For many parents, teaching children about the basics of saving money starts early. A Monzo for Under 16s account offers a way to move beyond having a piggy bank full of old coins, and encourages your children to let their savings work for them.
The Monzo current account for under 16s is a purpose-built banking product for children aged from six to 15, offering interest-earning savings with tools that are built to make saving money engaging and enjoyable for children.
Savings for Under 16s offers 2.75 per cent AER, with interest calculated daily and paid monthly. This is an account where children earn interest on their savings.
To help children understand and enjoy the power of putting their money into savings, Monzo has created the savings sidekick, an in-app character that celebrates and reacts to their pennies, pounds and progress. Kids can set a goal and Monzo will celebrate their success when they get there, helping them build that saving muscle.
Looking for parental peace of mind? You can see your child’s spending in your own Monzo app, schedule pocket money deposits into their account, set limits and controls for how their money is used. These features enable children to gain financial independence safely, while you still have full visibility.
Children get their own neon Monzo card, just like adults, and their app can be used to create custom savings pots – perfect for putting money towards future purchases, and building saving habits. As with other Monzo products, the Under 16s card can be frozen if lost with just three taps of the app, and can be unfrozen again if found, or replaced quickly. Under 16s can use their card abroad with no fees, and a payment link can be shared with a tap, enabling friends and family to easily send money straight into your child’s account.
Apply for a Monzo for Under 16s account today
You’ll need a Monzo account of your own to open a for Under 16s account, so now is a great time to get started. A free account, Monzo lets you organise your life into Pots and earn 2.75 per cent AER (variable) on instant access savings. The Monzo app has useful spending insights, plus fee-free spending anywhere in any currency. There are also instant notifications telling you how much you’ve spent and where, plus the ability to sort payments and build a clear view of what you’re spending on.
Skip the awkward ‘pay-me-back’ texts with secure payment requests, where the Monzo app lets you send payment reminders to friends who owe you money. You can also create Running Splits for group spending, where the total spend – and precisely what everyone owes each other – is updated instantly after every purchase.
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Monzo helps put modern banking into the pockets of both you and your children, with savings pots, instant notifications, fee-free spending anywhere with any currency, and earning interest on savings held in eligible accounts. Help them save for tomorrow in an enjoyable and engaging way today, with a free Monzo current account for under 16s.
Apply for a Monzo for Under 16s account today
Ts&Cs: Ages six to 15. UK residents. Parent/guardian account needed. Interest paid monthly. £10,000 maximum in savings per child. Terms and conditions apply.
