Someone suggested this about 5 or 6 posts up from yours
not having much look here am I??
Really should start reading other peoples opinions and posts…
Revolut are releasing their family card this year, with parental controls etc.
I imagine they’ll be the first to the dance floor!
The round up option would probably something you could make use of in this case for any card purchased rounding up to the nearest £ and moving the difference into your dedicated pot
I’d love a way to share my account with my soon to be 15 year old. I already have a pot that I transfer money into each month for her, would be great to link this to a card for her. I’d rather this that her have her own card and app at the moment.
I would like to see the ability to create family banking from just one account (probably a joint account).
So for example, the parents would be account owners and the children would be account users, plus maybe an au pair or something could also be added temporarily, for example.
You could use pots for the kids and actually order debit cards which would be allowed to be spent from that pot only, maybe they could be auto-topped up or maybe not.
Additionally to this you could have an “emergency money” pot which anyone can pull from if needed, but it’s logged who took it, just in case. I can see so many applications for this kind of thing, e.g. you could prevent the cards from being able to take cash out of ATMs so you can see exactly what your kids are spending on etc. if you’re that way inclined. The way society is going so cashless and with contactless payments now, this just makes sense to me.
Hope you don’t mind but I’ve moved your post here to join some other similar posts regarding family / child accounts.
It’s a interesting idea with some existing services already in the market such as gohenry
I don’t mind at all and thanks for the gohenry tip.
Mine are a bit little for their own bank cards at the moment but I’m sure it won’t be too long before it’s something we’re thinking about.
I’ve only just joined Monzo and the concept of pots and the applications they could be used for are very very appealing for me, especially as someone who has trouble “visualising” my money situation and planning anything around money. It’s already revolutionising my finances and I’m keen to get it as configurable as possible
If I setup a business in my kids name, will that work?
I’m aware this is an old thread, however I think it’s a great idea. They could have a system similar to goHenry with saving goals, etc.
Hi when/if will you be bringing out bank accounts for children aged 13 ? My son feels left out as the rest of the family have cool monzo accounts .
I’m all on board for kids accounts. If Monzo could do a GoHenry style account for above 6 (I think go Henry is) that would be awesome
It’s the added fees for more than monthly top ups that put me off, I don’t care about paying for the card either, I would be adding x amount weekly (due to payments received) via SO and would be charged 50p a SO plus the monthly fee
Monzo = Pay for card add a child’s account to the account tab and move money would need to be linked to joint accounts in some way so parents could keep a track
Edit: link to joint account if has it or personal account, I was being discriminatory to personal accounts
Hey @Nikki, I edited the title of the post from ‘New accounts’ to ‘New under 16s accounts’ so that it is a little more clear from the title what the thread is about. Of course just edit it again if you think that does not reflect what you mean
@Nikki i have moved your post here
They have some interesting ideas but I’m not looking for a family account just an account for 13 year old . My son has a bank account but would like a monzo account, which I think would be good for him as he can see up to the second where his money is going .
As a workaround, I have created 3 Pot in my joint account, one for each of my children.
With the joint account can you control which pot the money comes out of for transaction?
A transaction comes out of your main balance.
An under 16s account would be brilliant especially as a way for kids to understand where their money is spent to show them the value of money. Many kids get little jobs from the age of around 13 so an account that is broken down like monzo would be good. Also an app based bank is right up the street of today’s younger generation.