Bunq is the first neobank to introduce a feature that allows both parents to fully co-manage their child's bank account.
Many of you might be familiar with Revolut <18 (previously Revolut Junior), which is Revolut’s current account that’s aimed at children and teenagers.
The youngsters have access to their own account (accessible through a mobile app on their phone), their own debit card, as well as lots of features tailored for kids. However parents and guardians are always in full control of the account.
Well Dutch online bank Bunq also offers something similar.
But while competitors like Revolut only allow one parent to oversee a child’s account, a key feature of Bunq’s child account is that it allows both parents or guardians to fully manage and view their child's finances.
So if you and your partner or spouse want equal access to your child's spending along with real-time insights and easy controls over their transactions, this account might suit you.
Bunq child account
With more and more businesses refusing to accept cash these days, parents are faced with the increasing difficulty of how to let their children buy and pay for things. After all, no parent wants to let their children run free with their own debit or credit card!
A Bunq child account is therefore a convenient way to allow your children to pay for things while you still remain in full control of their money.
You can easily track your child’s spending from your own app on your phone, set limits on what can be spent each day or week, and help teach your child money management skills from a young age.
Your child will get their own Bunq prepaid card, allowing them to spend responsibly with zero debt risk and you’ll be instantly notified whenever they make a payment.
You can also create up to 25 sub accounts or “money pots” for your child to spend, save, and grow their money in a fun way.
Another handy feature is AutoSave, which rounds up your child's payments and puts the difference directly into their savings account. For example, if they spend €2.80, 20 cent goes straight to their savings
It's also easy to set up a regular scheduled payment from your account for things like your child's pocket money or their weekly allowance.
And as mentioned, you can easily share access to your child's account with your partner, so both of you can stay equally involved in managing your child’s finances. However your partner/spouse must also be a Bunq customer.
And if you’ve a big family, you’ll be pleased to know you can open and manage an account for up to four of your children.
How do I set up an account?
If you’re an existing Bunq customer, it’s fairly easy to set up a child account.
Just log into the Bunq app on your phone and follow these steps:
- Go to “Home”
- Tap on “Add”
- Tap on “Add Bank Account”
- Select type of "Child Account" (paying or savings)
- Fill in your child's personal information
- Tap on “Give Account Access”
- Provide Bunq with your child’s telephone number or email address
- Enter the SMS code (if a phone number is added) or confirm via email. The confirmation code or email will be sent to the phone number or email address you provided for your child.
- Set a Security Code
- Choose if you want to add another parent to co-manage your child's account (they must also be Bunq customers)
- Invite your partner via SMS or email
- That's it! Your child can now download the Bunq app, log into their account, and you’ll keep full visibility of their account in your Home tab.
If you’re new to Bunq, you can open an account quickly and easily online within a few minutes.
Just download the app onto your phone and follow the instructions.
Is there a cost?
Bunq child accounts are free for all Irish children and young adults up until they turn 18.
For parents or guardians, there’s no additional cost.
However the feature isn’t available with the “free” Bunq account. You can only set up a child account if you’re a Core, Pro, or Elite Bunq account holder. These accounts currently come with a monthly fee of €3.99, €9.99 and €18.99 a month respectively.
