Features, Benefits and How it Works
Modak is a U.S.-based neobank dedicated to helping families manage money together while teaching kids and teenagers essential financial skills.
Modak offers a digital banking experience designed specifically for young users, providing tools for parents to guide their children in managing allowances, setting up savings goals, and learning about budgeting and responsible spending.
Through Modak’s app, parents can track their children’s spending, create personalized saving and spending rules, and set financial goals. Each child receives an FDIC-insured account and a Modak debit card that allows them to make purchases within boundaries set by their parents.
Founded: 2022
Headquarters: California, USA
Users: unknown
Countries available: United States
Account plans: prepaid debit card for children and teenagers