Teenagers will be able to sign up for an account themselves and can manage their pocket money, salary, and other funds in their own account. The new service will offer 15 to 17-year-olds access to a basic version of the current banking app where they will be able to see their spending review, saving goals, and budgets.
Young customers of the bank will still be able to send and receive money for free and they will be able to have their own debit cards too. Currently, younger users will not be able to access products like Lunar’s simplified trading platform.
According to AltFi, Lunar’s youth offering resembles the junior account offerings of some of the UK’s digital banks. Both Monzo and Starling offer accounts for children from the age of 16 whereas banking service Revolut offers accounts for kids as young as seven under its Revolut Junior app.
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