Revolut launched its Revolut <18 Account back in 2020, so it’s pretty well established now. The Monzo for Under 16s account, on the other hand, is a newcomer to the children’s finance space, so let’s examine how the 2 accounts compare.
There are a lot of similarities between the 2 accounts here – both offer a parent and child’s app and both come with a Mastercard debit card. However, Monzo’s account is designed for 6- to 15-year-olds, while Revolut’s account can be used by children up to the age of 17. On the flipside, the Monzo account has a higher Finder Score and, because Monzo is a licensed UK bank, it includes FSCS protection for deposits of up to £85,000.
Revolut was granted authorisation to become a UK bank in 2024, but it isn’t operating as one yet, which means it can’t offer FSCS protection. Instead, Revolut must safeguard customer money in a separate account at a licensed UK bank, which means these funds are ring-fenced should Revolut go bankrupt.
To open either the Monzo for Under 16s account or the Revolut <18 Account, you as the parent will need to open your own adult account with the provider. It’s easy to do this through their respective apps.
However, while Monzo lets you open up to 5 kids’ accounts, Revolut only allows you to open 1 – that’s unless you wish to upgrade your plan from the free standard account to a paid-for plan.
When it comes to ATM withdrawals, Revolut offers a slightly higher daily withdrawal limit of £120 versus Monzo’s £100. Revolut also gives kids the chance to customise their card with doodles. Monzo doesn’t offer this level of customisation, but children can choose from a neon yellow, pink or blue card.
With both options, you can make regular pocket money payments into the account, plus you can send a payment link to friends and relatives so that they can transfer money into the accounts too – ideal for birthday and Christmas presents.
Neither account offers desktop access, so you’ll need to be happy managing them via the app.
Winner: Tie. Monzo offers more accounts, but Revolut’s card can be customised and the ATM withdrawal limit is slightly higher.
Both Monzo and Revolut offer the key features you’d hope for with a child’s account. Parents can set spending controls and receive notifications every time their child spends on their card, and it’s easy to freeze the card in the app if it’s misplaced and unfreeze it again when it’s found.
Both accounts also let you set savings goals, so children can work towards putting money aside for a new toy or video game. But unlike Monzo, Revolut gives parents the option of setting challenges such as household chores for their children to complete and earn extra cash. You can set daily, weekly or monthly repetitions in the app. Children can also benefit from learning resources, to help them better understand their finances – another feature not offered by Monzo.
Winner: Revolut. Although the key features are the same, Revolut goes one better by offering a chores feature and learning resources.
Round 3: Fees
Provider
Monthly fee
£0
£0
Card delivery fee
£0
£4.99 delivery charge
Loading fee
£0
£0
UK card transaction fee
£0
£0
UK cash withdrawal fee
£0
£0
Fees abroad
0%
0% (spend or withdraw money overseas fee-free up to £1,000 per month, 1% thereafter. an additional 1% fee applies at weekends regardless of any limits.)
Neither the Revolut <18 Account nor the Monzo for Under 16s account charges monthly fees and there are no loading fees either. Both providers charge £5 for a replacement card.
However, Revolut charges a card delivery fee of £4.99 while Monzo’s card delivery is free. What’s more, while you can spend on either card in the UK for free, Monzo also offers fee-free ATM withdrawals, while Revolut only offers fee-free withdrawals on the first £40 each month. After that, a 2% fee applies.
When it comes to spending abroad, you can do this for free with the Monzo for Under 16s card, but Revolut limits this to £1,000 a month (if you, as the parent, have the standard Revolut plan). After this a 1% fee applies and an additional 1% fee applies on weekends, regardless of any limits.
Winner: Monzo, simply because it charges fewer fees.
Overall winner: Is Monzo for Under 16s better than Revolut?
It’s hard to establish a clear winner here as it ultimately depends on what you want from a children’s account. But if we had to pick just one, it would probably be Monzo simply because it has fewer fees and you can open more than one account, making it more suitable if you have more than one child. Plus it offers FSCS protection.
However, it does have its weak spots and Revolut will be the better choice if you’re after more in the way of features, including a customised card and the ability to set tasks for your children to complete in return for pocket money.
Don’t forget that when comparing your options, it’s worth looking at the adult accounts to see what features they offer because you’ll need to open one of these before you can apply for either child account.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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