Hightreet banks currently offer junior bank accounts from age 11, is this something monzo would think of doing?
I don’t think this is something Monzo is looking at right now but you should take a look at GoHenry.
Maybe this is something you might like.
Lots of discussion here:
I’d love to see an account for kids that was owned by parents and had things like a pocket money feature? Lets say mum or dad has a pot and the pot has little amounts of cash in it that have a task next to it. If mum or dad ticks “Done the dishes” or “Tidied bedroom” off the list, it could automatically transfer the money to the kids account!
I wonder why they haven’t done this already, it was often the case in the past that you stayed with first bank forever (I know I stayed with Bank of Scotland from primary school age through to mid 20s). Would they have to add much, I know blocking alcohol and gambling is very common but I suspect much of the effort was done with gambling block
Monzo are focusing most of their efforts on profitability at the moment, hense the big push to launch Monzo Plus.
Kids accounts don’t generate much (if any) revenue so I could see why it would be shelved for the time being.
We’ve gone down the GoHenry route here, works well
Traditionally banks have played the long game on this one. Many of those kids go on to bank with the same bank as adults.
Even since the introduction of CASS, a lot of inertia remains.
I’m sure, once Monzo is a little ‘older’ they will tackle something like this. It makes sense. Kids have phones, they don’t know how banks used to work, so get them into Monzo sooner.
My parents opened building society savings accounts for us at very tender ages. I think getting really young kids a decent savings account is much more sensible than a full current account. It gets them into thinking about saving, how an account works, interest etc. without the hassle of a card and so on.
Very easy to open a savings account in a kid’s name too.
I’ll be doing both. A savings account, and some form of ‘current’ account. They’ll learn about saving AND spending that way (I hope!).
I don’t like the fee structure as if you add any more funds than once a month you get charged.
I use rooster to track the pocket money and then let them spend occasionally
We tried go henry, but all the limitations and fees put us off in the end.
Also while a savings account is good, and they do have that, thats money they cant spend, so its not teaching them how to be resposible with money.
Yep I understand that but as I mentioned, Monzo want profitability now - not by playing the long game where there is still a high chance of zero return
I’m not knocking the idea at all by the way. I’m just repeating what Monzo have already said and why now isn’t the right time.
I recognise that. Myself and others have, indeed, said the same. It makes sense and I suspect that institutional investors want to see a path to profitability.
I understand accounts for children is something that is not a priority for Monzo. Like others, I feel that’s a shame.
I realise that Monzo can’t change the world all at once. Perhaps one day we’ll see this as part of their offering?
The main topic for this and where there is a lot of discussion is here:
I think the best way to make it worthwhile and profitable is to charge a monthly fee like goHenry.
The main piece of information that would be needed is what the average age of Monzo customers is. Are they likely to have kids or would this be something that only a small amount of customers would find useful
Could also aid profitability, if part of say the plus account, or available only to those whose main account is with monzo
It would still depend on the demographics I mentioned. It will take a lot of time and money to build and maintain so they’ve got to be certain that a large amount of their customers will want it. The best way to get that message across is to vote on the topic I linked to.
Don’t open that can of worms again
Another trump from Revolut;