In today's digital world, teaching kids about money has never been more important. With cash becoming less common, a bank account designed for young people is the perfect way to help them learn to save, budget, and spend responsibly. The Monzo Under 16s account is a popular choice for many UK families (including us) as it offers a free, safe, and modern way to manage pocket money and more.
This detailed guide will walk you through everything you need to know about signing up for a Monzo Under 16s account, from the requirements to the application process and the amazing features it offers.
What is a Monzo Under 16s Account?
The Monzo Under 16s account is a free bank account specifically for children aged 6 to 15. It's a real UK bank account (not a prepaid card) and is linked to a parent or legal guardian's Monzo account. This gives your child the freedom of having their own debit card and app, while you are able to maintain full visibility and control.
Key Features You'll Love as a Parent
- No Monthly Fees: The Monzo account is completely free, with no subscription fees or charges for spending at home or abroad.
- Easy Pocket Money: Transfer money to their account in a few taps, either as a one-off payment or a scheduled regular payment. You can also generate a payment link for friends and family to send birthday or Christmas money directly to their account.
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Parental Controls: You can set daily spending limits, turn off online payments and cash withdrawals, and freeze the card instantly if it's lost or stolen.
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Instant Notifications: Get a notification every time your child spends, so you can keep track of their spending habits in real-time.
- Age-Appropriate Spending: The card is automatically blocked from age-restricted merchants, like gambling sites and pubs.
- No Overdraft: The account has no overdraft facility, so your child can't accidentally go into debt.
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FSCS Protection: As it’s a full bank account, your child's money is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, giving you complete peace of mind.
How Your Child Benefits
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Their Own Debit Card: They get their very own contactless Monzo debit card, available in a choice of bright colours (pink, yellow, or blue) and it can also be linked to their phone for easy payments with Apple Pay or Google Wallet.
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Their Own App: They can download a child-friendly version of the Monzo app to track their balance, see their spending history, and set up "Pots" to save for specific goals.
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Financial Education: The app is designed to help them understand money better, teaching them to budget and save wisely.
Eligibility & Requirements: Who Can Sign Up?
Before you start the application, make sure you meet the following criteria:
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You must be a Monzo customer: To open an Under 16s account for your child, you must first have your own Monzo current account. If you don't, the sign-up process for both is quick and can be done simultaneously.
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Your child must be the right age: The account is for UK residents aged between 6 and 15 years old.
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You must be their parent or legal guardian: Only a parent or legal guardian can open the account.
The Step-by-Step Guide to Signing Up
Opening a Monzo Under 16s account is designed to be as simple as possible. The entire process takes just a few minutes, with no need for in-branch visits or paperwork.
Step 1: Get a Monzo Account for Yourself (If You Don't Have One)
If you're new to Monzo, you'll need to open a personal current account first. This takes about 10 minutes and can be done from your phone. You'll need some photo ID, like a passport or UK driving licence.
Step 2: Start the Application in Your App
Once you have your own account and are logged in, tap the ‘+’ icon in the top right-hand corner of your home screen and select 'Monzo for Under 16s' from the list of accounts.
Step 3: Provide Your Child's Details
You will be asked a few simple questions about your child, including their name, date of birth and address.
Step 4: Choose a Card & PIN
Your child gets to pick their own card from a range of colours. Once you've chosen a colour, you can set a PIN for the card. The card will then be sent to your home address, usually arriving within a few days.
Step 5: Your Child Gets Their Own App (Optional)
If your child has their own phone, they can download the Monzo app and log in to their account. They will be able to see their balance, spending, and Pots, but without any of the adult-only features. This gives them a sense of independence while you remain in control.
What Happens When They Turn 16?
The Monzo Under 16s account is built to grow with your child. When they turn 16, they can seamlessly apply for their own Monzo 16-17s account. This new account is a full UK current account, offering more independence and a wider range of features, like their own sort code and account number. The transition is straightforward, ensuring their banking journey with Monzo continues without a hitch.
The Smart Choice for Financial Independence
The Monzo Under 16s account is more than just a debit card, it’s a powerful tool for financial education. By providing a safe and controlled environment, it helps kids develop good money habits from a young age. If you're a parent looking for a modern, fee-free, and secure way to manage your child's money, we would recommend the Monzo Under 16s account as it is an excellent option. With it's intuitive app and robust parental controls, it's the perfect starting point for their financial journey.
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