Monzo, one of the UK's largest digital banks, has announced plans to launch a free current account for children aged 6-15. There are no upfront costs, subscription fees or top-up fees and children will get their own brightly coloured card, with three colours to choose from. Parents will be able to schedule pocket money payments and children can access additional tools and features via their own child-friendly version of the Monzo app.
Monzo is the latest digital bank to launch banking features for children and teens and in this article, we explain how to sign up for a Monzo child account and how it compares to similar bank accounts including Starling Kite.
How does the Monzo kids account work?
The Monzo for under 16s account is free for children aged 6-15. Parents and guardians can apply on behalf of their children and keep track of their spending directly from the Monzo app. You'll get to choose one of three brightly coloured cards and if your child has a compatible phone, they can keep track of their spending and current account balance via their own child-friendly version of the app. Parents can help ease their children into financial independence by encouraging them to budget and allowing them to spend via their own contactless debit card. The app will also allow parents to easily schedule pocket money payments.
How to sign up for a Monzo kids account
In order to apply for a 'Monzo for under 16s' account, you'll first need to be a Monzo customer. If you are not already a Monzo customer, you can apply online in under 10 minutes. You'll need to be at least 16 years old, live in the UK full time and have the right to reside here. You'll also need a mobile phone to complete the application process, as well as a valid proof of ID. Valid forms of ID include a passport, driving licence, national ID card or a biometric residency permit. As a Monzo customer, all you need to do is navigate to the '+' in the top right-hand corner and select 'Monzo for under 16s'. Once selected, you'll be added to the waitlist where you'll need to wait for further updates from Monzo.
When will the Monzo kids account officially launch?
While an official launch date has not been confirmed, Monzo launched its investment feature via a waitlist in Autumn 2023 and the 20,000 customers who joined only had to wait a week for the feature to be fully rolled out.
How does 'Monzo for under 16s' compare to other children's bank accounts?
As the Monzo for under 16s account hasn't officially launched we are unable to provide a complete side-by-side comparison. A fee-free current account for kids means that is probably most comparable to Starling Kite, a fee-free debit card and app from digital banking rival Starling. Launched in 2020, it also offers fee-free banking for children as well as tools and features to help your child learn how to budget and spend safely. For more information, check out our article where we provide detailed comparisons of the best bank accounts for children and teens.
