Family accounts / Accounts for children / under-16s

Feedback & Ideas
143

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 :smile:

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144

If I setup a business in my kids name, will that work? :hushed:

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145

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.

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146

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 .

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147

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

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148

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 :joy:

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 :wink:

Edit: link to joint account if has it or personal account, I was being discriminatory to personal accounts :joy::joy::joy:

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149

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 :slight_smile:

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150

@Nikki i have moved your post here

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151

Thank you.
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 .

152

As a workaround, I have created 3 Pot in my joint account, one for each of my children.

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153

With the joint account can you control which pot the money comes out of for transaction?

154

A transaction comes out of your main balance.

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155

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.

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156

This will inevitably be something Monzo rolls out. Most children end up using the bank their parents use and this is just that logic for the ‘fintech’ generation.

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157

Joint accounts are pretty much the same as current accounts if that helps you envisage it :slight_smile:

158

+1 here for child accounts. My two oldest have accounts with traditional banks but it’s almost impossible for them to ‘see’ where they are spending money

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159

+1 for kids accounts from me. I don’t have a child at the moment but the idea of this is great and something that helps teach kids about money.

Ideally this would be a free feature but perhaps a Monzo plus option too?

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160

Any news on the kids accounts being launched?

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161

Hi, :wave:t4: I’m new here on Monzo communityand I came across your reply as I was looking for a Family account thread.
I just want to say, your suggestion for the Kids Pot is spot on - this would be a feature we would heavily use on our Monzo Joint account: a card specifically for this pot only for our kids to use while not necessarily opening an account for them so it almost works like a pre-paid card for them so they can only spend when there’s money in the pot! :crossed_fingers:t4: this is a feature that they pick up and implement! :smiley:

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162

I like this idea if it can be connected to the parents account and we can control it ourselves and limit what they have so we can manage how they spend their pocket money.

Like £10 a week and if we want to give them a bigger limit for holidays etc.

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