Thatās because the app is the adult app, but for children. Thereās a special login process (the parent account gets a QR code which the child uses to log in). They can create pots with targets, move money in and out of their pots, and freeze and unfreeze their card. Any transactions also gives the parent a notification, and anything thatās not available for children just doesnāt show up.
As yet you can only have one adult account attached to each child account, but having a second parent is coming soon, apparently. (This is a feature thatās already available on Rooster, but Rooster has a fee unless you have an RBS/NatWest account).
They donāt offer interest pots - I think this is probably the feature Iād like the most.
Rooster does have a couple of features that Monzo doesnāt - eg having money attached to chores, paying extra for special cards, and one-time CVV numbers.
We did try out Rooster, but found there was a bit much friction in having to transfer money from my current account into the parent account then into the child account. If you do your banking with Monzo then itās easy to set up a regular transfer right from your own (or joint) account into the child account.
As I said, itās basically the adult app but with features removed. A six year old will probably have learnt enough about maths and financial literacy to work out what the appās doing, but youāll probably want to make sure they recognise that the numbers on the screen represents real money!
As itās quite like the adult app, the focus is mostly on transactions and balances - by comparison Rooster focuses on pots and targets.
It may be worth mentioning that thereās no tablet-specific app, so on an iPad you can either have it as a small window or zoomed in so everythingās big.
Hi we have a U16 account for our child. That is currently managed via my personal account which means that my husband canāt manage it.
It would be good for 2 people to be allowed to manage a child account and for the account to be linked to a joined account instead of a personal one for those families with a joint account.
100%, Iāve just move our childrenās accounts over from GoHenry and itās really difficult without being able to manage them between the two of us.
Also, the children donāt have smartphones, but they do have iPads, and so they canāt actually see their account themselves currently either, which they could in GoHenry.
GoHenry didnāt work for us in many other ways though, hence moving, but joint parental management and a tablet interface together would be game changers (I think).
While thereās no specific iPad app, the Monzo app can work either as a small iPhone-sized window in the middle of the screen or in giant mode. Itās how my children access their accounts!
It depends which list. The community early access list is now closed.
The waitlist in the app and on the website is progressing very slowly. Monzo seems to have enough testers and is currently focused on refining things based on their feedback.
The only way to move up the list faster is if a current tester nominates you for fast-track access.
Iāve got a feature request - could the parent account have the ability to move money directly from one child account to another?
At the moment it looks like the only way to do this is to withdraw the money into the parent account and then pay it to the other childās account. Given that the āmove moneyā picker lets me put the money into any of my personal or joint pots, it doesnāt look like it would be too complicated to have the other child accounts listed there too.
