Looks like I need to set one up then just for the Junior option when released fully
So why haven’t Monzo yet implemented a strategic drive to ensure a steady stream of new customers? My boy is almost 11 and I would love him to be on board with Monzo, but instead he is going to need to look at NatWest or HSBC etc. for an account.
Which mean that Monzo will then have to put in more effort to switch him to their product when he hits 18+.
Come on Monzo, just implement children’s accounts and get those lifetime customers before other banks do.
Can you imagine an 11 year old with a Monzo current account, a Monzo savings account and a Monzo JISA. Now imagine that 30 year old who has had all those things for 20 years - plus insurance etc. Or if Monzo prefers we could Imagine HSBC having that 30 year old customer (with 20 years historical earnings) instead?
Because Monzo don’t think it would be the driver you think it would be. It’s a lot of work and regulation when it’s never been easier to open a new account elsewhere.
Well considering I am literally thinking about it now for my son shows there is an appetite for it.
Probably not worth the effort for just you though.
There is demand, but is there enough and a profit to justify it? Monzo currently think not.
Are you suggesting I am not worth it? 
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I agree. I had to wait 5 years until KiddoW#1 was old enough for a Monzo 16-17 yo account
Since opening in September, she loves it.
But in those run-up years, I used Monzo (Premium) Virtual Cards to link to specific pots for each of the KiddoW’s, and installed the Virtual Cards into their Apple Pay accounts. So they were spending using my Monzo account. I was in full control of the pots and they could spend money. Chicken-dinner.
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Ooh interesting, I had not thought of that!
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Mulling this over I am starting to love this idea - any tips/suggestions/mistakes you can recommend/avoid?
I’ve thought of doing this instead of paying for Nimbl but I really need them to be able to see how much money they have which I don’t think you can do?
Apple Pay won’t let anyone under 13 have an account - although I did have the kids set-up properly as a ‘family’ with proper ages, so that might have ballsed it up for me at the time. Or it may even have changed now. Anyway… post 13 yo, the system seemed to work perfectly as follows with one annoying caveat:
- Set-up pots in the Premium Personal account called ‘Kid#1’, ‘Kid#2’, etc. One for each child. I referred to these as the spending money pots
- Then create the same number of Virtual Cards, each funded from the appropriate spending money pot
- Manually add each VC card to Apple Pay on the iPhone of the Kiddo
- Set-up weekly auto-transfers from the Personal account into each pot to top-up with spending money as needed. In emergencies, you can always transfer money to the required pot instantly to get them out of a jam
Annoying caveat - they don’t have (or need) the Monzo app installed on their device, which means they can’t see the balance and so could overspend. So be prepared to be asked the question “Dad, how much is on my card?” - A LOT
However… with me not being in the iOS ecosystem directly, isn’t there a recent development that will show a balance on a card in Apple Pay via Open Banking? I probably need to look into this in more detail for the remaining KiddoW using the VC account system.
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Awesome, thanks for taking the time to explain this I really appreciate it.
I’m going to take a look and maybe run a trial, see how he gets on. I won’t be telling him about the iOS card balance feature as he will then want an iPhone!
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Oops, I missed a very important point in the setup. I’ve edited the post…
Each child needs an iPhone, or Android device with the VC added to Google Pay
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I thought about them (GoHenry) once but I didn’t like the idea of paying for a child’s bank accounts when I could just open one in my name with any bank until my child is older.
NatWest normal bank accounts allow children from age 11 - which isn’t too bad.
Kids don’t need bank cards till they are in high school anyway.
Also Rooster I believe is now free if you have a NatWest account so that’s as young as 6 which is pretty good.
Yiu could probably use the API, and post each transaction to a google sheet, do a sum of them sll and that’s your balance.
Hear hear was just about to request this
Request what? An under 16’s account? They’re available now:
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My apologies my mobile replied to the wrong reply.
A way to set pocket money lists, so my daughter can complete a task and when me or my wife mark it as completed she gets it in her bank account automatically.
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Ah, I see. Thanks for the clarification.
Unfortunately you can’t (yet) do that with a Monzo U16 account, which is much more simple and works like a regular pot with a physical card linked to it.
If I recall correctly, the task-based payment release feature is/was a GoHenry feature?