Is it possible to increase the ludicrously low 250 / month limit? Easily exceeded for birthdays and holidays. Similar for the daily spend - my son has been saving for a year+ and wants to purchase some backpacking equipment, and the max daily limit is 250. Why?
Also more and more children accounts are offering savings with interest (Lloyds Bank - Internet Banking - Error). Hope we can see this on Monzo one day.
Iāve opened accounts elsewhere and keep most of the childrenās savings in those accounts and only a small amount in their Monzo ones due to lack of interest.
I was hoping to pay into my nephews account for his birthday. He says he canāt send me a payment link because Iām not his parent. Is this right?
He canāt send a link, but I believe the parent can send you a link to pay into his account.
Ok thanks for the help 
Would be useful to add the ability to schedule pocket money from a pot instead of just an account. I move my childās pocket money to a pot on pay day to keep it separate from my main balance and would be much easier if I could schedule it to come straight from there.
In the meantime, does anyone know the ordering of scheduled withdrawals/deposits? If I set up a schedule withdrawal from the pot and a scheduled deposit to the childs account on the same day will they go in that order or would the deposit potentially be taken before the withdrawal? (I tend to keep a Ā£0 balance in my personal account and keep everything in pots/savers)
I wouldnāt rely on that. For several years we had two payments going into the joint account from our personal accounts on 1st of the month, and loads of pot top ups in the joint account on the same day.
A few months ago all that fell apart when the order apparently changed and the pot movements all failed for lack of funds. This happened 2 months running. Weāve had to change it so that the joint account is topped up on the 1st and the pots are then topped up on the 2nd in order to ensure it works. A real pain in the ar53 which would be solved by a joint account overdraft facility.
Thanks, seems like itās best to withdraw from the pot the day before just to be safe then 
Iām fairly certain (fairly certain as this is what I have currently in place our our two Kid Accounts) that while you canāt set pocket money scheduled payments at setup to come out of a pot, this can be achieved from your PERSONAL (lead parent) Scheduled Payments tab afterwards and, drum roll please, this can also be set to come out of a specific JA pot 
If I can sort some sort of screenshot flow to demonstrate I will post a reply.
Not quite the level of quality @davidwalton produces but hopefully shows the possibility.
I also misspoke, itās been a while since I set up for the two so had forgotten that I could select JA as a funding option. From the JA scheduled payment screen I then selected the regular payment and then selected the pot from which I wanted the payment to come out of (as you would with any other regular scheduled payment)
Hope this makes sense - feel free to query me further if itās not straight forward
Speaking of such things, Iāve run into the annoying ācanāt choose the order of scheduled paymentsā feature with my kidsā U16 accounts - each of them get a weekly allowance, and a certain portion of that has to go to their savings pots. But, since there is no way to choose the order or time of scheduled payments, I have to scheduled the payments from my account to theirs on Fridays, and then the payments from theirs to their savings pots on Saturday. This has now cause issues twice when my daughter thought she had more money available than she does while out with friends on a Friday eveningā¦ If there is no way to schedule the order, could we at least choose an hour of the day? Then I could send them their allowances at 1 AM, and then auto-move the savings portion at 2 AMā¦
Essentially it should be income first > schedule/direct debit payments later. Unsure of the timeframes though.
Hey everyone 
Weāre excited to announce that savings accounts for Under 16s are on the way! 
This new feature isnāt live yet, but we wanted to let you know itās coming soon 
What will kids get with Under 16s Savings?
3.00% AER (variable) interest - they earn the same rate as our free adult Instant Access Savings. Interest is calculated daily and paid monthly, so theyāll see even small savings add up over time.
A saving sidekick to spur them on - Our new in-app saving sidekick will celebrate and react to your childās pennies, pounds and progress. Specific actions will trigger the sidekick to react - get your kids saving to see for yourself
Why launch Savings accounts for kids?
Customer feedback: Over a third of Under 16s account customers have asked for us to offer interest.
Building the best kidsā account: No other UK digital bank or kidsā card offers interest without charging for the account . We want to fill that gap and encourage more kids to save with Monzo.
Encouraging positive money habits: Parents tell us they want kids to be better than they were with money ā this includes saving from an earlier age. We believe that offering interest, plus introducing a saving sidekick to make saving more fun, will help kids build good habits, one penny at a time.
How did we land on our saving sidekick?
We tested lots of different concepts with the aim of making saving more fun for kids. The idea of having an in-app āsidekickā to encourage kids to save had the strongest results.
The next task was to decide what this āsidekickā should be ā something a broad range of kids would like. We tested animals from cats and dogs to rabbits and hamsters, as well as retro tamagotchi style āsidekicksā and even a piƱata. But the dog won overall in testing.
The sidekick is completely optional. Kids can pick an image instead of the sidekick to accompany their savings if they prefer.
What parents and guardians need to know
Youāll need a Monzo for Under 16s account: To open an Under 16s Savings account, youāll need to have an Under 16s account first. You canāt open an Under 16s Savings account on its own.
The parent or guardian who opened the Under 16s account legally owns the money: Under 16s Savings are in the parent or guardianās name. So any interest earned on Savings will normally count towards the main parent or guardianās taxable income.
You stay in control: Youāll be notified whenever your child adds or withdraws money. You can also choose to lock their savings.
You set up the first savings: Once youāve opened the first savings account and accepted the T&Cs, either you or your child can create additional savings accounts freely ā no need to agree again.
Co-parents have the ability to see the childās savings: If youāve got an additional parent/guardian linked to the account, they can see your childās savings but wonāt be able to create, edit or add/withdraw funds. This goes back to the first point: itās the primary parent/guardianās money legally, so there are restrictions on what the co-parent can do.
Weāll be in touch once we start to roll out the feature to customers 
Most important questions:
These are the important questions 
Fantastic to see, this will hopefully encourage my kids to save more money rather than spending all their pocket money straight away.
There are several banks offering savings accounts for children who pay more than 3% interest and who donāt charge fees.
HSBC and Nationwide are just two examples.
Hmm.. why will this the case?
The accounts arenāt held in the childās name, itās held in the adults name, thus any interest goes towards their taxable rates if any (Ā£1000/Ā£500 limits depending on tax threshold)
| Income Tax band | Personal Savings Allowance |
|---|---|
| Basic rate | Ā£1,000 |
| Higher rate | Ā£500 |
| Additional rate | Ā£0 |
That is my point. What Monzo are planning isnāt really a kids savings account imho.
I would be interested in why they have decided upon this approach unlike virtually everyone else who offers childrenās savings accounts.
