Meet the next generation: Monzo for Under 16s 🧑‍🧒

UK Monzo Chat
617

When does this go live joined the waiting list in July

618

I don’t live at the same address as my children can I still open a Monzo account for them?

619

Are you the legal parent/guardian? As you say you don’t live with them, it’s possible it needs to be done by either of those.

620

Yes

621

So I gather it’s not worth switching from Hyperjar yet, if the kids account can’t be linked to a joint account or managed by both parents?

(I notice that Starling Kite allows this and is now free too, and also pays interest, hmmm, I guess Monzo still have a bit of catching up to do. I hope they do, as I do prefer Monzo. It’s tempting to switch for Kite though, as the Hyperjar app is horrible)

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622

I had an email saying under 16s can have a Monzo Account linked to mine. That is great, they currently use Rooster which costs and it would be much easier if its linked to my own Monzo.

BUT my kids have asked for a savings account to earn interest. They have saved loads over the years and its 0% interest in Rooster.

Can Under 16 accounts have savings pots too?

Thanks

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624

To answer your question; no they cannot.

625

They can create pots but these pots don’t bear interest.

626

I’ve signed my kids up to under 16 Monzo accounts. Cards in the post.

My wife and I share all money in a single joint account.

We’d like to both have full access to / visibility of the kids’ accounts.

Is there a way to set this up?

Nothing in the standard Monzo help.

Seems very limited if only one parent is able to help their kids manage the account - eg what if kids are with my wife while I’m at work and they want to see the balance, or transfer money from pots (noting they’re too young to have phones of their own)?

Thanks all

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627

Rooster is free if you have a NatWest/RBS/Ulster account https://roostermoney.com/natwest-offer/

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628

Nope.

629

I am in this identical same situation, also have Monzo u16 cards in the post and wears expecting/hoping that when these accounts were setup both my and and wife can administer them. We also have a Monzo joint account.
Kids currently use Revolut, but it’s frankly a pain having to xfer money to the main rev. Acc. Then into the kids sub account (you can’t go direct). Having it all in Monzo would be perfect.
Not having both parents able to administer U16 accounts is a pretty big miss and a big limitation IMHO.

Having that would make using Monzo for our u16s a no brainer. Without out it we can’t really switch them. We both need visibility/control.

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630

Completely agree. Pretty common for kids to have two parents with a joint account. Pretty common for both parents to want involvement with their children’s lives (including their kids’ money management). You might even imagine it’s the majority!
Reels of young devs / product owners at Monzo not appreciating common parental practices and preferences. At the very least, make it clear up front this isn’t an option and why Monzo?

631

Because it’s a beta product.

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632

Thanks for trying, but what I meant was: Monzo themselves should make the limitations clear up front.

633

That wouldn’t make for very good marketing :sweat_smile:

Our new Child account :star:

  • You’ll get no interest
  • You can only have 1 person manage it
  • No joint account compatibility
  • Can’t be added to Google or Apple Pay

Instead, we’ve done all the work for you, and it’s outlined in this topic. A simple bit of research before diving in—like a quick Google search—would have brought you here, just as it did today.

Sure, Monzo could do a bit more, but you have to take some accountability too.

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634

Can be added to Google or Apple Pay.

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635

Same situation here. Please find a way to do this Monzo!

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636

You can add it to Apple Pay if the child is older than thirteen. Not sure about Google though, I’d assume it’s the same.

637

Really happy to sign up my two for child accounts. Ages 6 and 8 so a great product for them to manage their pocket money!

They don’t need apply pay or to transfer money, so thats all good. I guess if they were older those things would be more important.

But here are two features which these accounts should have to reflect what parents want:

  • Both parents/guardians should be able to see/control the children’s accounts

  • They should be able to open an interest earning pot

I know there might be technical difficulties with the first since the account is legally in the name of one of the parents, but Monzo manage to do the joint accounts so there must be a way! Having a sort of joint account wrapper which is actually the childs account.

Please make this happen Monzo - it will make the product so much better!

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