True. As a stop-gap solution though, destroying the contactles antenna by punching a hole in the card in the right spot (or waiting for Monzo to offer a contactless toggle) would nullify the loss damage as only contacted, PIN-protected transactions would be possible then.
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Hopefully by the time the kids accounts are running the toggle will be available. Would be perfect
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So come on monzo, let’s make kids happen and be sharp about it… 
Having a pot each for my children’s pocket money is going to be brilliant for my 8 and 5 year olds. Didn’t seem very clear at first that you could put in any amount not just multiples of 5, but now I’ve discovered that you can I think it’s genius. I will let them use my card whilst I’m with them and transfer the money over… now if you could just choose the pot first that the payment was coming from that would blow my mind!!
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I might have found the short term answer, bpay by Barclays gives the kids a wristbank / keyfob or sticker that can be used for contactless payments and managed by the parents. It’s totally rocking so much do that I am starting to use the key fob as my goto payment method and its hooked up to my monzo card.
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This is now marked as done, and seems it maybe only referred to accounts for 16 & 17 year olds (https://monzo.com/blog/2018/08/06/monzo-for-16-18-year-olds/).
Does anyone know if there are plans for under 16s? I agree with others that a pattern along the lines of a pre-paid card linked to a pot would be great.
I highly doubt they will go down the pre-paid card route for this. They have just turned off this option because it was too costly: Turning off debit card top-ups for new users
It seems that debit-card top-ups were the issue/expense there, rather than having a pre-paid card, as such.
If payments were only via a “parent” Monzo account, then it should reduce/eliminate such costs.
Also, it needn’t be a “pre-paid” card in the most technical of senses, just a card linked to a specific pot, which set restricted the payment limit of that card to the amount in the pot.
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Yes agreed.I was also going to quote the same point…Thank you so much for sharing it here…Keep us updated.
Really interested in under 16 accounts for my kids.
Things I’d be looking for:
- no monthly fee
- bank that takes money management seriously and is not looking to rinse my kids
- an app/web view for my kids to check their balance/spend
- debit card for them that can be used with Apple/Google pay
- ability to step up to a full account at a certain age
- don’t mind the account being registered to me, so long as they have a view without needing my phone
Things I’m less bothered about:
- a view of my kids spending… it’s their money so they should spend as they want. This is why a bank that takes money management seriously is imperative as I’d be trusting them to help educate
- ability to set chores for pocket money… I’ll do that outside the app
- overdrafts or anything that could get them/me into debt
A shared child pot they can have basic read only access to in their own app would be ideal. Then I can schedule/add money into it as and when I want.
Do it Monzo. You’ll be taking a big step to securing your own future.
The main voting thread for under-16 accounts can be found here:
It might be worth copying and pasting your post over to that thread.