Accounts for children / under-16s


(Tim Banting) #114

So why not charge customers a monthly fee to offer a children’s account, linked to a pot, that you can monitor?

I would pay for a pot-linked card that I could use for my daughter’s pocket money.


#115

I would probably pay a small amount for some form of children’s account (in whatever format that is), but unfortunately, I don’t see it being a priority for Monzo.

I doubt the development time and maintenance of any form of “children’s account” would be financially beneficial to Monzo right now (or for the next few years) - Despite how much I’d love one!


#116

I’d love to pay for this! :sunglasses:


(Matt C) #117

Haha


(Sacha Zarb) #118

Hey, as I asked at the Christmas party, would be super keen and interested in this, might also help move over my partner to Monzo at the same time


(Paul Henshaw) #119

Are there any plans in the future to offers accounts for younger teens, I have two 15 yo sons who I transfer pocket money too on a weekly basis. I would like them to benefit from the instant notifications, ability to set budgets and track spending. It would offer them a useful introduction into managing their finances and give them valuable experience as they begin to move into the adult world.


#120

Yes I think it’s something they’d like to do, but no timeframe as of yet. Also likely to be a paid for thing.

Was in the recent CEO QandA. I can’t find the exact timestamp the question was asked though.


(Paul Henshaw) #121

Thanks for that, I will have a look and see what I can find :+1:


(Matt C) #122

If you haven’t already, maybe check this out:

I’ve linked it directly to the question about childrens accounts, but the whole Q & A was very interesting!

There is also an ongoing discussion about accounts for children here that you may find helpful:
https://community.monzo.com/t/accounts-for-children-under-16s/5648/119


Children Savings Accounts
(Paul Henshaw) #123

That’s great just what I was looking for, well in the most efficient way as I did the least amount of looking :wink:


(Ben Talbot) #124

I find this ‘paid family account’ an interesting idea. If it had some good benefits for it I could see my GF and I upgrading from our joint to it. Possibly a bit like FlexPlus (only prob with that is I’m sure it’s a loss-leader, so not sure how Monzo would get around that)


#125

I imagine the ‘paid family account’ would work like this:

Price

  • Fixed monthly fee for the account.

  • Up to a certain amount of cards for free (maybe 3 free cards included).

  • One time fee for additional cards.

I think the cost of running an account of this type wouldn’t be more than the cost of running a regular current account (ie: slightly positive), except the one time cost of the cards. So Monzo would make a large percentage of profit from the monthly fee.

Features

  • Pot like “mini accounts” for each card with independent transaction feeds and categorisation.

  • Ability to set limits on those cards and possibly approval of online payments by an administrator account.

  • Perhaps a separate app.


The Monzo Family/Household
(Sharon McAlister) #126

Hi, my children have been asking when will 16+ accounts age be lowered to 11+ accounts with debts cards. Will this be in the near future. As they want to open bank accounts but want to wait for Monzo. Thanks Sharon


Need advice, cifas cat 6 marker. can I get a monzo current account
(MikeF) #127

At this point it’s not even guaranteed to happen so I don’t think that ‘near furure’ covers it.

It was suggested at a recent open office event that child accounts may be packaged as part of a paid-for family setup but it was only an idea at the very earliest stages so, again, I wouldn’t expect to hear anything anytime soon.

(I’ve moved this to the appropriate thread but it did take me two goes, sorry!)


#128

I’m also waiting for a decent children’s bank account - But I feel this is potentially a long way off for Monzo.

However, Revolut have just announced their plans to offer one, and their ideas already look pretty good (parental controls etc).

So if your kids want a debit card with a good app and instant notifications (rather than a “boring” high street bank account), you’ll probably find Revolut to be the best bet in the short term! :grinning:


(Jolin) #129

As long as your kids don’t mind their pocket money suddenly going missing. :joy:


#130

I take the Revolut reports of bad practice in the same way I take the Monzo reports…

I’ve used them, and had zero issues. I know many other legitimate users who also have had no issues.

Compared with the online horror stories and reviews from annonymous people…I know which one I’d take.

But I do get your point, because I initially had reservations about Revolut before actually using them myself.

Which I guess is why people are eager to quash these Monzo trustpilot reviews.


(Jolin) #131

My reservations about Revolut go beyond the user reports. The way they respond on their forum and especially Twitter mean I would not trust them with my money. And I don’t know if their European banking licence has been ‘passported’ into the UK yet, but not having full FSCS protection is also an issue for me.


(Richard) #132

I know Monzo have an account for people from 16 years up but are there any plans for children’s accounts?

My youngest is 5 and she has just been on her first shopping trip with money she has earned over Xmas and her birthdays. She loved it and was still able to keep some money for another time.

When she’s a bit older, I think it would be cool to introduce her to a bank and how it works with debit cards, balances etc.

A basic Monzo account, with Pots for example, would allow her to save up for that book or toy that she really wants and see the progression of those savings.

And then myself or my wife could transfer her pocket money to her directly.

Would also be cool if we could view their account from our own as well.

So any time-frame on something like this?


(Jack) #133

@LifeofRiley hope you don’t mind but I’ve moved your post to join another similar thread. There has been discussions about this happening but I beilive it’s not very cost effective.

Never say never though.