Digital bank Monzo has announced a new account called Monzo for Under 16s, targeting children aged six to 15.

Account Features
This new account allows children to set savings goals, manage their money with savings Pots, and access in-app financial education. It comes with a colorful Monzo card, available in pink, yellow, or blue. Monzo for Under 16s aims to introduce kids to saving and budgeting, facilitate scheduled pocket money payments, and provide a contactless debit card for spending. Children will have their own Monzo app linked to a parent’s account if they have a smartphone.

The Under 16 account is free of fees, upfront costs, overseas spending costs, top-up charges, and subscriptions.

Upon turning 16, children can easily transition to a Monzo account for 16 and 17-year-olds, and eventually, at 18, to Monzo’s full range of digital banking accounts.

Survey Insights
According to Monzo's research, among parents who discuss finances with their children, 50% want their kids to understand how to save pocket money, and 42% want them to learn how to budget.

TS Anil, Monzo’s CEO, 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 organizing money with Pots and setting savings goals, we’ve packed the product with some Monzo favorites, tools for children to customize 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.”

Parental Controls
Similar to Starling Bank’s Kite card, Hyperjar, Rooster Money, and GoHenry’s offerings, Monzo for Under 16s gives parents or guardians control and visibility to ensure their children manage money safely. Parents can set spending limits and control cash withdrawals and online payments via the Monzo app.

Monzo plans to explore additional features such as interest on savings as the account develops.

Launch and Future Developments
Parents can join a waitlist for the new account, with initial access expected later this summer and a broader rollout planned soon