Monzo Launches Under 16s Account

Digital bank Monzo has unveiled its plans for a new account for children who are between the ages of six and 15, named Monzo for Under 16s

The new account lets children set savings goals, organise their money with savings Pots, access in-app financial education which also comes with a pink, yellow or blue Monzo card. Monzo for Under 16s will give children their first taste of saving and budgeting, as well as receiving scheduled pocket money payments and using a contactless debit card to pay for things – as well as their own Monzo app linked to a parent’s account if the child owns a smartphone.

The Under 16 account will be free from fees, up-front costs, overseas spending costs, top-up charges and subscriptions.

Upon reaching the age of 16, children can seamlessly transition from the Under 16 account to a Monzo account for 16 and 17-year-olds and eventually at 18 to Monzo’s full range of digital bank accounts.

This comes as new research from Monzo reveals that of the parents who discuss finances with their children, half of them (50%) said they want their children to understand how to save pocket money, with (42%) saying they wanted their children to understand how to create a budget.

TS Anil, Chief Executive of Monzo, said: “Monzo customers with children have been asking us when they can share the magic of Monzo with their kids – and now they can! From instant notifications to organising money with Pots and setting savings goals, we’ve packed the product with some Monzo favourites, tools for children to customise their app and neon cards to choose from. This is such an important step on our mission to make money work for everyone, as we welcome a new generation that we’re excited to support from the start of their financial journey and through the many years to come.”
About Monzo

Similar to the likes of Starling Bank’s Kite card, Hyperjar, Rooster Money and GoHenry’s offering, Monzo for Under 16s gives parents or their guardians control and visibility to ensure their children are managing their money in a safe way. Parents and guardians can also set spending limits and use controls within the Monzo app to turn on and off cash withdrawals and online payments.

As the account develops and expands, Monzo are expected to explore more features such as interest on savings.

Initial access can be expected later this summer, with and a broader rollout planned soon. Meanwhile, parents can join the waitlist for the new Under 16s Monzo account