Best pocket money apps to teach children about managing money

Monzo for Under 16s

9.3 Excellent

There are no subscription or top-up fees with the Monzo Under 16s account. You just need a Monzo adult current account to manage and open the account. Eligible for children as young as 6, there’s a range of features, including parental limits and controls on spending and savings pots. Money can be transferred to the savings pots by either the child or their parents, with the parental option to lock the pots if the savings are for a specific purpose. You can even add additional family members, who can then access the account to see the child's spending, send money and freeze the card. The Under 16s account also includes Monzo's zero fees on foreign currency transactions. Plus, your child can pick from 3 eye-catching neon colours for their card.

• Pros and cons

  Pros

  • Free for every child
  • Earn interest with Savings
  • Their own neon card
  • Account for kids with controls set by parents

  Cons

  • Parent needs a Monzo account
  • Lack of educational features

• More details

  UK cash withdrawal fee	£0
  Loading fee	£0
  Replacement card fee	£5
  Network	Mastercard
  How many child accounts	5
  Freeze and unfreeze card

GoHenry Account

9.5 Excellent

GoHenry has a parent account and a child account. You can top up your parent account from your main bank account, then transfer money to your child instantly. The child is given a prepaid card and can make payments (at home and overseas) and ATM withdrawals for free. Parents and children can analyse their spending using the GoHenry app. GoHenry is available for children aged between 6 and 18. You can open four child accounts per parent account.

• Pros and cons

  Pros

  • Full parental control thanks to instant notifications and spending limits
  • One-month free trial
  • It can be used by children as young as six
  • Reward system for completed tasks
  • Children learn about personal finance in a controlled environment
  • Relatives can also send money to the children
  • You can manage up to four child accounts from the same parent account
  • No fees to spend or withdraw cash abroad - these were scrapped in 2020

  Cons

  • Monthly fee
  • Only one free top-up to the child account a month
  • Safe, but not as safe and regulated as a bank
  • It doesn’t pay any interest
  • There are cheaper cards available

• More details

  UK cash withdrawal fee	£0
  Loading fee	1 free/month, then 50p each
  Replacement card fee	Free, or £4.99 if changing the card design
  Network	VISA
  How many child accounts	4
  Other fees	£4.99 for a customisable card or Eco Card
  Freeze and unfreeze card

NatWest Rooster Money Account

9.7 Excellent

Rooster Money also works with a parent account and a child account. The app includes clever features that allow you to set goals that trigger the release of money. You can also choose to set up a savings account and pay interest on it. This will teach your child the value of saving. Rooster Money has a free version, but the edition that comes with a prepaid card costs £1.99 a month - unless you are a NatWest Group customer, then it's free. The Rooster Card is available for children aged between 6 and 16.

• Pros and cons

  Pros

  • Great educational value; a slick app with lots of features to personalise the way you teach your children about finance.
  • Children as young as 4 years old can use it (6 for the card).
  • Total control over where your children use the card and how much they can spend.
  • Safe and secure. The card can be frozen from the app.
  • No fees for using the card (including abroad).
  • One-month free trial.

  Cons

  • If not a NatWest customer, monthly/annual fee to access the full range of features.
  • Caps on the maximum number of parent account loads per day and per month.
  • No interest paid on the account balance.

• More details

  UK cash withdrawal fee	£0
  Loading fee	Free
  Replacement card fee	Free for the first replacement (per household), £5 thereafter
  Network	VISA
  How many child accounts	No limit
  Other fees	£0
  Freeze and unfreeze card

Revolut for 6-15s

9.6 Excellent

If you have a Revolut account, you can add a card for up to 5 children aged 6 to 17 - however, this depends on the Revolut plan you hold (the standard free plan only allows one child account). You'll make instant top-ups from the adult account to the child account. Revolut has its own app, where a child can view their spending history.

