Accounts for Children <16

Let me take you back in time to the early 1980s. Along came a bank (weirdly into my primary school) let us play a computer game (some naff variant of Pong) then gave us a free coin bank and a form to open a ‘Super Squirrel’ savings account.

33 years or so later and I’m still a customer of the same bank (with multiple accounts, mortgage, car loan, backup credit card account etc) for no reason other than blind loyalty and the fact that they got at me early. I have no doubt made them many many £k of profit over the years. Don’t worry, I’ll be going fullmonzo very soon!

Fast forward to today and my 11 year old son has just opened a current account with the same bank (because he wanted a card account and they are one of only a few providers). I think its great to see Monzo accounts being offered from age 16+ now, but why not drop that right down to age 10+. Its never to early to start leaning about money management and if that first experience is from Monzo and positive you might have a customer for life.

Assuming there is no major technical changes required, are there regulatory reasons to stop it happening?

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