Monzo pots, explain it to me like I’m 5

[Banjaxx]

Thinking of opening an account that I can have pots for each of my kids names on for their pocket money, preferably savings pots with interest. They get money from family for birthdays etc and rather than it sitting in money boxes I’d rather we had the option of saying, ok you got £30 from nanny, let’s put 20 into your savings account and you can keep 10 for spending now, to try to teach them to be a bit more responsible about money. They’re still fairly small so don’t need a debit card and I’d prefer to have some way of keeping an eye on it for them and do it with them, when they’re a bit older we could look at transferring it into savings account in their name, but at the minute when it’s still fairly small sums it just feels like this might be a good gentle entry into helping them value the money they’re given and start to understand how to save etc. Has anyone else done similar or have any alternative suggestions? I haven’t used used monzo before so it sounds good in theory but in practice would it work? If they had £20 to put into their pot I was thinking they’d just give it to me and I’d PayPal into their pot so they could see their total go up and keep track of it.

Sunday morning bump

You can set up savings accounts in their names and still see them from your account. I have one for each of my daughters with both metro and natwest.

My eldest is now 14 and setting up a debit card account was so much easier in metro as she already had the savings account, plus it had me as a second account so I can see her account with mine and if she has problems I can speak to them.

I think ad above a savings ac in their name might well be better, but I have a Monzo account & bloody love it, the app is great & the pots v easy to use

If you want to "save" save the money, open up instant access savings accounts for them with your name on too - standard child account.

If you want to have money handy if they want anything, Monzo is good. You can put it into pots, they can see what's there and it's super easy and quick to transfer it out of the pot if you're by the till wanting to pay for something.

Personally I'd do both, that's what I did for my DD - savings account with metro bank and then I used a spare current account for her day to day money. She's got her own current account now though although her savings are still separate.

I love my Monzo pots. I have them set up so when I get paid, my money is automatically divvied up between them. You can also set it up to pay directly from pots by creating a virtual debit card.

They have a savings account that their granny set up for them when they were born and I don’t really want that to be part of the mix, that’s ticking away in the back ground and they get sums added to it that are outside of ‘pocket money’. They’re 7 and 9 so just want something that’s easily accessible for them and us, that’s really visible and easy to manage, which was why I was thinking of the monzo pots. If they end up getting up a good amount in each pot I’d introduce the idea of a fixed saving account so they can put a bit away for a period and see if grow but for now it’s just so they stay to get the idea of not just keeping cash knocking about in the house!
thanks for all the suggestions so far though, I’ve looked at some of the rates on the childrens savings accounts and it may be worth moving their current savings around so I’ll definitely look into that for the em too while I’m mulling over the monzo account.

not similar but related - I’m with monzo and receive my universal credit with them. I’m due to be paid from UC the 28th and usually this shows in my monzo as pending and that I’ll be able to collect tomorrow at 4pm however this isn’t showing up? Any clue what it means? It says on my UC I’ll be paid the 28th of April?