Revolut launches accounts for under-18s in the UK
Revolut has launched a money management service for 7-17-year-olds called Revolut Junior.
Linked up to a parent’s own Revolut app, Revolut Junior will offer the fintech’s youngest demographic their own bank card
Only children of parents with Premium and Metal accounts, which cost £6.99 and £12.99 a month respectively, will have access to the new service.
The junior offering will allow parents to transfer funds to their kids, receive notifications when they spend money and set different security controls on the account which can, for example, prohibit online payments.
The app itself is divided into two tabs — Account and Profile. Whilst the Account tab shows real-time transactions, the Profile tab allows you to change your card settings.
UK challenger bank Monzo also offers 16-17-year-olds bank accounts, but no others in the market have offered features to under 18s.
Challengers specifically designed for children such as Osper and GoHenry already exist in the UK, and piggy bank service GoSave is set to launch in the UK later this year.
The challenger’s recent push in new features has also included the launch of its gold trading offering last week, as it tries to flesh out its offering, grow its more than ten million current customers, and edge closer to profitability.
Losses doubled in 2018 for Revolut to £32.8 million ($42.4 million), but since then the challenger led a mega half a billion-funding round which made it the joint most valuable European fintech alongside Klarna.