Your child can automatically transfer all or part of their pocket money into different Stacks or linked Youthsaver accounts with the PayDay split feature.
When PayDay is processed, Kit will distribute their earnings according to the allocations kids have set, making it easier for them to manage their money and learn about budgeting.
If this feature is not set up, your child’s PayDay earnings will be transferred to their Card.
Set up PayDay splitting
To begin, you must have PayDay set up. Follow these instructions if you have not yet set up PayDay.
If you have already set up PayDay:
- Open the Kit app.
- Navigate to your child’s profile. You can do this by entering your Boss profile then tapping on your child’s name, or selecting the child’s profile on the ‘Who’s there?’ screen.
- Tap on the ‘Earn’ tab.
- Tap on ‘Set up Split’ in the top part of the screen. If this has been previously set, tap on the text saying ‘(Amount) will be transferred to...’
- Drag the sliders to allocate PayDay into up to 5 Stacks or Youthsaver accounts.
- Tap ‘Save my split!’ to save.
-
If your child adds a Youthsaver to their split, they will be prompted with the Boss Code if you have not yet given your child permission to transfer into the Youthsaver without the Boss Code.
You can edit or remove the split at any time.
How the PayDay split is calculated
When you split PayDay, the amounts are based on the maximum amount that could be earned. If your child earns less than the maximum amount, money is split in the same proportions. For example, your child has maximum earnings of $20 and has set it up so that half ($10) goes to their Card and the other half ($10) goes to the Stack. If your child earns $10 this week, $5 will go to their Card and $5 will go to their Stack.
Other things to note:
- Split amounts will be rounded to the nearest 10 cents, e.g. $9.92 will be rounded to $9.90. The remaining money (2 cents) will remain on the Card.
- If the maximum potential earnings change, the proportion of allocations will remain the same.
- If a Stack is deleted, or a Youthsaver account is removed from Kit any allocations to those Stacks or accounts will be reassigned to the Card.
CBA New Digital Businesses Pty Ltd (ABN 38 633 072 830), trading as Hey Kit, has been appointed as authorised representative (001296799) of Commonwealth Bank of Australia (ABN 48 123 123 124 AFSL 234945) who is the issuer of the CommBank Youthsaver account.
Any advice provided is general only and does not take into account your objectives, financial situation or needs. Please consider the T&Cs, available here, and whether a Youthsaver account is appropriate for you.
The target market for CommBank Youthsaver will be found within the product’s Target Market Determination, available here.
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.