Child Accounts


#1

As per @robert’s instructions, I thought I’d start this topic going.

It’s clearly of interest to Dozens (there is already a place holder in the app).

The question is… What do we want?

I have very strong feelings on this, but I’d love to hear what others think.

There are already accounts out there for children. There are plenty of 16-18 accounts (Monzo and Starling included), and a lot of the legacy accounts offer accounts to children of 11 years and up (possibly younger, but I haven’t looked).

I would love to see the age limit being removed completely if I’m honest.

Realistically, kids much younger than 11 aren’t necessarily going to be wandering around with their own debit card buying things - But that shouldn’t stop them learning about money, savings and being responsible.

If I could have a section of my app that allowed me to add money to their accounts, with perhaps a debit card that was solely for that part (think of it as a ring fenced fun with a specific debit card) - That would be magical.

If the child went to the village shop and there was £5 in their account - I know that’s all they could spend.

If this could happen quickly, I’d be so impressed!


#2

One of the things I am most excited about (as a parent of a 10 and 14 year old myself) is not only giving my kids their own card for spending (which is available elsewhere) but a tool that allows them to SEE their own savings, and learn about the benefits of long-term saving and planning.

Since kids’ accounts are usually one or the other, they don’t learn to manage their spending. It is not just about only having a small amount available (so it is not lost or wasted) but that when they DO plan to spend on something, they actually plan ahead and save up for it. If we can also get them some interest on those savings, even better!

As I say there are not any current fixed plans, but lots of our own ideas and those of the community of folks who helped us create the product, so we would love to know what you would like to see


#3

As long as you allow children at any age to access it, I don’t mind.

I was disappointed when “children’s” accounts turned into 16-18 with Monzo and Starling.


#4

There are some legal issues which will need to be taken into account, relating to the tracking of data of young people, but let’s definitely discuss the topic!


#5

I signed up with my first account with Natwest around the age of 11-13 - primarily because there was an easily accessible branch nearby and they offered accounts with a full debit card for people my age. I stayed with Natwest all the way until Monzo came along, so I really think there is a lot of inertia with banking for children. Attract them as customers when they’re young (especially with something strikingly different to the main high street players) and some will be customers for life.


#6

I feel that some form of gamification around childrens accounts could be a good idea.

A gamified bank account would be more appealing to a young person and could teach them good money management in a fun and engaging way. Frankly, banking and finances more generally are currently very dry topics for many adults, let alone children.


#7

Good point - in fact we will already be gamifying* the main app (coming very (very) soon) to encourage good behaviour by adults, so we would do the same, or similar, for the kids.

  • hopefully we will have a new topic on the Savers’ Awards

#8

I have a 12yr old boy who would love a dozens account . He’s not getting much inspiration to save with the bank he is using at the moment. The visuals in the app, and the ‘Saving Goal’ features would definitely encourage him to safe.


#9

I actually had to do some ‘idea’ work on this very topic for an Agile qualification course - as a team we identified a solution with a ‘gamification’ aspect that allowed parent to set up ‘jobs and rewards’ that would automatically transfer funds from parent to child account when such tasks were met (ie: tidy room = £1, 3 evenings a week without phone/tablet = £1 etc…) the child would get the idea of working to a goal, see potential money coming in and also see what the flip side of this - potential lost ‘income’ from not completing goals which could help in terms of gaining some understanding of the value of money and ‘earning’ and saving etc…


#10

That’s very close to apps I’ve seen already (although the transfer of funds were virtual, and relied on the parent to put that money aside in their own bank account).

The biggest problem I had with that is it was too reliant on the kids having a mobile device to be able to see and tick off the tasks.

“Gamification” doesn’t work as well when the person playing doesn’t have instant access to the app, and doesn’t see the visibility/progress from completing their tasks.

The only way around this would be to have an app which allowed multiple users to log in (kids), and then it could be housed on a central device (or even one persons phone if there isn’t a “house” device).

Love the concept though.


#11

Our concept was 100% based on the child having their own device or access to the app - to report that the ‘task/job’ had been completed - this would then get flagged to the ‘parent’ via a notification for them to ‘approve’ before payment would be made (we even went with the idea of reducing the payment and adding a note ie: original reward for cleaning room = £1 - reward given = £0.75 with a note “clothes still on floor” lol)

Was all based on my own experience of trying to get my teenage daughter to a) appreciate the ‘value’ of money b) get her to take some ownership of her finances c) get her to do some jobs around the house!


#12

That’s a great idea for kids with their own devices.

When I was looking (last year), my two eldest didn’t have their own phones.

One has started secondary now, so he does have one, but the other is still a couple of years away from being let loose on the mobile scene!

I’m sure people do things differently when it comes to kids and phones, but it would be great if something existed where the child didn’t need their own device.

Otherwise I think you’ll be limiting it to 11/12 year olds on the whole (appreciate there will be some younger ones there as well).

I reckon my kids would have been happy to do this from the ages of about 7/8 - Especially if money was involved!


#13

Could easily get around this by having a ‘parental’ section of the app - in which sit child ‘accounts’ that can be used purely as the processing screen for the tasks/jobs… so the kids could interact through the app in a more child friendly UX/UI while still being under the ‘parent’ account - could show graphs with projected income if all jobs are completed… set goals like ‘new toy @£4’ which would move on the graph as funds are obtained/goals missed etc… this would enable a ‘child’ account but while not dependant upon a child having their own device/app access…


#14

My sons (14 and 8) both have gohenry accounts with features very similar to what has been mentioned on this thread- I keep my 8 year olds debit card and give it to him more so during holidays so he can buy his own treats with the pocket money he’s saved up.

There is a parent account which allows me to top up my children’s accounts; there is an allowance and task section, I nominate the tasks and funds/allowance is paid once I’ve ticked them off. They can create saving goals also. From my parent app I can see their spending and I get instant notifications whenever they use the card, I can also limit each transaction and decide where the card can be used i.e atm/high street/online.

It’s a great app/account/tool, I highly recommend it


#15

My 8 year old is able to access his account using a tablet


#16

I was just put off by the costs of the GoHenry account - My sons both have the Nationwide Junior accounts now.


#17

Fellow GoHenry user here. My 8-year old gets her pocket money allocated through it as well little extra rewards for tasks like keeping her bedroom tidy, doing her homework, going to bed on time etc.

I’d rather a fee-free product was available, so if Dozens can provide that, they could be on to a winner!


#18

It’s hard to see how they would make this fee-free, as I can’t think of revenue avenues for young children other than fees for the parents

I agree would be super cool if they figured out a way to though :slight_smile:


#19

I guess my pushback on that would be that it’s simply another feature of the service.

It doesn’t necessarily need a new account/card etc - It could be a software feature.

Perhaps if they went down the card/account route, there could be a one off fee?

Appreciate I’m now asking for all the good stuff, without wanting to pay for it…

But you don’t get if you don’t ask :smiley:


#20

The bank account I had as a child and kept all the way through to my 30s, I got because they bribed me with pig-shaped porcelain piggy banks.

If you can hook someone in to a bank account early, they might not ever leave. That’s worth more than short-sighted fees that eventually drive people away.