Meet the next generation: Monzo for Under 16s 🎉

Monzo Chat
145

Sounds like this kids account is gonna fall flatter than joint accounts.

One parent managing it. Nobody but said parent can pay money into it.

Gifts from grandparents? Nope, gotta go to mum or dad.

It’s basically what some have been doing all along, a pot with a card linked to it.

It’s been referenced many times about many product launches, they’re half arsed.

Launch a full product for once. :melting_face:

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146

Nah, this is fairly standard for a lot of similar accounts.

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147

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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148

This is no different to my daughter’s <18 account/card with Revolut then.

No reason to move over atm.

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149

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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150

Unsolicited money?

151

No different to a Nationwide FlexOne account for a child though tbh, or any other child account with its own sort code / account number.

152

I can see where @glenmcfar “may” be coming from. Children accepting money from dubious people, perhaps, with no oversight from a parent/guardian.

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153

Even unwelcome gifts from estranged family members, etc.

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154

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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157

So this rules out the interest question asked by a couple of posters then.

:+1:

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We’re watching. We’re watching!!!

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I think an iterative approach is fine if it’s delivered on. My worry is that Monzo doesn’t have a great track record on actually delivering on such iterative approaches; or doing so at a glacial pace.

I don’t ever plan to have kids so can’t say but not allowing just anyone to send money to a child makes sense to me?

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160

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 @glenmcfar 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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162

I can see ups and downs to both sides of the argument.

Just because Parent A hates their MIL, there’s no reason for the kid to never get any gifts from her. Channeling funds through the parents exposes the child to unfair barriers – but throwing the gates open allows the nice man in the van to send them £5 for sweets and that’s not good.

A tough one and I feel safe is always best so ultimately I’ll be on the parents are the gateway side.

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163

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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164

Setting up “trusted contacts” that can send money directly? Though they’ll all need to be on Monzo for that. And what’s to stop the parent from withdrawing still?

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