Monzo has made its current account available to UK-based 16- to 17-year-olds.
They will gain access to the majority of the features included in the standard account.
The 16- to 17-year-olds will get:
- a full UK current account with an account number and sort code, so they can send and receive money by bank transfer, and set up direct debits and standing orders
- a contactless debit card, so they can take out cash and spend in shops and online around the world
- the full Monzo app, with instant spending updates, clever budgeting, notifications if they’re spending too fast and easy bill splitting with any friends on Monzo
- the ability to link with Apple Pay and Google Pay to turn their phone or smartwatch into their bank card.
The account will have restrictions, including blocks on transactions for things such as gambling.
In addition, Monzo will not offer overdrafts to anyone under 18, but will not charge customers if they accidentally go overdrawn.
“Helping young people learn to manage their money means giving them leeway to make mistakes without clamping down hard,” said Daniel Cannon, senior software engineer at Monzo.
“If someone goes overdrawn, we’ll let them know and ask them to pay it back – but we won’t charge them any money for it.”
Monzo added that it would automatically take away the spending blocks from accounts when users turn 18 and will review users’ spending and withdrawal limits.
This initiative comes after Monzo announced the addition of joint accounts to its testing facility Monzo Labs.
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