Been a while since I’ve used the Ideas topic, and it got me thinking how Monzo don’t seem to be competing with Starling when it comes to providing children’s accounts…
No idea if they plan on in the future or if something is in the pipeline but I got bored and even made a little graphic for it so may as well post it, I feel like Monzo’s design and UI would be perfect for a children’s account.
I know someone will say “parents can just create a virtual card linked to a pot for them” but I feel there’s more financial learning for a kid to have their own account and own card they can use to tap away at vendors, “digital money isn’t real money” kinda thing…
It probably makes business sense as well. A lot of people never change their bank (I certainly didn’t for a very long time), so if you catch the new generation, it will surely pay off for Monzo in the long run.
Doesn’t give them their own account though, doesn’t give them a physical card - they’re both things personally I think are important to teach them money skills.
A current account for the kids with a lot of restrictions until they turn over 16.
No access to Direct Debits
Parent can control how much the child spends
Parent can decide if they can use the card at all
Limit how much in a day money is managed
Block any 18+ transactions
Parent can see what the card is spent on
Plus or Premium subscriptions if parent is on it.
Pretty much all things Monzo except restricting the kid to a more friendly version until they reach their 16th birthday. Then they should have the option to keep account linked to their parent or have the account fully upgraded to work as an All things Monzo with almost no restrictions.