Starling to launch £2 a month debit card for kids
Starling Bank will launch a debit card for kids linked to parents’ accounts in a bid to introduce them to money management skills as they return to school.
The digital bank’s Starling Kite debit card will go live next week and is available for children aged 6-16.
For £2 a month, the Kite card will be linked to a parent or guardian’s Starling personal or joint account, and it can be used online, in-store and to withdraw a maximum £100 from ATMs.
While children won’t get their own bank account with the product, the debit card will have their names printed on it and parents will be able to control transactions.
Within the Starling app, account holders can allocate funds of up to £5,000 to the card and monitor their child’s spending. They will receive notifications whenever a transaction is made.
They can also check, control and limit specific functions such as online payments and ATM withdrawals and set a daily transaction limit.
Certain merchants are blocked for children such as in the gambling, nightclub and bar sectors. Parents can set up a maximum of six Kite cards and subscriptions can be cancelled at any time.
Anne Boden, CEO and founder of Starling Bank, said: “Understanding the value of money and learning skills such as budgeting and saving from a young age, can help people lay the foundations for them to achieve better financial wellbeing later on in life.
“We want Starling Kite to encourage families to talk about money together and not see it as a taboo subject.”