Starling Bank has given children aged between 6 and 16 access to an account that will enable them to view their balance and transactions and receive spending notifications.
The company claims it is ‘supercharging’ its Kite debit card for children by enabling access to younger users. Once a parent or guardian has given permission, children will be able to use their account to view the aforementioned features.
Starling commented that the newly launched app access will provide parents with the ability to manage their family finances in one place and allow them to gain a greater insight into the children’s spending habits.
Kite is linked to a parent or guardian’s personal or joint account that allows users to manage child, personal and business accounts all from one place. The Kite debit card can be purchased in the Starling app for £2 per card, per month.
Once Kite is activated, parents are then able to have a full view over their child’s digital finances and are able to check, control and limit certain functions including online payments and ATM withdrawals as well as a daily transaction limit. Parents can also lock the account if a card is lost or stolen.
Starling Bank chief banking officer Helen Bierton said, “Research shows that only 37% of children keep their money in a bank account. From providing real-time notifications to seeing their transactions listed in the app, Kite is the perfect way for both parents and children to educate themselves about digital banking together.”
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