Is the money safe?

It’s as safe as a bank. Nobody can touch it or invest it.

All money contributed sits in a bank account, earning interest, and isn’t able to be accessed by anyone. Our partner fund has 2Billion under management and acts exactly like a bank. They are able to leverage the money that is sitting on deposit with them, and borrow money at a very low rate, and on lend that to businesses at a higher rate which is how they can afford to pay good interest on your money (see below).

When can children access the funds donated to them?

When they turn 18.

Do the funds earn any interest?

Yes. They earn 6% interest per annum – paid quarterly. So this means you make 1.5% on your current account balance every 3 months. Whatever is contributed over each 3 months will accumulate in our trust account, then be added to your FutureMoney account to earn the 1.5% in the following next 3 months.

Why don’t the funds sit in a traditional bank account in my child’s name?

There are 4 reasons why what we offer is better;

  • You get a much higher interest on the money than banks (and even super funds) offer;
  • We can ensure when the children hit 18 that they spend their accumulated funds where their contributors wish (not just waste it on bills/partying etc);
  • Our fund partner invests in major projects designed to sustain our future. Kids who have a MyFutureMoney profile will have first right getting involved in these projects in terms of employment if they desire;
  • There is the possibility of greater return than 6% per annum. As mentioned above, the fund where your money sits is able to go and borrow money based on the cash at bank it has sitting there. Some of this borrowed money will be invested into projects that may make significant profits. These profits will be passed back down to you.

Can parents access any of the funds that are donated?

Absolutely not. This is one of the main problems with what currently happens now for the relatively few proactive parents who have a goal of putting some money aside for their child. If times get tough, the account gets raided!

What can the money be spent on when the funds become available?

Each child has 2 future money ‘wallets’. A contributor can choose how they want the funds they contribute to be spent in 1 of 2 ways (or create a ratio of what percentage contribution to each);

  • Assets; property, education, shares, crypto, starting a business.
  • Lifestyle; travel, experiences or a car.

Why do you determine what they can spend it on?

We feel the friends and family of children would like to know that their hard earned money is going to good use – not being wasted. Currently, anyone putting away for their child can’t determine how it’s spent if it’s simply in a bank account in their name.

How is this physically possible?

When the child hits 18 and they are ready to spend their funds, they let us know what they want, and we physically make the payment direct to their purchase for them (e.g. if a house deposit, then into the real estate agents trust account).

Can a parent choose to have the money invested somewhere else?

No – because if you do this, we wont be able to ensure that parents can’t touch it or how the child spends it at 18.

Once the funds are available at 18 do they have to be taken out and spent?

No. You and your (now adult) child may decide to keep it with us at the same interest rate and continue to save.

How about contributors who still like the idea of giving a gift instead of money that can’t be touched for years?

A contributor can choose to send money to a third wallet ‘Gifts’ which is immediately available for the parents to withdraw to spend on their child on your behalf.  This saves you the time of shopping for something and giving something the child may not even like or need and means that parents can even ‘crowdfund’ one bigger gift from the support of family members.

How do you make money?

We charge a small fee on all contributions (3.5%). This covers payment gateway fees and compliance costs.

We also make approx. 2% per annum on all contributions into the asset/lifestyle future fund wallets.

How can you afford to donate $50 to each account?

We are lucky enough to have amazing corporate partners who are the ones funding this for each child who partners with us.

How can I help ensure the highest amount available for my child when they turn 18?

Encourage as many of your friends/family as you can to choose this as the way to contribute to your child…. Just like a wishing well at a wedding only better!

For anyone you refer to MyFutureMoney, we credit $50 into your child’s account. So feel free to tell anyone you know!

How much money could my child end up with if just an average of $100/month was donated with just $1000 in there to start?

$41,728.55. Do you know many 18yr olds with this amount in their account? Of this amount, $22,600 is from the money contributed, and $19,128.55 is from the compounding interest.