You are here: Home - Saving & Banking - News -

Starling to launch £2 a month debit card for kids

0
Written by:
09/09/2020
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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week