to FamZoo. Ultimately, you’ll want to choose the tool that has everything you need.

Contact

Headquarters

PO Box 60852

Palo Alto, CA 94306

(412) 326-9661

Visit Site

Email Support

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SuperMoney Net Recommendation Score

SuperMoney users mostly don't recommend this product, giving it a user recommendation score of -33, or 2.3 on a 5-point rating scale.

-33

-1000+100

No one recommends

Everyone recommends

The recommendation score reflects customer satisfaction with a provider. A score of +100 means every customer recommends the provider, while -100 means none of them do. These scores are based entirely on community member votes and are not influenced by partner compensation. SuperMoney removes fake reviews when detected.

FamZoo Community Reviews

Would you recommend FamZoo to your friends?

Joel D.

May 15, 2023

May or may not recommend

It’s very difficult to add money. They should just take the time to build a better site that can secure bank information. It’s a cop out to say they are protecting our infirmation.

Anonymous

Jul 21, 2019

May or may not recommend

Famzoo is a 1990's platform. No real time transaction management. Transactions take 1-3 business days to post. No real way to manage money for a teen. Possibly for a preteen who is with you all the time and you are looking to use this tool to teach about finances but as a debit card it is fairly poor to use.

Anonymous

Mar 28, 2015

May or may not recommend

It's a shame that FamZoo lacks so many basic features. The concept is great, but it is unusable. It goes directly to the FamZoo website, which does not work well on a smart phone. It needs to be made compatible with smart phone so the user interface is more friendly. It also does not have "forgot password" as an option. Because it is not actually designed for smart phones and ...Show More

Anonymous

Mar 28, 2015

May or may not recommend

The checklists that FamZoo has integrated into the app is a great feature. Kids are able to actually go in and "check off" chores they do, thus earning them an allowance. The checklists work great on my iPhone, and it's great that you can add, edit, and even delete the items on the app. This is a great tool that can really teach your entire family about finances. We've been ...Show More

Anonymous

Mar 28, 2015

May or may not recommend

The FamZoo website is really helpful for the entire family, but the smart phone app is just awful. When I open it I can view the balances in my account, but other than that, it really is just not functional. You cannot honestly expect a young child use something like this. It is hard for me to use, much less my child. We've had to use the website exclusively because ...Show More

Anonymous

Mar 28, 2015

May or may not recommend

I love FamZoo for my kids! I use it to track allowances for them, and in turn, they learn about earning and spending money. It is so easy to use for the entire family, and it has been a great asset to us. We've been able to integrate this program into our kids learning experience. We use it as a family and my kids seem to be happy with learning ...Show More

Showing 6 of 6 reviews