Monzo, the UK’s largest digital bank with more than 11m customers, today announced they are removing the waitlist for their Under 16s product - making it available for any eligible parents or guardians to sign their kids up. U16s is a free account designed to bring the best of Monzo’s money management tools to children aged 6-15. Bringing Monzo magic to a new generation, the account gives children the opportunity to experience money firsts like saving, budgeting, receiving pocket money or using a card to pay in a shop, all while giving parents or guardians complete control and visibility to ensure they’re managing their money safely. 

This latest announcement includes two new features added to the product since launch:

• Additional parent access: Parents/guardians can now add another adult as an additional family member on the Under 16s account. This means two of them can look after their children’s accounts. Additional family members can see the child’s spending, add money, and even freeze their card. 

• Friends & family can gift money: Parents can share a unique payment link with friends and family that they can use to send money directly to the Under 16s account

Over 300,000 accounts have been set up since launch, featuring:

• Free for every child: No sign-up, top up or subscription fees and no fees for spending abroad

• Loved Monzo features: Children can set savings goals, organise money in Pots, receive scheduled pocket money payments and customise their Monzo app

• Neon Monzo card: Kids choose their own pink, yellow or blue neon card

• Visibility and control for parents: Parents have the child’s account linked to their own, and can choose to be notified when their child spends. Parents can set spending limits and use customisable controls to turn cash withdrawals and online payments on or off. 

• In-app education: Guidance on money topics customers want their children to learn about, like saving, budgeting and spending safely online

• Account grows with you: Children can graduate to a 16-17s account and again to a full Monzo account when they become an adult

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.