Meet the next generation: Monzo for Under 16s 🎉

[rundev]

@SaveLoveEarn

I think people who look at tax will care, to label it as everyone won’t care isn’t accurate. Just because maybe you don’t care about taxes doesn’t mean others wont especially those with less

Show me where I said that I don’t care about taxes or everyone won’t care?

I said I don’t think they’ll lose a single customer.

[Carlo1460]

How many children do you have that could or could not be impacted by this?

[Djcnrurhf]

If you have 3 children, they could add a significant amount of interest towards your personal allowance after a few years which may push you in to having to pay tax on their interest. I’d rather the interest my children earn stays theirs without paying tax on it.

[rundev]

Assuming you’re on the free plan (3% interest), have £1000 PSA and there were no further rate cuts, to use all your savings allowance with 3 kids they’d each need to keep £11,100 in there for a year.

Even just to earn £100 each they’d need to keep £3,333.33 in there accounts for a year which would leave you £700.

Seems unlikely but if you’re lucky enough to have kids saving that amount then just look elsewhere for their accounts/savings

[SaveLoveEarn]

Exactly easy to say otherwise when you have no kids

[Djcnrurhf]

That’s one situation. There are others.

[Ordog]

@Ordog

I’m not trolling at all.

Seeing your comments since you’ve joined, you’re extremely sensitive and attack anyone who has a different opinion to yours. You’ve had more flagged posts than people have in many years on here

I’m not trolling at all, so yes, very misconstrued if that’s the case.

Seeing your comments since you’ve joined, you’re extremely sensitive and attack anyone who has a different opinion to yours. You’ve had more flagged posts than people have in many years on here!

[gt94sss2]

You might be surprised at the number of children who accumulate more than £3,000 in savings given presents from friends and family.

Also, at the number of parents who exceed their Personal Savings Allowance..

[SaveLoveEarn]

A very valid concern, hopefully the team can take it on onboard in feedback

[gt94sss2]

@HazMcQuade

I saw there was some discussion around: Why is the Under 16s account (and savings) in the parent/guardian’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.

Thank you for addressing this point.

However, I don’t believe the desire for parental supervision rules out the use of a bare trust?

[SaveLoveEarn]

Agreed

[Paulw (Paul)]

I thought there was some more developments with children’s accounts with all these posts. Alas not. Why so many flags? I don’t have the ability to flag a post, even if I wanted to.

[AlanDoe (Alan)]

I’ve removed quite a few posts as a result of multiple flags and the discussion entering the realms of being Off Topic. I’ll contact anyone who has been seen to be in breach of our Code of Conduct.

[SaveLoveEarn]

Thank you Alan

[projectfortytwo (Chris)]

@gt94sss2

the number of children who accumulate more than £3,000 in savings

Agreed - and if that’s the case, an U16 account in Monzo probably isn’t the best place for the bulk of those funds. By all means keep some handy in Monzo and earning interest but a child that age is less likely to be spending large sums so put it somewhere in the child’s own name with a better rate of return.

[Lightning720]

Most banks don’t have everything. If you aren’t happy with 1 bank, switch away, or just open an account elsewhere and make use of multiple accounts. It isn’t rocket science. Monzo will suit some, others won’t ever touch it. Simple as that.

[HazMcQuade (Haz)]

As promised, we’re launching Under 16s savings accounts

From today, we’re starting the roll out so customers will start getting access to Under 16 savings accounts.

We’ll make sure to let you all know when the full roll out is complete

Keep the feedback coming

We’re always looking to improve, and your ideas really help. Let us know how you and your kids are finding the experience – and what you’d love to see next.

[rundev]

Is there any way to sign up for earlier access like previous features?