UK start-up StorkCard launches joint account for parents to manage childcare
StorkCard, a debit card provider designed for parents, has launched what it’s dubbing “the world’s first” current account designed to help parents “baby-proof” their savings.
The joint account is called ‘StorkCard Village’
The London-based start-up has created a joint account called ‘StorkCard Village’ for parents to coordinate child-related spending between them and child carers.
Following the recent launch of its baby budgeting app, the 2018-founded start-up’s new joint current account allows both parents to add family, friends or other childcarers as joint account users.
Named “Helpers” in the account’s app, each non-parent carer gets their own card linked to the joint account designed to cover all childcare costs.
“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,” says StorkCard co-founder CEO Bruce Pannaman.
In a bid to help parents avoid the “awkwardness” this burden entails, Pannaman says the new joint account can “manage the shock of child-related costs, which only seem to go up”.
Monese also launched a new joint account in the UK this month which it says is the “first” in Europe to offer cross-border capabilities.
Using artificial intelligence (AI), StorkCard’s app also offers “personalised cost plans” to prepare couples who often have individual accounts for parenthood.
“An increasing number of parents are using separate bank accounts but that concept becomes complicated once you have a child,” says fellow co-founder Andres Korin.
