Meet the next generation: Monzo for Under 16s 🎉


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The obvious-to-me question: given that many under 16s have two parents, will parents be able to jointly manage the under 16 account? Will there be nice integration with parents’ sole accounts and their joint account?

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ok that’s great, thanks for the reply

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I’m a grandad now, so not for me but can see the potential here so well done Monzo.
Everyone knows that technology to kids is natural, so having an ‘early’ managed bank account can only be a good thing in the development and understanding of the financial world :clap:

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Amazeballs. I opened a Starling account just to give my kids the ability to have an account of their own that they can save, spend and manage their money.

Glad to hear that Monzo are providing a similar service but better.

So good that they can create savings pots of their own. This will make it so much easier to teach them good saving/spending habits from an earlier age. Bravo Monzo.

And good job on the cards. My daughter will be over the Moon that she can get a card in her favourite colour (yellow). A good feature to have multiple colours also. Much easier to tell who’s card is who’s (Whose? Whoms? Whomes? Hue’s?).

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Is 6 a particular legal age or just one chosen for this? Curious about that.

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Starling’s is also 6. Would be interesting to know why though. Good Question.

Co-parents are very high on our list, but won’t be available for launch I’m afraid!

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Since the account is fully owned and managed by the parent, I don’t think there’s any particular legal restrictions on the age of the child. Our research showed 6 as a good age to start introducing children to money, spending and budgeting!

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All amazing stuff… With a little clarification about ’
Co-parents’ not being available at launch.

What about Joint accounts?

:scream:

I’m guessing not, but it’s not totally clear from above.

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Isn’t it the users that manage the child account rather than any accounts they’re linked to?

That’s the assumption that needs clarifying.

Tied to a Joint account would be the dogs for a lot of people.

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My son is 5 ½ and beginning to show an awareness of managing money. I guess we will just have to hold off for 6 months before joining in the fun! :smiley:

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We know this is a key requirements for parents, so we’re working on this. It won’t be available at launch as there are a couple more things for us to iron out, but we know this will be key!

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Exactly as @Kumnaa says - it’s about the people rather than which accounts they have. So if you’re the (currently only) parent who owns the child’s account, you’ll be able to move money in and out of the child’s account from any* of the accounts/pots that you own, including your joint account

*I’ll leave which ones don’t apply as an exercise to the reader…

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Thanks @Sarahm

For early adopters, will it be easy to switch a kids account link from a Personal account to a Joint account?

Likely too early for an answer, but a flow through to what people really want must have a plan to get there?

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This is excellent news and the insight into the research and development made for a good read.

I wish this kind of thing had been around when my daughters were at that age.

Another step towards having a complete suite of products for every stage of life. Good stuff.

I wish the team well and hope it’s a great success (and I do like the look of that blue card)

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So happy to see this and can’t wait to get my 9yo started. Kudos to Hyperjar who has served us well until this :pray:

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I can just imagine a new advert running on this alone!

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Already happened/happening

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