Monzo, the UK-based digital bank, has announced the upcoming launch of a new, free bank account tailored specifically for children aged 6 to 15. This new offering is aiming to introduce financial independence to youngsters while providing parents and guardians with robust controls.
Designed to grow with the child, the Monzo for Under 16s account features no up-front costs, subscriptions, or top-up fees. Each child will receive their own neon card and access to a child-friendly version of the Monzo app, enabling them to manage their money digitally without the hassle of counting out coins.
Parents and guardians maintain oversight through the Monzo app, where they can track spending, set limits, and apply customizable controls to ease their children into financial independence safely.
Monzo is inviting interested parents and guardians to join its waitlist for early access. The sign-up process requires a Monzo current account which, according to the bank, can be set up in ten minutes. Once signed up, users can add the Monzo for Under 16s account through the app and await further instructions on when they can start using the new service, the firm said.
