Mydoh review

Mydoh empowers teens to earn and spend and parents to get some help around the house while teaching their kids the value of a dollar.

Mydoh is an app that puts learning important life skills right in the palm of your children’s hands. It empowers them to earn, spend and save money. Instead of just taking an adult’s opinion on the value Mydoh provides, we’ve had both a mom and her 14-year old daughter, who are Mydoh users, give their input on the value, functionality and benefits of the app for this Mydoh review.

It’s never too early to teach children about financial literacy. 

What is Mydoh?

Mydoh is a digital application and Smart Cash Card from Royal Bank. It’s designed for children but controlled by parents and it helps kids grasp the basics of managing money. Parents have the ability to set tasks or provide an allowance, enabling their children to learn how to earn, save and spend money. Each time a child uses their card, parents receive a notification detailing the purchase and its location. This gives the child the freedom to use their Mydoh card anywhere it's accepted.

Mydoh features

Mydoh offers a host of features that make the card and app a valuable tool, including: 

• Chore assignment
• Physical card
• Digital card
• Lock and unlock cards
• Oversee spending
• Instant money transfer

Pros and cons: A teen’s perspective

Pros and cons: A parent’s perspective

3 things I like about Mydoh: (A teen’s perspective)

1. 1 I can easily access my own money
2. 2 I can save money easily and spend it mindfully
   
3. 3 I can login using biometrics/login easily
   

3 things I like about Mydoh (A parent’s perspective)

1. 1 I can easily send my child money
2. 2 I have the ability to monitor spending
3. 3 I can assign chores with a cost, which increases likelihood they’ll get done
   

What should I know before I get the Mydoh app?

The card, while very versatile, is not accepted everywhere, the same way a typical Visa or debit card is not accepted everywhere. The app needs data to run so if your child doesn’t have data on their device, they need to be on Wi-Fi to be able to access it.  

Mydoh is user friendly for both parents and kids. 

How to apply for Mydoh

To apply for Mydoh, both the parent and child need to download the app to their individual phones. 

For children to get the Mydoh app, simply download it from wherever you get your apps (Apple App Store or Google Play).  Then select ‘child sign up’ and enter their invite code or use the link that was received in an email to confirm their account. They will then need to confirm the account, their personal details, create a password and agree to the terms. 

Parents need to choose ‘parent sign up’ and follow the prompts in the app. Parents are required to sign up using their existing RBC bank account, or provide government ID to prove identity and complete sign up.

Mydoh eligibility requirements

Parents must be of legal age to sign up and they can add children of any age to the application. Parents must have an RBC account or be able to provide government issued identification.

Mydoh required documents

To sign up for Mydoh, parents who have an RBC account require no further documentation. If they do not, they will need to provide government issued ID, such as a driver’s license or passport.

Children are required to provide a passport, a birth certificate or a social insurance number in order to register for Mydoh.

How do I fund my Mydoh account?

To fund the Mydoh account, parents fill a digital wallet on the app via etransfer, debit card or by logging into their RBC bank account. Once the money has been added to the parents’ wallet, any funds available in that account can then be transferred manually to your child’s wallet, or automatically based on chore completion or allowance date.

Is Mydoh safe for teens?

Mydoh is safe for teens. The Smart Cash Card is a Visa product issued by Royal Bank of Canada. Additionally, teens can only spend what is available to them in their wallet, meaning they can’t overspend and build debt on the card. 

Mydoh compared

Mydoh vs Neo JA Money card

Both the Neo Financial Junior Ambassador Money Card and the RBC Mydoh Card offer robust tools for teaching kids about money management.

Neo Financial Junior Ambassador Money Card might be better suited for families looking for a hands-off option with potential rewards and a focus on financial literacy through interactive app features.

RBC Mydoh Card is an excellent choice for families who want a comprehensive allowance and chore management system and integrated educational tools.

Mydoh review: Bottom line

Teen’s perspective

I really like having easy access to my own money, setting saving goals and completing chores. The pros far outweigh the cons. It’s annoying that I have to be on Wi-Fi and I have to have the card with me because I’m not able to easily pay with my phone. However,  the fact that I can responsibly spend and save money is worth it.

Parent’s perspective

Mydoh is a great tool that enables me to provide money instantly to my child when she needs it. It also empowers her and me to attend to chores and inspire both work and earning to contribute to the household and her own spending and saving wants and needs. It would be good if the app gave kids and parents warnings when assigned chores are nearing their expiry to create urgency and encourage completion. This would add to the aspect of children having responsibility and expectations on them to complete assigned chores. Overall, this is a tool I recommend to parents who want to empower their children learning hands-on about money management and financial literacy.

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