Savings pot with its own sort code & account no

So, I want to start putting money away for my child, as do other people. Great that we can have the ability to lock pots, but for family members that want to set up standing orders to put money in for my son too, it would make life so much easier if the pot had its own sort code and account number. I believe other banks offer this? Would be a huge help

Pots aren’t separate accounts so this isn’t possible apparently, it’s been mentioned a few times. I think it’s based on how the account is created on the back end. Pots are sub accounts effectively. Other banks are giving you a second account, just displaying it differently.

It’s probably best to create a bank account for your child in their own name?

Think it would be better to open an account in your child’s own name. Should the worst happen to you it will still be there and separate, rather than becoming caught up in your estate.

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Hi Jack & welcome :wave:

As @revels and @j06 have said, it’d be better to open an external bank account.

You can set up a repeating scheduled payment to the external account from Monzo easily and you can also supply the sort-code/account/name of the account for family members to be able to contribute too.

Alternatively, choose a bank that is Open Banking compatible with Monzo, so that you could (with a Monzo Plus or Premium tier) move money between the account very easily, and also see the balance of the external account from within the Monzo app. With this option, have the family members pay contributions into your Monzo account and you move it across to your son’s account using Open Banking.