Monzo announced this week that it is eliminating the waitlist for its popular free under-16s bank account, now available to all of its 10 million customers. The account is made to help young users learn about money management with the same features that Monzo customers know and love, while also making sure parents have control and visibility to safely manage their child’s finances.
The free account for children aged 6 to 15, is linked to the parent or guardian’s Monzo account, and provides children with a debit card and access to saving “pots”. Not only has Monzo removed the waitlist, but it also has introduced two new features for its junior accounts. Parents can now add other adults to oversee the account, allowing multiple people to manage the child’s banking.
From now on, parents can also send a unique payment link to family or friends, allowing them to transfer money directly into the child’s account.
This account is designed in a way that parents have control over the account, allowing them to set spending limits and disable cash withdrawals or online purchases while also teaching children how to manage their own money.
The app provides education and guidance on important money topics like saving, budgeting, and spending safely online.
Initially launched in July 2024, the service had a waitlist as it was being gradually introduced.
Since then, 300,000 people have reportedly signed up to the service.
Parents wishing to sign up their children will need to have a Monzo current account first.
Once set up, they can easily register their child through the app, where they can choose a card, set a pin, and should have the account ready to use within a few days.
Monzo’s Under-16s account has no sign-up, top-up, or subscription fees, and children can spend abroad without extra charges.
