Under 18 and student accounts!

i would love this as my son is 12 he has had a bank account from age 11 and uses it all the time.
first with Lloyds but did not like it. now with nationwide.
but would be so much better with Monzo

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I don’t think Monzo have ever claimed to be actively working on accounts for younger people.

https://community.monzo.com/t/introducing-monzo-for-16-17-year-olds/44260/91?u=joannequi

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“Hoping to” is only an ambition which could be vastly different from anyone actually having done any work on it.

I would like them to do an age range from say 7+ like Gohenry or nimble etc, they have fees for adding money to the account if done via bank transfer / standing order.

although id love to see Monzo offer a bank account to children from 11 years old as all other banks do.
I do not think Monzo is right for 7-year-olds.
Gohenry & nimbl are set up for parents to help and control spending to show kids how to use plastic.

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Should be easy enough to replicate gohenry etc, Monzo have built the gambling block, building user friendly features should not be a problem

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I agree and think under 10 year olds should get a grasp on the basics of cash first with real coins while it still exists! Monzo is a great way for youngsters to move into the digital cash side because it is a digital wallet - perfect and simple for anyone to keep a good handle on their money. Great work Monzo but I really do think you are missing a trick not being faster to market for the younger age groups.

Just had to open a “traditional” bank account for our 13 year old (after closing down a Go Henry), we had to go into a branch and everything - would have loved to have been able to join her up as we are all #fullmonzo in our house … just waiting for the day we can move her over … :stopwatch:

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‘Paid for’ family accounts is all that has been formally mentioned by Monzo in this area so I wouldn’t want to recommend that anyone hold their breath waiting for stand-alone children’s accounts.

Looking in from the outside, I can’t see any money in kids accounts and it’s one thing to use them as a loss-leading recruitment device when you’re making a profit but quite another when it can only add to existing losses.

How’s about a paid for family bundle covering 2 individual current accounts, a joint account and kids accounts… That sounds like something I’d pay for…

I don’t even want cards for my children as they are only 2 and 1/2. I’d like to be able to open an account in their name that I can manage and put money in. Then once they are 18+ it can be moved over to their own account and a card could be issued.

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This is more or less what you can do with the Kids Saver [sic] from Halifax, Lloyds and/or Bank of Scotland, plus you’ll get 2% up to 5k.

They set the interest in this way, I think, because it keeps you within the £100 tax free annual limit for gifts directly from parents (assuming you to this up to the max).

If all you’re doing is putting money in, these Savers are more than enough.

Family accounts have been suggested already. You can vote for them here:

Maybe start a Monzo Student account with student privileges, it’d definitely convince some of my mates to come to Monzo. :slight_smile:

Good idea should be avalidle to part time and full time students, also student credit cards and student saving accounts would be welcome

It would good if you could attach a verified student status to your Monzo account (via something like UniDays) so that student discounts at businesses you use could be applied automatically. I always miss out on student discount because I forget about it and I think this could be a huge selling point for students so that you aren’t constantly having to pull your student card out as well as your Monzo card.

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I’m always interested by these products.

Current accounts I get since many students get paid 3 times a year so restrictions or incentives around monthly deposits would need to differ. Similarly overdrafts are tailored for the student market so I can get that too.

Why would a student need a different credit card or savings account to any other adult?

This has already been suggested. You can vote for it here:

With the caveat that while Monzo continues to grow and thus records losses, the prospect of free student overdrafts etc. should be considered as a potentially remote possibility at best.

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