MONZO has issued a huge update to 11million customers as it axes the waitlist for a popular account.
The UK’s biggest online-only bank has said it will no longer put parents on a waitlist to sign their children up for an under-16 bank account.
‘Monzo bank has removed the waitlist for its Under 16s bank account[/caption]
The free account is for children aged 6 to 15 and is linked to a parent or guardian’s Monzo account.
Like standard Monzo accounts, the youngsters receive a debit card and also have access to pots for saving.
But parents can set limits on spending and turn cash withdrawals or online spending off.
The service launched in July 2024 and those wishing to avail of the service were put on a waitlist as the product was being rolled out.
But Monzo said this week that it is now available to all customers.
It’s been widely reported that some 300,000 people have signed up for the service since it launched last year.
Alongside removing the waitlist, the online bank has also launched two new services for the junior account.
Now parents can add additional adults to oversee the account, meaning two people can now look after the youngsters’ banking.
Another new feature is that parents can send a unique payment link to friends and family so they can send money into the child’s account.
Parents looking to sign their children up for the account should be aware that they need to have their own Monzo current account first.
You can sign up for Monzo online or via your smart device.
Once you have a Monzo account go into the app and click on the “plus” sign on the device.
You will then see an option “Monzo for Under 16s,” click on this and then follow steps to sign your child up for the account.
You can choose a card and pin for the account and kids can usually start using the account in a few days.
WHAT OTHER BANK ACCOUNTS ARE AVAILABLE FOR YOUNGESTERS
Monzo is not the only bank to design a product for young bankers.
For example, Gohenry is a banking app and Visa card provider for people aged 6 to 18.
Parents can manage their child’s money, set spending limits, and track their spending.
Meanwhile, NatWest Rooster Money is a banking app is a pocket money app and prepaid debit card for kids aged 6 to 17 and it allows parents to manage their children’s finances.
You must be a NatWest customer to sign up for the service and can do so online.
‘OUR POOR CHILDREN’
HUSBAND and wife Jo and Ryan White are passionate about teaching their kids about money.
Jo, 45, says: “If my children ask for a new toy, I ask them if they want or need it.
“Then we sleep on it and, if they still want it as much, they come up with a creative plan to get the money together, from making things to selling popcorn.
“Once they’ve made that money themselves, they often don’t want to fritter it away after all.”
Jo set up a successful dog walking and pet sitting business – We Love Pets (welovepets.care), which has branches nationwide.
She takes Freya, seven, and William, six, to learn from the franchisees.
“Life is like business – you need to have more money coming in than going out, ” she says. The children don’t get pocket money from Jo, or Ryan, 41, but are expected to muck in with chores around the family’s home in the Norfolk Broads.
They can earn extra doing things like giving the car a thorough clean.
They now have online bank accounts and debit cards with Revolut.
“To make them realise that the card isn’t magic money, we show them how their money is going down on the app as they spend it,” Jo says.
William has saved around £500, while Freya – more of a spender – has £200 in the bank.
“We talk about the emotions around money. It’s so easy to think ‘Oh I want that lovely, shiny new thing’ but they’re learning to be patient and make the right choice.”
