Family accounts

I was thinking of trying to setup accounts for my kids to teach them and show them how money is used and how important it is to understand it’s use.
Could this be a possibility with monzo?
Like having tutorials to teach and educate them and to help us to teach them too, kids accounts that they can use to help them understand how banking and money work?
Thinking the age range would be from 5yrs upwards

2 Likes

Id recommend GoHenry until Monzos gets round to kids accounts, the minimum age is 5yrs and 11mths to make an account for them.

Monzos recently added 16-17 accounts, they don’t have parental controls but stop overdrafts, block on gambling etc

Thanks phildawson,
Think I may have posted this in wrong forum! It is more of an idea/suggestion to monzo to help people with kids understand money better but to do it as a family kind a thing!

But thanks for the suggestion with the go Henry account, appreciated
Aaron

There was a vague mention of the possibility of family accounts, was 1 mention with no detail so :crossed_fingers:

There’s several threads about family accounts, I know Monzos definitely want to lower the age. I think 11+ was the idea.

Another good parent/child app control is Osper which is mean for 8+

Nimbl being another 8+

https://nimbl.com

And heres the main thread

Dozens are looking into child accounts too. Keep everything on the radar!

Monzo have just started a very small trial of a basic business account. This currently has:

  • a primary account owner
  • multiple people able to access the account from their own app

Could the infrastructure behind this be easily repurposed into a family account in the future? With the addition of configurable spending limits, it’s pretty much there.

(As an aside, it also seems that they have what’s needed to offer nominee control of someone’s account.)

There’s an existing discussion of child / family accounts over here:

Let’s discuss it in the main thread, linked above.