Digital bank Monzo has scrapped the waiting list on its under-16 account, making it available for any eligible parents or guardians to sign their children up. U16s is a free account designed to bring Monzo’s money management tools to children aged six to 15.
The account allows children to experience money firsts like saving, budgeting, receiving pocket money or using a card to pay in a shop, all while providing parents or guardians complete control and visibility to ensure they’re managing their money safely.
Since the launch of Monzo’s Under 16s product in July 2024, over 300,000 accounts have been opened.
This latest update introduces two new features, including additional parent access.
Parents and guardians can now add another adult as an additional family member to the account. The child’s account links to the parent’s, allowing them to receive notifications when their child spends.
This feature enables additional family members to view the child’s spending, add money, and even freeze the card.
Another new feature allows friends and family to send money as gifts. Parents can share a unique payment link with others, who can use it to send money directly to the account.
The product includes in-app guidance on money topics tailored to children’s needs, following new research from Monzo that reveals over 70% of parents wish they had been taught money management at a younger age.
People can sign up for Monzo online or through their smartphones. When the child turns 16, they can “graduate” to a 16-17s account, and once they become an adult, they’ll gain access to a full Monzo account.
Founded in 2015, Monzo now serves more than 11 million customers.
