Monzo has made huge changes to one of its online banking accounts affecting over 300,000 customers.
Today, the UK’s largest digital bank – which has around 11million customers – announced that it has removed the waiting list for its Under 16 product, making it easier for parents and guardians to sign their kids up for an account. It has also launched two brand new features for the account.
The account is available to people aged between six and 15 and can be opened by parents and guardians who have Monzo accounts. It first opened to customers in July 2024, and those wanting to open one needed to join a waiting list as it was rolled out. This is because parents have the child’s account linked to their own. Since it launched, 300,000 under-16 accounts have been opened.
When it was first launched, Monzo said it would give young people the opportunity to experience money milestones like saving, budgeting, receiving pocket money or using a card to pay in a shop. The account has regular Monzo features like savings pots, instant notifications, and scheduled payments for pocket money, and also comes with the choice of a neon pink, yellow or blue card, setting it apart from the hot coral mainstay current account card.
The account is completely free, and there are no sign-up, top-up, or subscription fees or fees for spending abroad. Parents can also choose to be notified when their child spends, set spending limits, and use customisable controls to turn cash withdrawals and online payments on or off. The app also provides guidance on saving, budgeting, and spending safely online.
Alongside the removal of the waiting list, Monzo has also launched two new features to the account. Additional adult family members can now also be linked to the account so they can see the child’s spending, add money, and even freeze their card. Friends and family can now also gift money through a unique payment link parents can share out.
Once a young person reaches 16 years old, they can open a 16-17s account, and move to a full Monzo account when they turn 18. The 16-17 year old’s current account has almost all the features of a regular current account, but Monzo blocks spending for some things which are illegal if you’re under 18, for example gambling. The changes come as the online bank’s Vice President of Marketing AJ Coyne is about the feature on an episode of BBC’s The Apprentice tonight as one of the judges evaluating the teams’ new kid’s bank account ideas,
At Reach and across our entities we and our partners use information collected through cookies and other identifiers from your device to improve experience on our site, analyse how it is used and to show personalised advertising. You can opt out of the sale or sharing of your data, at any time clicking the “Do Not Sell or Share my Data” button at the bottom of the webpage. Please note that your preferences are browser specific. Use of our website and any of our services represents your acceptance of the use of cookies and consent to the practices described in our Privacy Notice and Cookie Notice.
