So I was thinking about how the pre-paid card situation that the Alpha’s are currently using actually has a few benefits. Once Mondo moves onto more conventional cards it would still be useful to have the option of getting pre-paid cards attached to your account so that you could give them to friends that have visited from abroad, avoiding card charges, or for your kids so that they can have ‘pocket money’ and giving you oversight as to what they’re spending their money on.
Great idea for the kids and potentially a great marketing technique. potentially allowing them to have there own app to 'budget ’ from with the bank of mum and dad topping up as required.
Remember children are future customers!!
Accounts for children / under-16s
This is what I did with my mom the past week. It sucked for me to be back on my Barclays!
+1 from me.
Just spoke to my neighbor about this last night. He has 3 boys and the eldest is off to secondary. There’s no good way of ensuring that he has access to the right amount of cash for his day, he might need to catch a taxi if he misses the last bus (very rural location) etc. Him having a seperately card in a child (hierarchically) account that was linked to his dad’s parent account would be a winner. Instant top ups, kids learning to monitor money and budget and adult overview of spending.
A nifty feature would be a money request from X for reason Y that could be yes or no’d in a second or a call to them placed to find out more. I’ll post screenies of what I mean when it’s not 6am post the local gin house haha
Another plus one from me, I was just about to suggest the same thing, would be amazing to give to the kids
Might be something that could be linked to the ‘pots’ idea… I.e. Parent puts money into pot (could be automatically recurring) and said prepaid card can access these funds only.
I’m sure people would be willing to pay for the additional card/s I.e. Akin to Pockit’s 99p prepaid card for example!?
My parents have been looking at a way to fund my sister while she’s at uni. She’s not the greatest with money and it could work to the benefit of parents of uni students as they could see where the money is being spent and allocate money per week to allow better management and potentially avoid the toast diet.
If it could be integrated it could tap the market for the large student population who are notoriously bad for managing money
I could also recommend Osper for this, I’ve only heard good things! We certainly want to investigate offering Monzo accounts to young adults (16+) As we’re expecting to phase out prepaid cards with the introduction of current accounts, it’s unlikely we’ll make any plans to offer additonal cards for this use in the meantime ️
and Soldo being another one
Hi do you know if I can get a second card on my current account which I can give to my daughter to use when she needs it?
Not as of yet but I believe this is coming in the future. A workaround for this would be to link either your or your daughters phone up with Apple or Android Pay and give the card to the other person.
Of course you will be limited to £30 transactions…
The £30 contactless limit doesn’t apply when using a phone to pay, as you have authenticated to the phone. So this would, in theory, work.
Be careful though, the Monzo current account conditions say that you are potentially liable for any losses if “you were very careless or you intentionally failed to keep your phone, card and PIN safe”
I’m not sure if this would count but if something fraudulent were to happen (with this and pretty much any bank), they might be within their rights to say you weren’t keeping your card safe by letting someone else have access to your account.
Just a worst-case scenario, not saying it will happen but its a risk.
Monzo doesn’t yet support Apple Pay.
Ah yes, apologies for bringing up a point of anger for a lot of users
I was unaware of that, thanks for the info.
Yet. It is said that’s in the works but they can not disclose dates due to NDAs with Apple.
Patience is a virtue