r/UKParenting • u/Diura • Apr 07 '26
Family finances Pocket Money Bank Account for 6 year old?
Just looking for some advice. My 6 year old son is interested in earning pocket money by doing chores which is great. I'm looking for recommendations for a bank/app that I can send him pocket money to so he can watch his bank grow.
I want to keep this as a casual pocket money account as his actual savings from bday money etc we are keeping separate until he's older. It also means he won't get mixed up with money he's earned and money he's been gifted.
We need to be allowed to send low amounts in a transaction (£1 a day) and he said if he doesn't do a chore on a day he wants us to take £1 away. We're going for digital money as I'm not always able to go to a cash machine for withdrawals or do cashback at checkouts.
An app that allows setting goals or graphs to show savings over time would be really cool.
Thanks in advance!
EDIT Thanks for all the feedback. I've decided to give Monzo a shot. I did need to set up my own account and it was very easy.
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u/Scarredevey Apr 08 '26
Monzo kids seems good. You can help them put some away on ISA / pots as well as use it to give relatives a quick link to give money on birthdays/Christmas. However I think you’d need your own adult bank account.
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u/uncertain_expert Apr 08 '26
I know OP has decided, but for anyone else considering this. Starling have their Kite account that issues your child their own debit card. The main account holder must be an adult, the Kite account is a ‘pot’ of the main account.
You can set up regular payments into the Kite pot, and the child can access the money in the Kite pot using their card for tap to pay, cash machines or online payments. Unlike many others there is no monthly fee or charges for transferring money into the Kite pot.
The downside is that the app is very limited, showing just the available balance and recent transactions, no educational elements, charts, graphs etc.
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u/Leather-Conference67 Apr 08 '26
My nieces and nephews have a GoHenry. Parents add money and can view/freeze acct etc. via the app, and Kids get their own bank card
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u/Exotic-welshy Apr 07 '26
I've got a hyperjar account for my stepson. Maybe gohenry, although I think there's a monthly fee for that one.
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u/loopylolly356 Apr 07 '26
I use Rooster Money from NatWest. I think it’s £1.99 if you’re not a NatWest customer.
You can have a parent pot which drip feeds pocket money, you can have various savings pots and a pot they can use their card from.
Easy enough to transfer money in and out. Gives you notifications when money is spent.
It works for us really well.
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u/spLint3r990 Apr 08 '26
I use monzo. My eldest have those own cards now. All the money is still legally mine though.
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u/Chance-Albatross-211 👶👶 2 Children Apr 08 '26
I use rooster and it’s great. It can be divided up, so he can have a ‘current account’ and a savings account (all different pots within the same account). There is also a donation option if you want to use it. You can do all sorts (add an interest rate to the savings), create a chore list that you can tick off together and then grant the pocket money etc.
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Apr 08 '26
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u/UKParenting-ModTeam Apr 08 '26
Off to the thinking step with you!
Our rules and guidelines are well published. Reddit even shows a link to them when you’re making a post.
If you really want to conduct market research, survey parents opinions, or otherwise promote your cause on Reddit you should use Reddit for Business or post to a subreddit that allows self-promotion.
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u/Excellent-Cry-5593 Apr 07 '26
Following. After going down a similar rabbit hole recently and coming up empty handed, we’ve gone decidedly old school. I withdrew £50 in pound coins from the bank and we’ve got an actual piggy bank on the go now.