Accounts for children / under-16s


(Neil) #103

Hello, not sure if this has been asked before or is in the pipeline, but is there any plans to introduce a children’s account from say 11 upwards. I know some high street banks offer a child’s account with debit card, which can also be linked to a patent account so they can keep an eye on spending etc.


(Sam Muir) #104

Oh I really like this idea! This sounds like a good plan! I know there are services out there that offer Children’s Current Accounts, that the Parent/Guardian can top up! But it would be great if Monzo looked into this, and integrated it into their current system, and have an option to add a Children’s account.

My niece has a Top-up Mastercard, and it would be amazing if in the future I could transfer her over to Monzo!


(Josh E) #105

Something Monzo should be prioritizing, but it’s not even on the roadmap.


(MikeF) #106

Why?

Given the drive towards profitability as the current priority of the moment, I’m not sure children’s accounts would contribute much towards this.


(Luke Bebbington) #107

GoHenry seems to be leading the way with children’s accounts - https://www.gohenry.co.uk

Looks like a cool offering (my daughters still to young to try it out). Will be interesting to see if they partner with a bank in the future.


(Josh E) #108

Most people stay with there first bank, Monzo are losing the next generation of users already.


(Adam) #109

I think that was true in the past. However with CASS, incentives for switching and the rise of Fintechs people are less staying with banks they had since they were kids.


(Josh E) #110

Maybe when fintech is completely mainstream. But right now, priorities need to be made.


(MikeF) #111

I was going to say this but don’t need to now.

Equally, even if that’s true, Monzo need to be looking for profitability now. Until that comes, it’s going to limit their ability to invest in future profitability (such as children’s accounts).

Making yourself profitable in ten years time is great, but you have to survive the ten years first.


#112

This must be true otherwise where did Monzo’s 1.2 million customers come from? :blush:


(Josh E) #113

People who care enough and are confident enough to switch, that supply of people will soon run short


(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