By Aisling Finn on Wednesday 9 September 2020
The new card will cost £2 per month and will be linked to an adult’s existing Starling account.
The new account, which was first reported by AltFi on Monday, will cost £2 per month and will be linked to a parent or guardian’s existing account.
Once a Kite account is set up, an adult will be able to order a card for their child and allocate up to £5,000 to the card, track spending and block a lost Kite card all from their account.
Kids will have their own names printed on the cards and be able to spend online, in-store and withdraw up to £100 in cash.
Adults can also place spending blocks on Kite cards to prevent children from spending money on certain things such as gambling or at bars and nightclubs.
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.”
Kite will allow children to stash away their pocket money and learn to budget all without having to set up a full bank account.
The new card is available for children from the age of six up to 16, at which point Kite cardholders will be invited to open a Starling Teen account, which will automatically change to a Starling personal account after their 18th birthday.
Any money held in a Kite account also comes under the £85,000 FSCS protection guaranteed with the parent or guardian’s Starling account.