Ok. Iāll bite. Please list every other comparable product.
6 Likes
Just do what I do and pay the interest yourself. I wish Monzo paid interest on U16 savings pots but they donāt, so since teaching about interest is important to me I talk to my kids about it and I pay 1% of everything they have in savings pots each month on the 1st. (nearly 12.7% interest rate theyāre getting!)
I also match pound-for-pound what they put in there to encourage them to save more. My daughter even asked to increase her savings rate last week for a big upcoming trip, which I count as a huge win!
8 Likes
Please can I open an account with you? 
5 Likes
Nationwide pay quite decent interest on FlexOne and the linked savings account until they are 23. They also get their own account number. Free too. Oh, and they are eligible for the fair shares payment so potentially Ā£100 free money per year.
1 Like
11-17 only though. Monzo (and GoHenry and Rooster) are 6+.
Of course many savings accounts (some with decent interest rates) are available for children of any age, but generally not linked to a ācurrent accountā with a debit card.
2 Likes
Indeed. I wouldnāt be wanting to pay Ā£6/month, or indeed anything, for one of them though.
2 Likes
Just invited MrsW to access JrWās card. Nice invite flow on both sides - good job 
6 Likes
I have just got an invite to open an U16 account for my son, which I have done, and was surprised to see my wife couldnāt see his card/balance as we have a joint Monzo too. I then realised it is linked to my personal account so that is why.
I have stumbled upon this post but realise it is too late to fill in the form and gain access. Is there an ETA for the rollout of this feature?
1 Like
Thanks for all your feedback and bug reports on our additional family members feature so far. Weāve now enabled more of you to test - follow these instructions to get set up 
2 Likes
Wife got setup with my kids account. Very smooth including directing to update the Monzo app.
Nice notification to see that sheās accepted too.
1 Like
We do this quite a lot too - cash as already mentioned and also online shopping. If the kids are too young to set up an account in their own name, I will buy what they want and deduct the money from them. Also, they donāt have their cards on them all the time so I sometimes have to use my card for an impulse purchase they want to make and then remove from their account.
1 Like
Sorry to have missed the chance to test this. I donāt use my personal account though (only set it up to set up our joint account) and it would be our strong preference to have the child cards linked to the joint account so both parents have equal control. This is possible with starling. Why me and my husband had to open personal accounts at all is a question for another day! We only ever wanted the joint account and the personal accounts clutter up the app.
3 Likes
You can transfer from the joint account into the kids cards as parents.
Well pretty disappointed for the first time in a while with Monzo after seeing some real positive experiences with them recently.
Iāve been testing out the child accounts and after signing up to the beta to add additional parents Iāve not been able to add my wife. Raised it with support who came back to me today to say they were sorry but they wouldnāt be able to offer it to my wife? Unable to explain their decision (which baffles me as she has already has her own Monzo account, a Monzo joint account with me and a Monzo business account of her own).
Disappointing as I say and the inability of Monzo to explain their decision is frustrating (especially when she holds multiple accounts with Monzo).
Have logged a complaint more to ensure that correct processes have been followed with it being a new product and hopefully the poor customer experience reaches the team designing it. In addition my wife is going to submit a SAR just to check what information is currently recorded against her by Monzo.
Wonāt be posting a positive a positive review in the best childrenās finance provider thatās for sure at the British bank awards.
Aside from this though I have to say Iāve been really pleased with Monzo, including new pension, investments 10k flex limit etc. which Iāve been using for a while now.
That seems daft. And they definitely hide behind the whole āwe canāt tell you whyā nonsense.
1 Like
Okay, fair enough about the interest. But it would be great if they would allow the parent to auto-pay them interest on their savings accounts. As-is, Iāll have to manually calculate and do it now.
Iāve run into a few other issues after a few weeks too
- I canāt add their accounts to their other parent. That is a pain.
- The option to pay them is much more limited compared to GoHenry. GoHenry even supported international payments. The pay link on monzo only supports domestic debit card. Could it at least support bank transfer? International payment would also be huge for me since they have overseas relatives.
It is free, of course, so that is a plus for me and the main reason I swapped.
2 Likes
My wife and I are in a similar position to your wife it seems. We both have our main accounts here, have previously had flex, and loans. Monzo deem us credit worthy, but wont let us have a joint account. I suspected it was because I had a business account with Monzo. I moved this away last month. Waiting now to see whether this was the cause.
The whole āwe cant tell you whyā thing is nonsense. Im clearly not in breach of anything, otherwise they wouldnt deem me credit-worthy, and they would close my other accounts.
2 Likes
Iād like to suggest that you allow payments to be scheduled from a pot to a childās account.
Iām not sure why this isnāt the case as you can schedule a payment from a pot to basically anywhere else (another account, another pot, etc) but something as simple as paying regularly into my childās account is a massive faff. Itās something I was able to do very easily with other childrenās accounts.
I moved over to Monzo because the features are generally so much better but not in this instance.
Iād like to be able to send a lump amount each month to Monzo, and then drip in the weekly amount on a Saturday. This helps with my own personal budgeting but itās not possible. I have to send to one of my accounts (personal here), schedule it into a child pot within thr personal account on the next day (to ensure it has registered and doesnāt fail), then schedule it out of that pot and into the main account and then schedule this into my childās account on the same day. Every week. Itās all automated but itās a bit messy.
Coupled with the fact that I canāt even DD the small weekly payment directly to my childās account externally as it doesnāt have an actual bank address and it all gets a bit over complicated.
Have referrals been close down?
No