Family accounts / Accounts for children / under-16s

[awjdean]

@bentalbot

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)

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.