Bottom Line: Great! (if you're willing to put in the time to use it.) A 21st century, mobile piggy bank.
The app is remarkably detailed: In addition to recording the standard credits (birthday money, allowance, mowing the lawn, etc.) and debits (such as buying a new toy), parents can, for each each child, set a save/spend split to determine how much of each deposit should go in a savings account or spending account and even the interest rate you will pay for the amount they keep in the savings account, to explain and encourage savings.
KidsBank comes preset with a job samples, such as babysitting, car wash, etc., with their own description and credit amount. The parent can use those, delete them, edit them and add their own.
All of the deposits and withdrawals are done on an ATM page, where the jobs and amounts are preset as options to click.
Since it is a native iPhone app, KidsBank can be kept with you for all those times the kids say "Can I have that?!" One check of their balance on the "kids" tab will help them learn a valuable lesson, one way or the other. Account statements and a "Fridge Sheet" can be emailed from the app.
The app is even advanced enough to apply negative interest if someone spends more than they have (if you choose to let them, that is.) Paying off a loan can be a valuable lesson as well.
The only thing missing from KidsBank ($2.99) is a way for my kids to notify me that they are going on strike until I raise the credit they get for doing the dishes.
It's not something you can do in five minutes, but if you're willing to put in the time, this is an excellent app that I hope to use to replace the wall charts I currently have near my desk. Highly recommended!
If you would like to purchase KidsBank please use the links provided. The cost is the same, but Smart Apps receives a small percentage. Thanks for your support!