Family accounts / Accounts for children / under-16s

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.

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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.

https://www.roostermoney.com/gb/feature/the-rooster-card/

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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.

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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.

Given that money-muling has been in the news a lot recently, it would be good to have a feature on kids’ accounts, where any credits get notified to the responsible adult first, who can then choose whether to ‘accept’ the credit to the child’s account, or to ‘reject and bounce’ it back to the payee (and optionally also report it as suspicious at the same time). Once a payment is accepted, the child sees it in their account.

If it’s rejected, they get a notification telling them that “Dad rejected a payment from A. B. Scammer for £3000”, prompting a conversation about what’s going on.

For example:

Incoming BACS credit from Supermarket PLC - accept (it’s Saturday job wages)
Incoming Faster Payment credit from Granny - accept (it’s a birthday present)
Incoming Faster Payment credit from some random person - reject and bounce (might be fraud).

I may be looking at things too simplistically, but all a kids account really needs to be is a stripped back version of Monzo as it is.
For example:
Prepaid card
No overdraft (obviously)
No need for the marketplace (except maybe for savings)

All of the other features would probably be of benefit, such as instant notifications, savings pots, etc.

Having the card linked to the parents’ account would provide a safety net, but if the kids were to be able to access their account through their own dedicated app, it would also give them a sense of independence.

And I’m sure that hot coral card would definitely appeal to the younger generation :smiley:

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The new carousel style of the app really does lend itself to have a managed junior style account under the banner of the main account.

I think this would be a great leap for Monzo and a real quick, easy cash win.

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What I’d like for my under 16s is basically what I had with Monzo before it went to current accounts - so a prepayment card, with chip&pin and contactless payment (and no name on). It was perfect for my elderly grandmother with dimentia. I opened the account and handed her the card, set up with her old pin number that she could remember. I loaded her own money into it each week, but only a sensible amount (as she had begun to buy the exact same things 3 times a week, forgetting she’d already bought them) to prevent her over spending. She never knew she was using a different account and she was able to feel like she was retaining her independence (as opposed to resenting me controlling her money).
It’s the same for my children… I want to be able to teach them HOW to bank well from early on and Monzo makes that so easy with its pots. Why can we not just have the option of a prepayment card (linked if necessary to our current accounts).
A Monzo answer would be lovely to hear on this one…

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Expensive!