bankaroo
BANKAROO FOR SCHOOL EDITION
Designed and developed with the help of teachers and school administrators to easily manage student accounts and to teach math and financial education.
Built on top of the Bankaroo platform, kids enjoy the unique, kid-friendly experience loved by hundreds of thousands of members, while teachers have control over the students’ accounts and activities.
Create your free account (one free account per school).
FAQ and TUTORIALS
General
Are Bankaroo and Bankaroo for schools the same?
Yes and no.
Both editions run on the Bankaroo platform and can be experienced via desktop and mobile devices.
However, as Bankaroo for schools was created to support different usage and scenarios from the family edition, several changes were made.
Here are some of the key features that are unique to the school edition:
Managing school and classes
- Manage multiple classes
- Easy setup of classrooms, teachers, and more
- Use your school logo – visible to all users when they log-in
Bulk Actions
- Import students from a file and /or add students manually
- Easily setup of usernames and passwords
- Overview balance, activities, and goals of the whole class
- Bulk management of funds, goals, and activities, for the whole class or for selected students
Please note that the students can use a dedicated mobile app for schools, allowing them to use Bankaroo separately with their families.
How does Bankaroo use at schools?
Bankaroo is used in many ways. With its many functions, teachers have the ability to apply Bankaroo in their classes in many ways. The key usage scenarios we have seen so far for Bankaroo for schools include one or more of the following:
- Financial education
Teachers use Bankaroo to educate kids about money, what are financial transactions and how they are used in the real world.
- As part of the Math curriculum
Finance is a great way to show Math-at-work and how simple concepts of adding, subtracting, and interest work in the real world.
- As a positive point behavior system
Teachers use Bankaroo to help the students stay motivated using a positive point system. For example, allocating each student 10 points at the beginning of the week, and then adding or removing points based on behavior. At the end of the week, students can ‘buy’ items (such as office supplies, extra 5 min breaks, and other creative ideas) with the points they have in their account.
Check out the testimonial section for some real-life examples.
Safety and compliance
Is Bankaroo secured?
Bankaroo is a virtual bank and does not hold or manage real funds. Nevertheless, we take security seriously – Bankaroo runs on a secured server, and all the data is encrypted. All communications are on HTTPS protocol and school admins have full control over who has access to their accounts.
What information does Bankaroo store?
School administrators and teachers (adults) are required to register using their email to allow account and information verification per the Children’s Online Privacy Protection Act (COPPA).
Bankaroo DOES NOT require kids’ email addresses, real names, or mobile numbers, only usernames that are created by the school admin
Does Bankaroo meet the requirements of GDPR, COPPA, SOPPA, and other ‘standards’?
Yes, Bankaroo does meet GDPR and COPPA requirements.
However, many countries, states, and school districts have different requirements, we cannot address individual applications from teachers.
Please contact us at support@bankaroo.com in case you are interested in a site or multi-site license with over 500 students and need us to review such requirements.
You can find our legal information here:
https://www.bankaroo.com/legal/
Pricing
Is Bankaroo for schools free?
We offer the school setup and the first classroom, with up to 20 students for free.
Unlimited classes and additional students accounts are available for a fee.
Please check our pricing information here: https://www.Bankaroo.com/Bankaroo-for-schools-pricing-update/
Can I pay by credit card?
Yes, you can upgrade your plans and pay directly from the application.
We are using a secured service called www.stripe.com and do not store payment information in our system.
Can I pay by PO or check?
Yes, although we prefer to get paid by a credit/debit card, you can contact us at support@bankaroo.com and request payment via invoice.
Please note that may delay the authorization and your account setup.
Can you provide a W9?
Sure, although as an online service subscription you may not need one.
Please contact us at support@bankaroo.com with the details.
What if I downgrade or cancel my paid plan?
All future payments will be canceled and your account student limit will be updated accordingly.
What if I cancel my account?
We would be sorry to see you go…
Your account will be set on HOLD and scheduled for deletion. During that time you may ask us to reactivate it. After a few weeks, it will be deleted completely.
School account settings
How to update the school’s name and admin’s password
How to add a teacher (a teacher can be assigned only for one class)
How to add classes (a teacher can be assigned only for one class)
How to add a school logo
How to add students, one by one
How to add students using a CSV file import
How to delete students’ accounts
How to update one or more settings for students
How to update student information (including profile image)
How to allow students to transfer funds to other students in the class
How to use Bankaroo in class
How to add funds to students (one time)
How to add recurring funds to students
How to STOP recurring activities
How to allocate funds from students (one time)
How to allocate funds from students (recurring)
How to set goals for students
How to export my student list and balance to Excel
How to switch views between classes
How to switch to student detailed view (see what they see)
How to switch from students detailed view to the teacher’s list view
Students detailed view (as the students see it)
How to print student’s card/report
Reports and emails
How to manage my reports and email updates
TESTIMONIALS
Bankaroo is fantastic, and teaches kids about handling money. I am using it this year for students to earn money to use in playing the game of Mathopoly. Instead of having paper money, they have a bank account to buy property and pay debts owed.
– Sharon A., Aledo Christian school
We use Bankaroo for behavior management connected to Class Dojo. Paper money is old school. Kids can keep an online account to track money earned (deposited) and track money spent (withdrawals) for student store, class auctions etc.
– Denise M., Ina Arbuckle Elementary, CA, USA
Bankaroo is useful tool for real world learning about economics. I used it as part of Economics Unit - Goal setting, Needs v Wants, Accounting process for small business class venture, understanding taxation and developing a work ethic for a virtual reward.
– Norma E, Saint Ignatius College, Geelong, Australia
Bankaroo is a great resource and kids love seeing their accounts grow! We use Bankaroo as our online banking system. Students earn money from Class Dojo earning points or lose them for things like behavior, to character traits, to responsibility and such. Every other month students will withdraw their funds and participate in a class auction. Those who have more are able to bid higher just like in real-life. Once the auction is over, any remaining funds get deposited back in student accounts for the next auction. Students see their bank accounts weekly, they have to balance their money, and they have to be able to earn and spend appropriately. No more class paper money getting lost, destroyed, or stolen. Thanks Bankaroo!!!
– Denise M., Ina Arbuckle Elementary, CA, USA
Financial Literacy component of our provincial math curriculum
– Lois , Pythagoras Academy, Richmond BC Canada
Bankaroo is simple to use for a classroom economy system. We use a classroom economy for our behavior management system. Bankaroo helps keep track of students' wages they have earned. They set goals for which prizes they are saving up to buy. Students can earn extra money by going above and beyond classroom expectations. Students lose money for not meeting expectations. Parents and students are able to use the Bankaroo app to keep track of money that has been earned or lost, and the option to leave a description for each transaction is fantastic so that behaviors can be tracked.
– Ms. Kaltreider, Middle school
We are using Bankaroo in our middle school as part of our PBIS program (positive behavioral interventions and supports). Kids earn credits by demonstrating positive behaviors, and are able to use their credits for different incentives and activities throughout the school year. They love being able to keep track of what they've earned and set goals for themselves, and our teachers love how easy and convenient Bankaroo is to use!
– Emily C., Clinton Avenue, CT, USA
Bankaroo is a solid choice to integrate financial skills, technology and practical solutions. Easy to set up and use. We have a class economy. Students can monitor their accounts using the app or online. Students are paid weekly and have different opportunities to use their funds throughout the year.
– John C., St. Albans City School, VT, USA
MOBILE APPS
