As per UK Card Association, 72% of all the UK sales were made using a card in 2018. Also according to UK Finance, 98% of adults hold a debit card. These numbers indicate the importance of knowing how to use a card from an early age.
As a parent, you will not have any control over your children’s spending, and you will not be able to restrict how your children use their cards.
YounGo Money has many advantages over other pocket money apps. Firstly, their monthly subscription fee is high compared to what you give your children as pocket money. Also, they charge you for loading your child’s card and for withdrawing cash from the ATM. Secondly, when your children turn 18, they eventually want to open an account at one of the high street banks. YounGo Money, however, is a bank account with one of those recognisable high street banks. So, your child can continue keeping the same account for as long as they wish. Thirdly, your money with those pocket money apps does not have the same protection as it has with YounGo Money which is actually a normal bank account. These were only a few examples demonstrating how YounGo Money is better than other pocket money apps.
Your child’s debit card is the same as the one you get as an adult from a high street bank like Barclays, Lloyds, etc. However, there is no overdraft offered.
If your child is under 11 years old, you can open a savings account for them. They can be assigned chores to do, save, set goals and receive rewards.
There are no subscription plans, loading fees, ATM withdrawal costs, or transaction charges.
Same as adults, a high street bank issues, so they can be used abroad with no extra costs other than what the bank normally charges.
YounGo Money is just a friendly interface that links you and your child to the bank. Your money is also FSCS protected to avoid any further complications.