Introducing Monzo for 16-17 Year Olds

London-based (and Stripe-backed) Monzo , the bank that lives on one’s phone, is making its accounts available to anyone in the UK aged 16-17.

Here’s What One Gets: (1) a full UK current account with an account number and sort code to send and receive money by bank transfer, and set up Direct Debits and standing orders, (2) a contactless debit card to take out cash and spend in shops and online around the world, (3) the full Monzo app, with instant spending updates, clever budgeting, notifications if one is spending too fast and easy bill splitting with friends, and (4) the ability to link with Apple Pay and Google Pay, to turn one’s phone or smartwatch into his/her bank card.

Restrictions Apply. The digital bank blocked certain kinds of transactions on these accounts, for things like gambling, and for any places that may sell alcohol – e.g. supermarkets, corner shops, pubs and restaurants. And it won’t be offering overdrafts to anyone under 18. Last, on one’s 18th birthday it will automatically take away the spending blocks and say happy birthday; because that’s what really counts.