As per UK Card Association, 72% of all UK sales made by card in 2018. And according to UK Finance, 98% of adults hold a debit card. These numbers show the importance of knowing how to use a card from an early age.
As parents, you will not have any control over your children’s spending, you cannot restrict where the card can be used, and you will not be able to restrict how your children use their card.
YounGo Money has many advantages over other pocket money apps. Firstly, their monthly subscription fees are at least as twice as that of YounGo Money as well as their loading fee and ATM withdrawal fee which YounGo Money does not charge for. Secondly, when your child turns 18, she or he normally needs to open an account at one of the high street banks. YounGo Money account, however, is already 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 do not have the same protection as it has in your YounGo Money account 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 as an adult can get from a high street bank like Barclays or Lloyds for example. However, there is no overdraft offered.
If your child is under 11 years old, we offer a saving account with the bank as we do for over-11s. There is however virtual money instead of real money in order to help your children learn money management. They can be given jobs to do and receive rewards from you using YounGo app.
There is no loading fee, ATM fee, transaction fee whatsoever.
Same as adults card issued by a high street bank, they can use it abroad with no extra cost other than what the bank normally charges.
YounGo Money is just a kind of interface between you (parents), your child and your child’s bank account. It is exactly like opening a young person’s account at Barclays or Lloyds for instance. Your money is FSCS protected.
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