FamilyMint is designed to help simplify parents' lives by automating allowance and interest payments if you choose to pay it. No more fumbling for the exact amount of change or forgetting allowance day all together. Just input the amount and the rest is taken care for you. You can either set up the recurring allowance and interest payments during the child profile creation process or at anytime under the Account Information tab within the child's profile.
- Allowance - Amount - Enter the amount you wish to pay your child.
- Allowance - Interval - Select the interval at which allowance is to automatically be paid. Allowance is paid early in the AM on Friday morning. Interval can be set to Weekly, Every Two Weeks, or Monthly.
- Interest - Rate(APY) % - Enter the interest rate you wish to pay your child as a means to encourage saving and teach the appreciation of the dollar.
- Interest - Interval - Select the interval at which interest is to automatically be paid. Interest is paid similarly to Allowance. If you enter 10% Monthly, FamilyMint will calculate the interest you will pay for every $100 your child has saved.
That's it. Click on the Save button and you're done.
Note: You can see these automated allowance and interest deposits by going to the Transactions tab either from the parent home page or the individual child pages. These deposits will not appear on the Pending tab -- since these deposits are made automatically per your settings they are automatically approved.