Monzo Bank unveils new account for Under 16s

"It is this idea of meeting all of our customers’ money needs in a single place and, in doing so, transform banking forever.” That’s what Monzo Bank CEO TS Anil said in a recent sit down with David M. Brear about Monzo’s strategy and today’s announcement of Monzo for Under 16s is another example of this in full effect. You can expect to see the journey in our Pulse library as soon as it's available but in the meantime, here’s what you need to know about the announcement: 🚀 Created for children aged 6-15, Monzo’s new account is “designed to empower a new generation” and “share the magic of Monzo” with a waitlist now open. 🤝 In a strategic and expected move, Monzo is looking to continue to build loyalty amongst its 9m+ customer base with a product that addresses the demand for financial education for youngsters. 💰 According to Monzo’s research, 42% of parents that discuss finances with their children want them to understand how to create a budget. 🧠 Monzo joins Revolut (Revolut <18 - 2020) and GoHenry (2012) to name a few, in an ever-expanding landscape of financial management and education for children. 🤔 Monzo for Under 16s is “free for every child” with no sign-up, top up or subscription fee. Revolut <18 is included in both Premium (£6.99/month) and Metal (£12.99/month) plans while GoHenry costs £3.99 per child with some additional fees.

Monzo Bank will launch bank accounts for children in the UK #Monzo have just announced the launch of a new account package designed specifically for children aged six to 15. This innovative offering is now available for pre-registration, allowing parents and kids to join the waitlist. The new Monzo children's account helps young users set savings goals, manage their money with savings Pots, and access in-app financial education. Kids will also love choosing from a range of brightly colored neon Monzo cards. Parents will have the ability to link their child's account to their own, providing oversight and control. They can opt to receive notifications for their child's spending, set spending limits, and customize controls to enable or disable cash withdrawals and online payments. Monzo's Chief Executive, TS Anil, expressed enthusiasm for this initiative, highlighting its importance in Monzo's mission to make money work for everyone. This new account aims to support the financial education and management skills of the next generation right from the start of their financial journey. This move not only broadens Monzo's customer base but also has significant implications for fostering financial literacy and responsibility among young users. By integrating educational tools and parental controls, Monzo is setting the stage for a financially savvy future generation. The article on Finextra in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Monzo Bank Launches Under 16s Account 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.” https://lnkd.in/eqWgwMuE #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Financial literacy and money management are no longer just skills for adults alone. Today, teens need these skills too. From handling digital payments to learning the basics of budgeting, They are already part of a financially complex world and equipping them now can make all the difference That’s why Wema Bank created ALATXplore—Nigeria’s first banking app just for teens. This isn’t your average banking tool. It’s a safe, engaging platform where teens can build essential financial skills, like saving, budgeting, and spending responsibly, all under your guidance. As a parent, you can set them up for a lifetime of smart money choices. With #ALATXplore, you’re not just giving them an app you’re giving them confidence and knowledge for a secure financial future. Get started today and empower them to become financially savvy from the start! https://lnkd.in/dEJTucXe #digitalbanking #wemabank #alat

Monzo Bank have entered the family finance game by launching an account for Under 16s 👏 🏦 💳 Monzo for Under 16s offers children their FIRST taste of financial independence and is packed with all the awesome Monzo features you'd expect such as a COOL contactless neon debit card, savings goals, organise their money with savings Pots AS WELL AS receiving scheduled pocket money payments! 💷 📲 The Monzo Under 16s account is linked to a parent or guardian's Monzo account who can control an Under 16s account within the app, enabling them to set spending limits as well as being able to turn on and off cash withdrawals and online payments. As Monzo's Under 16s account develops and expands, they are expected to explore more features such as interest on savings. 👨💻 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.” Parents can join the waitlist on the link below! 👇 #monzo #familyfinance #moneymangement #financialliteracy #financialeducation #digitalbank #pocketmoney #financialindependence

Ready to raise money-smart kids? The OCBC MyOwn Account app helps seven- to 15-year-olds learn digital banking and budgeting skills safely with parental controls, spending caps and alerts. Brought to you by OCBC

Revolut Surpasses 2m Young Customers Worldwide on Under 18 App and Bolsters Product in Bid to Put Financial Power Into the Hands of Teens Carlo Spada, Head of Product, Revolut <18 commented: “Our <18 app is built for teens and our goal is to be the ultimate financial companion, growing with young people and their financial needs. The features we’re announcing today will empower young people to take the lead on their finances and practise healthy money habits, all with fun opportunities for personalisation and the right level of parental oversight. “We’re excited to see more and more young people choosing Revolut as the place to build towards financial independence.” https://lnkd.in/d4pnRqQy #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

#Monzo, a #digitalbank based in the UK, will soon be launching a new account for #children under the age of 16. The account, which will come with a physical card, will feature tools for kids to customise their app, and allow them to put money away into “pots” to learn #budgeting and #saving. With no fees, and the ability to spend abroad, children as young as 6 will be able to learn #financialliteracy through this service. As they age, #kids can then can “graduate” to an account for 16 and 17-year-olds, before finally upgrading to a full Monzo account into adulthood. So many thoughts about this one… 1. Allowing kids to level up their accounts as they age is SUCH a smart way for the #bank to generate lifelong loyalty with #GenAlpha. Parents or guardians have complete control and visibility over kids’ accounts, so as far as #onlinebanking goes, Monzo is building trust with parents too. 2. Over 80% of adults believe that parents are responsible for their kids’ financial education. But a lot of parents struggle to have #money conversations with their kids. Not to mention that the #costoflivingcrisis, and the general financial hardships faced by #millennials, have made the e#conomy a daunting subject. Monzo’s hands on offering might lift the load off of parents, and help money management become more experiential for kids. 3. If I were a kid, I’d be SO stoked to have a physical card that I could use… but it would have looked weird and inappropriate back in my day. Digital life has changed that. Kids today are more digitally savvy, and have more agency. The rules of what’s appropriate are different. 4. My worry with this one is that giving kids too much financial freedom could stoke the flames of what feels like their looming addiction to #overconsumption (#SephoraKids anyone?). Could we be giving kids too much responsibility, too young?

Affinity FCU Partners With a Payments Fintech to Boost Financial Literacy - Digital Transactions https://buff.ly/3W7psXi #AffinityFCU #GreenlightFinancialTechnology #financialliteracy @AffinityFCU @GreenlightCard

I like this idea for a mobile banking app: A benefits calculator that shows customers what they may qualify for (i.e. tax discounts, pension credit), and importantly, how to make a claim. It's a great illustration of other ways (beyond rate) that a bank can pursue to potentially save someone money and, well, get more of their data. Another way: Help them cancel subscriptions. Lloyds Bank rolled out the feature: https://lnkd.in/grftR-VC #financialhealth #mobilebanking