Starling Bank is to waive the £2 monthly fee for its Kite debit card and app for kids after conducting research which found that the UK is a nation of ‘baby bankers’ – with children as young as six already saving for cars (26%), university (19%) and even houses (18%).
The research was conducted by Mortar Research among 2,000 UK children aged 6-12 in September 2023. The study found that children receive an average of £6.10 each week in pocket money and that almost a third receive their pocket money directly to their bank.
The abolitoon of the monthly charge follows a series of updates made by Starling Bank to its children’s card and app, which includes KiteLink – a personalised digital link that friends and family can use to gift money to Kite customers instantly instead of sending cheques or cash.
As an added incentive, Starling also pays 3.25% AER interest on general account balances up to £5,000 for its adults’ Personal and Joint Current accounts, which include balances held in a child’s Kite Space.
Starling’s move comes after NatWest in February also scrapped monthly fees on its Rooster Money prepaid kids’ debit cards.
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- Source: https://www.finextra.com/newsarticle/43091/starling-bank-abolishes-monthly-fee-for-kids-pocket-money-app?utm_medium=rssfinextra&utm_source=finextrafeed
