StorkCard, a debit card service provider developed specifically for parents, has introduced a new service it calls “the world’s first” current account designed to assist parents in “baby-proofing” their savings. The joint account is referred to as “StorkCard Village.”
The London-headquartered company will offer a joint account, “StorkCard Village,” to parents who want to coordinate and manage child-related spending between them and people who may be babysitting their kids.
After the recent launch of StorkCard’s baby budgeting app, the company’s new joint current account will let parents add family, friends or other people looking after their kids to the StorkCard Village joint account.
Called “Helpers” in the account’s app, non-parent caregivers will have their own cards linked to the joint account, which will be used to pay for all costs involving childcare.
StorkCard co-founder and CEO Bruce Pannaman stated:
“Raising a child is becoming more and more expensive, but many parents find it difficult to ask for support because they don’t want to burden anyone with the costs.”
In order to assist parents in avoiding the “awkwardness” of the financial burden, Pannaman notes that the company’s joint accounts are able to “manage the shock of child-related costs, which only seem to go up.”
Monese recently introduced a new joint account for UK customers, which the company claims is the first in Europe to provide international transaction capabilities.
StorkCard’s app uses artificial intelligence (AI) to offer “personalized cost plans,” which help prepare parents who usually have individual accounts.
StorkCard co-founder Andres Korin remarked:
“An increasing number of parents are using separate bank accounts but that concept becomes complicated once you have a child.”