Joey is more than just a banking app!

Dr. Silvio Walser, Product Manager of Digital Product, Bank of Cyprus: “A guide for young people on their journey towards financial independence”

Financial literacy skills, such as budgeting, saving, and managing money, are foundational for lifelong success, yet many young people grow up without access to the right tools or understanding to build these habits. In fact, studies show that those who learn financial management at a young age are more likely to make better financial decisions in adulthood.

This is where Joey comes in – a next-generation banking app designed specifically for kids aged 9 to 17. Joey combines practical banking features with engaging tools to help kids and teens learn to manage money in a safe, structured way, with the guidance of their guardian.

Dr. Silvio Walser, Product Manager of Digital Product Management, explains: “Joey is more than just a banking app – it’s a guide for young people on their journey toward financial independence and designed to grow with your child. From their first allowance to their first paycheck, Joey helps kids build healthy financial habits that last a lifetime”.

How does Joey teach financial responsibility?

At its core, Joey encourages kids to learn by doing. Whether they’re saving for a specific goal, managing their allowance, or making decisions about spending, the app provides a real-world context for learning how to manage money. Joey’s savings goals feature, for example, helps kids set aside money regularly, teaching them the value of delayed gratification and consistent saving habits.

Additionally, Joey will provide a money health score, which takes multiple elements into account to assess a Joeyer’s overall financial behaviour. Money Health helps Joeyer’s to monitor their financial well-being based on best practices like the 50-30-20 rule – where saving at least 20 per cent of income is encouraged. It also introduces the idea of building up an emergency fund to prepare for unexpected expenses.

How does Joey balance autonomy with guardian control?

Joey is designed with both kids and guardians in mind. While kids get to manage money independently, guardians retain oversight through the Bank of Cyprus mobile app Joey controls. Guardians can set up an allowance, review transactions, and monitor their child’s progress, all while giving their kids enough freedom to make their own financial decisions. For example, Joey allows kids to make online purchases, but the guardian has the final say in enabling the spend features, e.g. online purchases, and the respective limits applied.

Key features

What are the key features of Joey that help with financial literacy?

Joey’s standout features are designed to teach financial skills through everyday experiences for example

· Kids can set specific savings targets and track their progress, helping them understand goal-setting and the value of consistency.

· Kids are encouraged to save for emergencies, an essential part of financial health.

· Joey tracks spending habits and compares them to earnings, helping kids learn how to budget.

Why is Joey different from prepaid debit cards for minors?

Many prepaid debit cards for minors focus almost exclusively on spending. These cards are typically linked to a guardian’s account, and while they allow kids to make purchases, they don’t provide the tools necessary for kids to actively manage money, monitor their habits, or learn the value of saving.

Joey goes beyond just enabling spending. It’s a full-featured banking experience designed to teach kids about financial responsibility through savings goals and a comprehensive money health score. Joey empowers kids to feel trusted and proud of their progress, while also giving them a deeper understanding of money management.

Protection

How does Joey protect their users?

Joey is designed to ensure both guardians and kids feel secure when managing finances. Joey card is a debit card which means that in principle the kid can only spend what’s available in their Joey assuming guardian has enabled respective spend controls and limits. So there is no overdraft facility which could potential result into debt.

In addition to this, Joey offers several security features such as card freeze. Both the child and the guardian have the ability to freeze the Joey card at any time needed.

How does Joey adapt to different age groups?

Joey offers a simple, user-friendly interface that was especially designed to be age-appropriate for kids aged between 9 to 17years. Joey understands that a 9-year-old and a 17-year-old have very different financial needs and skills. The app’s flexible structure allows kids to grow with it. Younger users may focus more on learning the basics, like setting up a simple savings goal, while older teens might engage with more advanced features like budgeting for specific goals or tracking spending trends.

What does Joey cost?

The goal with Joey was to make it accessible for everyone, so the pricing is very affordable—just €5 per child per year, which is like the cost of a coffee. Despite this low price, Joey offers a wide range of valuable features and benefits.

For starters, currently each new Joeyer receives a welcome gift, and there are exciting events like the upcoming draw for participation in the Junior Eurovision Song Contest in Madrid. On top of that, purchases made at qualifying merchants count toward the Antamivi reward scheme by the Bank of Cyprus, where guardians can use the accumulated points to redeem rewards.

For more information: https://www.bankofcyprus.com/joey/