Rise App in CapEd eBanking
The CapEd Rise App in eBanking is a customized financial education tool for youth under age 18 that encourages and teaches kids how to use savings and checking accounts. Designed to integrate with CapEd's Rise Youth and Young Adult Savings account, the app works as a communication tool, a reward system, and a motivator for children to learn positive money management principles.
Rise App Benefits and Features
Financial Education and Communication
Parents and their kids can send messages through the Rise App to request money, complete assigned chores, review grades, and make loan requests. Kids can also earn virtual trophies by completing It's a Money Thing financial education videos that help them understand money management and financial concepts they'll need later in life.
Children can earn virtual trophies in the Rise App as rewards for meeting their goals, ranging from saving money and creating budgets, to paying off loans or completing chores.
Kids will learn the ins and outs of cash flow by tracking funds they deposit in-branch or on their mobile phone, transfers from their parent or guardian's joint account, automatic payments for completed chores, and loan payments made to their parent or guardian's account-- all easily managed within the Rise App.
Kids can track their trophies in the Rise App Leaderboard, featuring trophy rankings for all app users. The entire family can even engage in the fun! Siblings registered in the Rise App will be able to compete with family members to see who's ahead of who in the family leaderboard.
The Rise App in CapEd eBanking is designed specifically to integrate with the Rise Youth and Young Adult Savings account to reward kids for their savings habits and teach them about the value of managing their money responsibly.
The Rise App is built into CapEd's Online Banking and Mobile Banking App. It can be accessed on both mobile and desktop through CapEd eBanking.
CapEd's Rise App is available for children under age 18 to use with a joint parent or guardian.
Yes. Children using the Rise App to earn rewards for their Rise Youth and Young Adult Savings account need to have their own eBanking credentials, which may be set up by their parent or guardian.
Registering your child in CapEd's Rise App is quick and easy. Once you've logged into CapEd eBanking on desktop or mobile and selected the Rise App, you can create your child's profile. A child's profile should include their name, their associated Rise Youth and Young Adult Savings account (selected from the dropdown menu), their birthday, and the type of notifications you'd like them to receive for app activity. If you choose to send them a text push notification, you'll need to enter their cell phone number.
We love the customization, too. However, your child's first name must match the first name on their CapEd Rise Youth and Young Adult Savings account to ensure app functionality.
At this time, only one parent can be linked to the child's account in the Rise App to assign tasks and view the child's task progress.
That's ok! The Rise App is a fun communication tool between parent and child that doesn't require a cell phone, as long as the child can access CapEd eBanking. A parent or guardian can even log into their child's profile on their own device and navigate the Rise App with them following along.
If a child with a Rise Youth and Young Adult Savings account chooses to remove their parent as a join account owner on their account after they turn 16, they will still receive the benefits of the Rise Youth and Young Adult Savings account, but the Rise App is not accessible to children without a joint adult account owner linked to their profile in eBanking.
Once a parent registers themselves and each of their children in the Rise App, they will see everything their child can see with the added ability to choose their personal CapEd account associated with their child's account, transfer money to their child's account, inquire on the balance of their child's account, review app tutorials, and review their child's Rise App overview.
The child's account overview shows the child's CapEd account balances and budgets. Parents can also:
- View outstanding chore tasks, update task status, and assign new chores
- View completed chores, send completed chores back for additional work
- Review training resources from It's a Money Thing
- Create a child's budget
- Change/update linked accounts
- Change the child's avatar or remove/change child's profile
- Adjust their parental loan interest rates
- Review and approve Loan and Money Requests and leave feedback for their child about each request
A child can view their account information and interact with various Rise App features, including:
- Deposit accounts overview
- Budgets: Budgets include short term savings, long term savings, charitable giving, bills, and spending.
- Rewards: The current month's virtual trophies earned and progress toward virtual rewards.
- Trophy Leaderboard:
- If multiple children are registered within the App to one parent account, each child can see their reward/trophy ranking within the app.
- Each child can see their ranking against other same-age children in the App's global leaderboard feature.
- Profile: Children can update their avatar photo, view It's A Money Thing videos, and check the interest rate on loan requests.
- Task Tab: A child can review chore history, completed chore tasks, and new chores assigned by their parent and send recently completed chores to parents for review.
- Money Requests: Children may request money from their registered parent and view all previous requests.
- Loan Requests: A child may request a loan from their registered parent, detailing the amount requested, their payment frequency, loan terms, and the reason for loan. The child will then be able to view the parent's feedback. Loan details for any parental loans and payment options.
- Grade Card Review: A child can submit grades in this section of the app.