Meet the next generation: Monzo for Under 16s šŸ§‘ā€šŸ§’

UK Monzo Chat
1008

Thanks so much for the feedback. I saw there was some discussion around: Why is the Under 16s account (and savings) in the parent/guardianā€™s name?

From our research, we know that children form their relationship with money from an early age. So it was important that our Under 16s accounts can be managed by children as young as 6 years old, but with parental supervision. Parents and guardians also requested to have visibility of their childā€™s spending and ability to set limits. To offer these features, the account is legally owned by the parent or guardian.

This means parents or guardians who set up the account also legally own the funds being saved and any interest earned. You can find out how this could impact your tax position on the government website.

We look forward to hear what you think when itā€™s launched :soon:

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1009

With all due respect this doesnā€™t answer the question of why not do Bare Trust like most high street banks and your competitor Revolut? Revolut child accounts are also linked to parent accounts but child funds are in a bare trust.

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1010

Quite simply because they didnā€™t want to?

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1011

Fair enough, to each their own. Think it will definitely cause them to lose some people who would rather not also inherit the tax bill of their children where they donā€™t have to but :man_shrugging:

1012

Nationwide also. I have 3 nationwide future saver accounts. I guess one difference is that the kids canā€™t log on to see theirs, only through my account but that is possible if they had an app for the child, like Monzo do.

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1013

Doesnā€™t make sense to me doing anything but bare trust but I guess if itā€™s Monzo only way of offering kids accounts then they have to go for it

1014

Probably much quicker to develop/release the way they did as itā€™s essentially a pot in the parents account

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1015

Yeah, weird because Revolut have similar set up the kids account is also linked to the parents account but itā€™s bare trust.. I dont know :man_shrugging:

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1016

Not everything has to be compared to Revolut :joy:

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1017

High street banks also do it, itā€™s not just comparing to Revolut

1018

Monzo in this case are the odd ones out thereā€™s no turning away from it

1019

Starling do the same as Monzo

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1020
1021

Doesnā€™t make it normal

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1022

And certainly isnā€™t comparing to Revolut only as you tried to frame it earlier, donā€™t get why the Monzo community is always so defensive.

Embrace it not everything is life or death, yeah Monzo may lose a few customers over it but who cares

1023

I wasnā€™t just referring to this thread, the fx rate, the atm it seems most your posts are questioning why Monzo arenā€™t copying Revolut.

Anyway Iā€™m not defensive, I donā€™t actually use Monzo much as it doesnā€™t suit my needs, tend to use Revolut more :joy:

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1024

Comparison to competition is good, competition is good my friend embrace it. Bare Trust seems pretty normal for Banks and building societies in the UK Monzo chose a different route thatā€™s fine was just asking a question thatā€™s all.

1025

Thatā€™s the thing, I donā€™t think theyā€™ll lose a single customer over this. My wife has our daughters account linked to her Monzo account and couldnā€™t care less about details like this :person_shrugging:

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1026

I think people who look at tax will care, to label it as everyone wonā€™t care isnā€™t accurate. Just because maybe you donā€™t care about taxes doesnā€™t mean others wont especially those with less

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1027

Are you a Revolut fan by any chance? :slight_smile:

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