In the last few days, UK Bank Monzo has revealed a new bank account option specifically tailored towards under 16 year olds. This type of bank account is nothing new, traditional banks such as Lloyds have been offering this kind of thing for a while, but the implemetantion seems a lot simpler. For example with Lloyds, it is an under 19s account and the way you open the account depends on a very specific windows of ages, which can be done in branch or online. The Monzo account is aimed at kids aged between 6 and 15 years old and is completly free and is done online only.

Monzo announced the new account via its online community and it'll be coming pretty soon, at the moment there is a waitlist. Monzo said that work on the account started back in June 2023 and they conducted a lot of research to make sure what they are going to deliver is going to be right. They interviewed 1,200 famines in total and complied what they learned into the final product.

The new Monzo for Under 16s account is 100% free and will only be available in the UK only for now. A corresponding Monzo account owned by a parent or guardian is required, as they will oversee the account and assign pocket money. Each kid will get their own child friendly app, if they use a smartphone and a card too. The cards come in some fun neon colours, pink, yellow and blue.

Monzo also says once the child turns 16, they can apply for a 16-17s account or wait until they are 18 when it can be converted to an adult account.

Source: Monzo, Monzo Community