Starling digital bank is launching, Starling Kite, a debit card for children across UK so that they can spend contact free as they prepare to return to school.
Debit cardcan be ordered by parents from the app. The card will have children’s names printed on it, giving them a sense of ownership and responsibility. They will be able to use it to spend online, in-store and to withdraw cash from ATMs (max £100).
Within their Starling app parents can allocate funds up to £5k to the card and monitor their child’s spending. Parents, whether using a personal or joint account receive notifications whenever their child spends money. They can also check, control and limit specific functions such as online payments and ATM withdrawals and set a daily transaction limit which can be controlled and adjusted as the child’s financial needs and awareness grows.
Anne Boden, CEO and Founder of Starling Bank, said: “Understanding the value of money and learning skills such as budgeting and saving from a young age, can help people lay the foundations for them to achieve better financial wellbeing later on in life.
“We want Starling Kite to encourage families to talk about money together and not see it as a taboo subject.
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