Meet the next generation: Monzo for Under 16s 🎉

[anon90289270]

@Ambassador_Spock

“additional family members” being able to add and withdraw from U16 accounts

This can’t happen. You can’t just have ‘additional family members’ removing money from your account. It’s your account , not the childs. We need to stay in the realms of possibility here.

[Ambassador_Spock]

Then ideally they need a version of U16 accounts in the future which can be tied to Joint Accounts, rather than based on one parent’s personal account. I think this falls under the category of “Monzo being designed for single people” (or at least designed for people without joint finances). If a U16 account is just a fancy pot with extra features, then give an option to make it a joint pot so both parents can fully manage it.

This isn’t a major nitpick for me, I’d say U16 accounts are 90% there for me now, and I am very happy they’re adding joint management at all. But since U16 accounts are new and Monzo have asked for feedback I’m letting them know that for me personally, I would really like both parents to have full account management.

[Vekariya17]

I’m I missing something… does the account have the usual sort and account number?

Or is the only way to pay via the payment link?

[Ordog]

They do not have an account number and sort code. It doesn’t seem like they will anytime soon either:

Meet the next generation: Monzo for Under 16s

Hi there! The accounts won’t have sort codes and account numbers but we are working on another way for money to get sent to the account from relatives etc. Cheques won’t be available at launch, but we’ll keep reviewing feedback on these.

[Vekariya17]

Thanks for highlighting the previous discussion.

Looks like nothing has progressed then since July 24’

[Revels]

It isn’t going to.

[griffo1984]

does anyone know if you can use an under 16 account in Europe? My son is going to Germany with school in a fortnight and I need to know if his card will work. It’s not clear from the website.

[Ordog]

It will work everywhere your card works. It’s no different.

[anon90289270]

@Ordog

It will work everywhere your card works

Geographically.

There are restrictions on things like gambling and off-sales.

[Ambassador_Spock]

I already have a Rooster subscription for me kids which does it too (free with my NatWest account), but I want to do it with Monzo as I like the other features it offers and I have no desire to open another bank. (As a US citizen I have to report every individual foreign bank account I own every year, including calculating the highest balance during the year adjusted for the exchange rate of that day… This is a massive pain in the ass, and I already hate doing it for the NatWest/Monzo/NS&I accounts I have now, so there is no way I’m opening any more…)

[teflon]

I’ve not been to Germany for a few years but card payments didn’t used to be as widely accepted as the UK.

You may want to ask for some recent experiences on this thread:

Monzo in Germany [Wiki]

This is a wiki crowdsourced by the Monzo Community to help you travel with Monzo. Just like Wikipedia, anyone can edit it to help out others. If you have any tips or feedback for visiting Germany with Monzo, please feel free to edit this guide. You can also add a comment or question below — someone will then incorporate your comment into the main text below and then delete your comment. To create your own “Monzo in …” guide if one doesn’t already exist, just copy this template into a new post a…

The U16 card will work anywhere a regular MasterCard will - just bear in mind that may not be everywhere!

[Ambassador_Spock]

Ok I just invited my wife as an additional family member - it was super simple, and it even asked if I wanted to invite her since we have a joint account (i.e. I didn’t have to choose a person, it just asked if I meant her). I still wish I was given the option to let her add and remove money from the U16 accounts, but overall I’m just happy she can finally see them!

[zideng]

Thanks to everyone who filled out the form for testing the new additional family member feature. You should all be enabled for this feature now. To get set up:

• Make sure you are your family member are both on the latest Beta release (6.13) - Beta setup instructions
• Head into your Monzo app and click on your child’s account
• You should see an action to ‘Add a family member’
  
  

If your family member is on Android, they might see some funny behaviour when looking at child pots. Relaunching the app should fix this, patch fix coming soon

If you missed the original deadline - don’t worry, we’ve decided to extend it to 1pm next Monday 10th. So fill out the form if you want to test with an additional family member too. Happy testing!

[Smsm1 (Shaun McDonald)]

Excellent to see you’ve extended the deadline. Seems I’ve just missed this round of getting the feature enabled.

[Smsm1 (Shaun McDonald)]

I’m curious if there’s any stats you could provide about average amounts of pocket money children get power week or month possibly by age group?

[Andyg68uk (Andy Gallagher)]

Not quite working on Android. Get as far as selecting my wife but then keep getting this error message.

We’re both in the beta app and have no pending updates showing in the play store.

[teflon]

Looks like we’re in business here. I quite like the ‘you’ve got a joint account with this person, would you like to share access with the child accounts too?’ flow.

One minor buglet though - my wife doesn’t seem to be able to unpin the child accounts in the Home view.

If she goes to Customise then Accounts, the child accounts don’t show in the list. Should that be possible? (She’s on iOS, and not on a paid plan).

[svenz]

I’ve moved both my kids to Monzo now from GoHenry. Only to discover you don’t offer interest on children savings pots! Unlike every other comparable product.

Can you please consider doing it? It’s a huge disadvantage of using Monzo under 16s right now.

[Revels]

They could have easily added interest if they wanted to.

If it’s important to you then go elsewhere. It won’t come anytime soon, if at all.

[teflon]

while I’d like to see this too, it’s worth pointing out that Rooster Money doesn’t offer interest either.

You also have to pay £5.99 per month per child to get 3.92% AER with GoHenry - so that’s something like £1800 in savings to break even with the fee (or £3000 split across all children if you’re on the £9.99 family plan). Monzo for U16s is free.