Nah, this is fairly standard for a lot of similar accounts.
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Thanks @Sarahm. The use case here is that money paid in by the grandparent shouldn’t be moved out into the parents Monzo account.
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This is no different to my daughter’s <18 account/card with Revolut then.
No reason to move over atm.
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I can see scenarios where unsolicited money sent to a kids account causing far more issues.
This account, after all, is for a child and is to be overseen and managed by a parent.
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Unsolicited money?
No different to a Nationwide FlexOne account for a child though tbh, or any other child account with its own sort code / account number.
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I can see where @anon90289270 “may” be coming from. Children accepting money from dubious people, perhaps, with no oversight from a parent/guardian.
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Even unwelcome gifts from estranged family members, etc.
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A sort code and account number is far more convenient but If you’re choosing an account like this to manage your child’s finances, payment links may be more suitable.
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Yes, of course, estranged family members trying to buy their way back into the fold.
But that is a risk for any banking institution, not just this product. Though I know what you mean, I don’t wish to derail this thread into one of child safeguarding.
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Hi there! As the under 16 accounts work a bit differently to personal/joint accounts, and as not all benefits would be relevant for under 16s the benefits won’t ‘carry across’ directly to the under 16 accounts. However, we’re working very closely with the subscriber teams, so watch this space …
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So this rules out the interest question asked by a couple of posters then.
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We’re watching. We’re watching!!!
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I won’t have kids either most likely, but being speculative, if I did, I wouldn’t mind grandparents, aunts, uncles deciding to treat them on their terms, just as long as they let me know.
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And that is the point @anon90289270 was raising, I think. Some of those may not wish the parent to know as they have a poor relationship with said parent.
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This is what I alluded to earlier, whilst trying to not derail the thread.
Which is fine until said parent “borrows” the money for whatever “bill” they have at that time and the money never reaches the child.
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Too true. People will always find ways.
Fine way to get caught though.
A discussion on that could be a thread of its own!
When I turned 12 I got a ReadyCash account at the Clydesdale Bank. It was completely independent and you got an ATM card, account number, sort code etc. I can understand the need for having these linked to parents accounts, if you want, but it really wasn’t a problem to learn about having an independent back account on my own. I think some of these products are guilty of being designed by committee and are way overprotective.