• Pros and cons

  Pros

  • A parent can digitally top up their child’s account with spending money.
  • Instant parental notifications are generated whenever the child makes a purchase with the prepaid debit card.
  • Parental controls mean rules can be set on where the child’s card can be used.
  • The child gets their own account and payment card, which helps teach them financial skills.
  • The dedicated Revolut children's app lets kids check their account balance and transactions.

  Cons

  • The parent has to be a Revolut account holder.
  • If you have more than one child and want more than one Revolut 6-15s account, you’ll have to sign up to one of the fee-charging Revolut accounts.
  • There are charges for ATM withdrawals exceeding £40 per month.

• More details

  UK cash withdrawal fee	£0
  Loading fee	£0
  Replacement card fee	£5
  Network	Mastercard
  How many child accounts	1
  Other fees	2% ATM withdrawal fee after £40 month
  Freeze and unfreeze card

nimbl Account

8.8 Great

With nimbl, you'll receive a parent account and a child account. You can top up your parent account from your main bank account, then make a transfer to your child from there. You'll be alerted on the nimbl app whenever your child makes a purchase. nimbl has a microsavings feature which acts like round-ups, where every time your child uses their card, an amount chosen by them will be transferred automatically to their savings account. There are no fees for making top-ups and you can create accounts for up to four children, aged between 6 and 18.

• Pros and cons

  Pros

  • Full control on how children spend their money thanks to spending control settings and instant notifications.
  • Children as young as six years old can use it.
  • It helps you to educate your children to manage their finances.
  • You can turn off online payments or cash withdrawals.
  • Safe and secure. The card can be blocked online or via the app.
  • You can manage more than one Child Account from the same Parent Account.
  • No fees for topping up the Parent Account or child’s card, or for “Gifting”.

  Cons

  • While most mainstream bank accounts for children are for free, nimbl charges a monthly fee.
  • You cannot top up the account using cash.
  • With nimbl, children earn no interest on any savings.

• More details

  UK cash withdrawal fee	£0
  Loading fee	£0
  Replacement card fee	£5
  Network	Mastercard
  How many child accounts	4
  Other fees	£0
  Freeze and unfreeze card

Osper

7.1 Great

Osper is a prepaid debit card for children aged between 6 and 18. You can use the Osper app to set up a weekly or monthly direct debit from your bank account to your child's prepaid card and there is no fee attached to this. You can also use the app to make an instant one-off top-up from your bank account, but a 50p fee will apply here. You can order up to four prepaid cards per Osper account.

• Pros and cons

  Pros

  • Both parents and children can use the mobile app.
  • Parental controls on spending.
  • Option for kids to put aside money to save.
  • Up to four cards per household available.
  • Fees on a par with similar providers.

  Cons

  • Fees for card use abroad – £2 per ATM withdrawal and a 3% surcharge on purchases.
  • 50p charge for an instant card load (outside of the free pre-set automatic load each week or month).

• More details

  UK cash withdrawal fee	£0
  Loading fee	Direct debit free. 50p per instant load
  Replacement card fee	£4
  Network	Mastercard
  How many child accounts	4
  Other fees	50p per load from friends/family. £6.99 for a third party branded card
  Freeze and unfreeze card

Starling Under 16s

9.9 Excellent

If you have a Starling current account, you can add a Starling Under 16s debit card for your children aged 6 to 16. These cards can be topped up from the Starling app. There are no fees for making top-ups or for your child to make payments (including overseas). You'll be alerted in the Starling app whenever your child makes a payment.

• Pros and cons

  Pros

  • No fees for topping up the card’s prepaid card.
  • Robust parental controls.
  • Easy for parents to manage from their existing mobile banking app.

  Cons

  • Parents already need to be a Starling account holder to order and use Starling Under 16s.

• More details

  UK cash withdrawal fee	£0
  Loading fee	£0
  Replacement card fee	£5
  Network	Mastercard
  How many child accounts	6
  Freeze and unfreeze card