Spriggy is a unique money app that allows parents to teach their children about financial responsibility. While Spriggy is not a bank or neobank, it is an independent money app that allows users to store and manage their funds. Any funds deposited into a Spriggy account are held by the Brisbane-based Authorised Deposit-Taking institution (ADI) Indue.
One of the key features of Spriggy is the prepaid Visa cards that parents can give to their children. These cards can be used to spend in-store and online, but cannot be used to withdraw cash from ATMs at the moment. If your child’s card has been swallowed by an ATM, contact Spriggy’s Member Help team for a replacement.
To add money to your Spriggy account, you can link your bank account details to the app and select “Top Up Parent Wallet.” From there, you can transfer money from the Parent Wallet to your child’s prepaid card. This allows parents to monitor their children’s spending and teach them financial responsibility.
Another feature of Spriggy is Spriggy Invest, which allows parents to invest money on behalf of their children. Parents can see their child’s investment by tapping on their profile in the app and selecting “Investment.” When you’re ready to withdraw from Spriggy Invest, simply tap on the investment and select “Withdraw.” It will take 3-5 business days for the funds to land back in your linked bank account.
Spriggy is a great tool for teaching children about financial responsibility and managing their money. With features like prepaid Visa cards and Spriggy Invest, parents can monitor and teach their children about budgeting, saving, and investing. While Spriggy is not a bank or neobank, it offers many of the same features and benefits as traditional financial institutions.
What Bank Is Spriggy Through?
Spriggy is not a bank or neobank. Rather, it is an independent money app that allows users to manage their finances. Any funds that are moved into a Spriggy account are actualy held by an Authorised Deposit-Taking Institution (ADI) called Indue. Indue is based in Brisbane and is responsible for holding and managing the funds that are deposited into Spriggy accounts. In other words, Indue acts as the custodian of the funds, ensuring that they are kept safe and secure. It is worth noting that Indue is a fully licensed ADI, which means that it is regulated by the Australian Prudential Regulation Authority (APRA) and is subject to strict regulatory requirements.
Can You Withdraw Cash From Spriggy?
Unfortunately, at the moment Spriggy prepaid Visa cards cannot be used to withdraw cash from ATMs. These cards are designed to be used for making purchases at stores and online. Therefore, your kids can use their Spriggy cards to make payments wherever Visa is accepted. However, if you have accidentally used your Spriggy card at an ATM and it has been swallowed, do not worry. You can contact the Spriggy Member Help team to get a replacement card. It is important to note that the replacement card will have a different card number, so your kids will need to update their card details with any merchants or services that have recurring payments set up.
Can You Transfer Money From Spriggy To A Bank Account?
You can transfer money from Spriggy to a bank account. To do so, you need to follow these steps:
1. Open the Spriggy app and go to the main menu.
2. Tap on the “Wallet” option.
3. Select the “Withdraw” option.
4. Choose the amount you want to withdraw and the bank account you want to transfer the money to.
5. Confirm the transaction and wait for the money to be transferred.
Please keep in mind that it may take 3-5 business days for the money to appear in your bank account. Additionally, there may be fees associatd with the transfer depending on your bank’s policies.
Can You Deposit Money Into A Spriggy Card?
You can deposit money into a Spriggy card. The process involves adding your bank account details to the Spriggy app when you set up the account. Once it’s set up, you can select “Top Up Parent Wallet” to add money. From here, you can transfer money from the Parent Wallet to the child’s prepaid card. It is important to note that the Parent Wallet acts as a holding account for all funds deposited into the Spriggy account. This allows parents to easily manage ther child’s spending by transferring specific amounts to the child’s prepaid card as needed. Additionally, parents can set up automatic transfers to ensure that there is always sufficient funds available on their child’s Spriggy card.
Conclusion
Spriggy offers a unique approach to teaching kids aout financial responsibility by providing a prepaid card and money management app. While Spriggy is not a bank or neobank, funds are held by an Authorised Deposit-Taking institution (ADI) Indue. With Spriggy, kids can spend in-store and online, but cannot withdraw cash from ATMs. Additionally, Spriggy Invest allows parents to invest money for their children, with the option to withdraw available within the app. Adding money to the Spriggy account is easy, with the ability to link a bank account and transfer funds to the Parent Wallet and then to the child’s prepaid card. Spriggy provides a practical and engaging way for parents to teach their children about financial literacy.
