Family accounts / Accounts for children / under-16s

[Rika]

Not quite but sure where this thread is going but I feel like this post about the long term support of the prepaid cards needs linking.

Launching The Bank

You shouldn’t need to pass a credit check to get a current account with no overdraft. But we may need do an identity check. We’re not planning to support the prepaid card in the UK for the long term - it adds a lot of operational complexity without much benefit. We’ll try to offer a basic bank account which should be available to more-or-less everyone in the UK, so it seems like a pretty good replacement for the prepaid card.

As for @Ramazan_119’s original post, there are no (public) solid plans but here is some community discussion around it, including talk about a hackathon project that ran along these same lines and a comment from @jonas that sub-accounts are something they want to offer in the future.

Idea: Monzo for schools

Hi Matthew, thanks for the thoughtful idea! That’s exactly the kind of thing I’m hoping we’ll be able to do You can teach both financial literacy and data analysis and some light programming skills at the same time. Imagine a child arguing for a larger allowance because they keep track of their expenses and can prove that they aren’t just spending their money on candy! During this alpha test we can’t hand out cards to under 18 y/o kids but some form of sub-accounts for family me…

Loaner and family member cards

Great idea for the kids and potentially a great marketing technique. potentially allowing them to have there own app to 'budget ’ from with the bank of mum and dad topping up as required. Remember children are future customers!!

KidsCash and Mondo Alfred (Hackathon)

Just read about Kidscash by @duncang and @kennygrant on the Hackathon blog entry - what a fantastic idea. Does anyone know if this is going to be picked up and run with? This is what I’m looking for! Mondo for Alfred is another excellent hack. Really hope that @rick manages to clean it up and release as suggested on the blog. Keep up the great work everyone.

Multiple Cards, One Account

Sharing mondo with a friend of mine who has children, they asked if you could have multiple cards controlled by one account. They were always conscious about giving their children cash incase they lost it and would like to give them a card like Mondo’s where they can top it up with certain amounts and freeze it of their child lost it. Of course the child is too young (under 18) for their own account, that’s why their cards would be connected to their parents account(s).