Saving for Grandchildren

How does nimbl work and is it any good?

There's been a significant increase in financial products aimed at children recently. Many can help parents, grandparents and kids themselves manage their finances. Nimbl is an example of a new offering which proclaims to help children learn money skills for life.

 - 4 Min Read
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How does nimbl work and is it any good?
  • Nimbl is a pocket money app for six to 18-year-olds
  • While not a fully-fledged bank account, it does come with a prepaid debit card
  • You can set spending limits on the account so your grandchild can’t overspend
  • Micro savings work like a round-up feature to encourage savings

Nimbl: FAQs

  • Who regulates nimbl?

    Nimbl Ltd is registered at Judds lane, Coventry, CV6 6GE and, as you would want to see from a provider offering you a savings product, is regulated by the Financial Conduct Authority. It means any money used with nimbl is subject to the rules set by the FCA.

  • Where can nimbl be used?

    Unlike a savings account for your grandchildren, your grandchild could use a nimbl card in-store or at ATMs to make cash withdrawals. Your grandchild can also use it online to buy items or services, as well as help your grandchild send friends funds for any bills they split.

  • Do I need a parent account for nimbl?

    Yes, you do - but it doesn’t have to be your current account, nor does it have to be linked to any savings account you have. You can set it up and transfer to it as and when you need to so that you can also transfer to your grandchild's account when you need to.

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Nimbl accounts are aimed at children and teenagers between 6 and 18 to help them keep on top of their pocket money. While bank accounts exist for children and teenagers, like the Monzo 16-17 account, as a parent or grandparent, you may want to have more control over what kids do with their money. Nimbl offers an excellent in-between option, as it has many features and makes it easy to transfer money to a child.

Save for your grandchildren's future by checking out the UK's leading Junior ISA providers now.

What is nimbl? And how does it work?

Nimbl is a pocket money card and app for young people. So if you have a grandchild between six and 18, it could be an option to pay them pocket money or transfer funds on an ad-hoc basis. It gives you the means to provide them with digital pocket money, so you don't have to give them cold hard cash. 

Electronic money transfers make your life easier, and the app also has online statements so you and your grandchild can see where and when money is being spent. You can also use the app for gifting as family and friends can transfer money to nimbl cards. 

Finally, to encourage saving, account holders can set up "micro-savings," meaning a certain amount of money is put into a different pot every time they spend. Users could quickly see their savings grow as a result. 

Features of the nimbl.com offering

Nimbl.com has set up a slick operation to ensure that you get a product useful to you and your grandchild when you sign up. Here are some of the features that make it worthwhile to use. 

Pocket money app

Having a smartphone app that helps you keep track of what you have paid your grandchild is great, but it also allows your child to take more of a proactive approach to money management. In addition, apps tend to be more interactive, so youngsters are more likely to be interested in using them. 

Parental controls

Unlike a standard bank account, you can set up controls to decide where and when your child or grandchild can use their nimbl cards. That means you can ensure they can't just spend all their money on junk food, online gaming, or anything else where free reign at a young age could have negative ramifications. 

Easy transfers

If you want to transfer your grandchild cash, like monthly pocket money, you can set up regular payments easily through the app. Children then get notified that funds have been deposited, and you can be sure that you are up to date with any pocket money you said you would send. It means you don't have to be with your grandchild physically to give it to them - which is excellent news if you don't live nearby. 

Spending alerts 

If you want to know where your grandchild is spending their cash, you can set up instant notifications on your phone so that you are informed when they are making a purchase. That offers peace of mind and gives you information to help guide their purchases in future. It can help create a safe environment for forming good money habits. 

Own card

One of the best features of nimbl is its prepaid debit card, run through Mastercard. Children's nimbl cards mean they can pay for things when out and about without you, giving them a certain amount of freedom to purchase items they think they need or want. You can top up when required, whether they are out shopping or on the other side of the world - giving you peace of mind. 

Should I sign my child up to nimbl? 

All of the above features make nimbl a compelling product. The functionality that nimbl comes with helps nurture good money habits so that when a child becomes a grown-up, they already have excellent money skills such as accurate budgeting. Financial literacy is crucial to financial health, so it's a significant advantage to your child's future if they learn now. Plus, micro-savings are a brilliant way to show kids that saving a little bit, but regularly, can add up to a significant amount of money. 

Nimbl is also a slick operation, jam-packed with extras that help your child or grandchild and you. Your life becomes easier through automation and online record keeping - you know what funds are going where. Finally, you get peace of mind through setting monthly spending limits, so you know that your grandchild won't go crazy with cash if you give them half the chance.

The content on pensiontimes.co.uk is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial advisor. Any references to products, offers, rates and services from third parties advertised are served by those third parties and are subject to change. We may have financial relationships with some of the companies mentioned on this website. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors
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