I kind of object to being charged for allowing my son pocket money, especially over £30 for a year. That’s about the cost of a day out too our favourite places.
Fair enough, just a suggestion as a solution to the Santander being closed on a Sunday and having to use a book to take money. The amount for a year for a decent app and card, and not having to visit a branch to withdraw seems reasonable to me, but as you say that’s a day out somewhere nice. I’d certainly be looking at normal debit accounts without fee when my son is 11. Monzo might actually do 11-15 accounts by then.
Rooster is another one which has just added a card option, but that £25 year. You are getting lots of added bits teaching responsible spending/saving and rewards etc. For £2 month it seems quite fine to me, but if you don’t need all the other stuff then it could be a waste of money.
It’s worth pointing out, then, that the only context Monzo have ever discussed this in is one of a paid-for Family account. Thus, if this ever happens and that discussion holds true, Monzo will also be charging for this sort of thing.
I doubt there’s much money to be made from kids accounts.
Possibly not, but it’s the chance to gain a loyal lifetime customer if done right.
The issue I see is lifetime customer is no longer a thing. Already this generation are swapping to whatever is best, and having multiple accounts. People going to get more tech/financial savvy.
It used to be stick with bank your parents chose as that must be the best, and before Cass it was a right kerfuffle trying to move banks.
Monzo would have to be the best to keep that kid > adult account.
Even at the moment with Monzo I could swap to another and get the same experience (or better). The legacies are already closing in fast with the USP especially Barclays.