Monzo Makes Saving Child’s Play… Introducing Under 16s Savings

Monzo has made saving simple and fun for children. Monzo Makes Saving Child’s Play… Introducing Under 16s Savings, the bank announced, gives kids aged 6–15 their own accounts. Parents can easily oversee their child’s finances.

New accounts earn a variable interest rate of 3.00% AER, which is paid monthly. Parents can add money to the Monzo app at any time. They can also lock the account to help children meet their goals. Each child can hold up to £10,000 and open up to 20 savings accounts or Pots.

To encourage good habits, children can create “saving sidekicks.” These virtual companions grow when kids deposit pennies and pounds. Kids who prefer a simpler option can pick an image instead.

Parents maintain control. Only primary guardians can lock or unlock accounts, close locked accounts, and set spending limits. Children can deposit money and schedule recurring payments. They may close accounts themselves unless only one remains open.

Monzo Makes Saving Child’s Play… Introducing Under 16s Savings

Setting up an account is easy. To open an Under 16s account, parents must first have a Monzo current account, which requires a photo ID. Then, they can open the account directly through the app. Kids don’t need proof of address, ID, or a mobile device.

The accounts include modern features. Lost cards can be frozen instantly. Children 13 and older can add their card to Apple Pay or Google Pay. Spending and ATM withdrawals abroad have no Monzo fees. Spending limits remain the same as in the UK.

Families can share management with trusted relatives. Family members can view balances, freeze cards, and add money. Only the main account holder can remove family members or close accounts.

Funds in Under 16s accounts belong to the parent. They count toward the parents’ FSCS protection allowance. Interest is taxable under the parent’s personal savings allowance.

Monzo’s Under 16s accounts are free. There are no fees for opening, maintaining, or topping up accounts. Children can spend, save, and earn interest safely.

With this launch, Monzo helps families to develop money habits early. Saving becomes fun, practical, and secure for young users.

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