Prepare your kids for a lifetime of financial success

Amboy Bank is partnering with FamZoo, a finance app for parents and kids

At Amboy, we understand that financial literacy is key to a successful future, but teaching kids to be financially savvy can be a difficult, but essential, endeavor. That's why we're partnering with FamZoo, which offers an innovative, practical, and customizable approach to instilling financial wisdom from an early age.
 

Why FamZoo?

• Practical education: FamZoo empowers parents to turn everyday experiences, like household chores, into valuable financial lessons.
• Flexibility: Every family has its own values and beliefs when it comes to money matters. With FamZoo, you have the flexibility to customize the conversation and lessons to align with your family's unique financial principles. You're always in control, of the financial education your child receives.
• Foster independence: FamZoo encourages kids to make their financial decisions under your guidance. It gradually eases them into understanding finances, starting with simple concepts, like saving for a new toy, and gradually progressing to more complex topics like earning interest and budgeting for future goals.

Who is FamZoo For?

Kids

Additional Resources

• US Mint Coin Classroom: Games from US Mint that teach kids about currency and money management
• Financial Fables: Entertaining stories and videos about economics and personal finance

Teens

Additional Resources

• FDIC's Money Smart for Young People Series: Each age-appropriate curriculum includes lesson plans for educators along with guides for parents and caregivers
• Financial Football: A fast-paced, interactive game that engages students while teaching them personal finance skills

Young Adults

Additional Resources

• Reality Check: Answer a few basic questions about the type of lifestyle you want. 
• Financial Football: A fast-paced, interactive game that engages students while teaching them personal finance skills

FamZoo Features

• Keep your kids on a budget: Parents control accounts and money rules. Kids see just their own accounts with controlled access.
• Track chores and odd jobs: Teach kids the value of a dollar and the connection between money and work. Schedule chores and odd jobs tied to rewards or penalties.
• Automate allowances: Automate recurring transfers, such as allowances, between family member cards.
• Encourage saving: Teach kids to set, track, and achieve financial goals. You can set savings goals, make savings projections, and track progress, all from the FamZoo app.
• Inspire charitable giving: Teach kids to assign a purpose to each dollar with simple envelope budgeting. Separate funds into multiple purpose-driven accounts.
• Pay interest: Teach kids the power of compound interest in a timeframe they can appreciate. Define and automatically pay your kids an interest rate on their savings.

How to Get Started

• Enrollment: Log in to Digital Banking, choose FamZoo in the lefthand menu, and click Start a Free Trial. Enter your billing details to begin your 30-day free trial.
• Set up your FamZoo account: Enter your family's information, including who will be on the parent and child accounts, how many prepaid debit cards you need to order, etc. 
• Transfer funds: While you're waiting for your debit cards in the mail, you can transfer funds directly from your Amboy account to your FamZoo parent account. In Digital Banking, choose Funds Transfer from the Transactions menu and select FamZoo as your external To Account.
• Download the app: Manage your family's finances while on-the-go with the FamZoo app available in your app store.