Table of Contents
- Monzo has launched a free current account for children aged six to fifteen
- There is a waiting list to register – the account will be rolled out in the coming weeks.
- We look at what the account offers
Digital bank Monzo has become the latest bank to branch out and offer debit cards for children.
The account is completely free for children between six and 15 years old.
Parents can now join a waiting list to register their children for the new account which will be rolled out to customers in the coming weeks.
You will need to have a Monzo current account to sign up to the waiting list.
Monzo has launched a new current account for children aged 6-15 that includes a free debit card
While we at This is Money advocate the freedom to continue using physical money, we also know that in an increasingly digital world, primary and secondary school-aged children are interested in apps and having a card they can use to make purchases.
It can often be your first experience of financial independence.
Monzo said the new account gives children the opportunity to experience money milestones such as saving, budgeting, receiving pocket money or using a card to pay in a shop.
What does the new account offer?
Monzo’s new account includes a debit card for children aged between six and 15. Kids will be able to choose between a neon pink, yellow or blue card, setting it apart from the bright coral-coloured main current account card.
The account has familiar Monzo features such as savings funds, instant notifications and scheduled pocket money payments.
Kids can set savings goals, organise money into funds, receive scheduled pocket money payments and personalise their Monzo app.
Monzo has regular funds, which allow you to set aside some of your money from your main account, and savings funds that earn interest.
The account is completely free and there are no registration, top-up or subscription fees, nor are there any fees for overseas spending.
Parents have their child’s account linked to their own, so they must have a Monzo account to sign up for the waiting list.
Parents can choose to receive notifications when their children spend money. They can also set spending limits and use customizable controls to turn cash withdrawals and online payments on or off.
The app also offers guidance on how to save, budget and spend safely online.
Children can open a 16-17 account once they turn 16 and again a full Monzo account when they turn 18.
The current account for 16-17 year olds has most of the features of a normal current account, but Monzo blocks spending on some things that are illegal if you’re under 18, for example gambling.
TS Anil, CEO of Monzo, said: “This is a huge step in our mission to make money work for everyone as we welcome a new generation who we are excited to support from the start of their financial journey and for many years to come.”
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Children will have the option to choose between a neon blue, yellow or pink card, as well as the use of flower pots.
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