Challenger bank Monzo is set to release a new product in 2024 aimed at under-16s. It’ll give kids the freedom to use their own card, while parents can set limits and keep an eye on things within the app.
What do we know so far?
Here are the need-to-knows:
It’s called Monzo for Under 16s
It’s free for every child
Parents can schedule pocket money payments
Kids are eligible from age 6
You can set up pots to help manage funds
Parent will need their own Monzo account
It’s early days, so we’re still waiting to see how it’ll stack up against the likes of GoHenry, which has a strong focus on financial education. Or Starling Kite, where kids can enjoy fee-free spending on holidays abroad.
Is it safe for kids to use Monzo’s new card?
As with most cards aimed at kids and young people, there are measures in place to help parents curb the spending of those little ruffians.
Here are some early details on the security of the under-16 card:
Parents can see what’s being spent
Parents can set limits and controls
Deposits are protected by the Financial Services Compensation Scheme (FSCS)
What does the Monzo kids app look like?
Case study: Stephen likes that that it automatically blocks some spending categories
"I got an email from Monzo about their new product, so decided to give it a go as I already use their current account as a secondary account.
I like the fact it automatically blocks certain transactions that are not kid-friendly.
If there’s one thing you’d tell a friend who’s thinking of getting this, what would it be?
It connected super easily with my existing account, it’s free and all-in-all was pretty low admin to set up."
Stephen Davis
Finder UK commercial team lead
What about when they get older?
Good news – you’ll be able to upgrade to a regular adult Monzo bank account when the big day comes. They grow up so fast, don’t they?
What is the Monzo under-16s card called?
It’s simply called Monzo for Under 16s. And it does what it says on the tin.
When will Monzo release its card for under-16s?
The scheduled release of Monzo for Under 16s is November 2024. If you’re interested, you can join the waitlist now. Monzo started inviting people from its waitlist to open an account in the summer.
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Ricky Davies was a senior writer at Finder, focusing on banking and fintech. He previously wrote for Lloyds Banking Group, Halifax, and Royal Bank of Scotland. Additionally, he worked on content at LSEG, which is one of the world’s largest providers of financial markets data and infrastructure, and has created guides for several crypto sites. See full bio
Ricky's expertise
Ricky has written 13 Finder guides across topics including:
Digital challenger bank Starling has launched a new children’s app for its Kite debit card. This prepaid card for kids comes with parental controls and can be managed from the parent’s banking app.
Rooster Money offers a colourful app to teach your kids about budgeting and makes a valid alternative to the traditional children’s current account.
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