UK-based digital lender Starling Bank has launched current account service for teenagers aged around 16 and 17 years.
Perks and limitations
The accounts will have the same functionality of a full current account, the bank said.
Go deeper with GlobalData
The service will allow teenagers to manage their money. In addition, they can access payment options including Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay.
Furthermore, the Starling Bank current account does not require parent authentication. It allows the user to start using their digital debit card for purchases immediately after opening an account.
It also allows users to track their expenses and all other transactions.
However, the teenage customers cannot apply for loans or overdrafts through their current account.
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By GlobalDataStarling Bank CEO Anne Boden said: “A bank account is a sign of independence and we wanted to make it easy for 16 and 17-year-olds to enter the world of banking with a product that enables them to understand what they are spending, easily save for their next big purchase and safely send money to their friends.
”It is never too early for people to learn about effective money management, so by offering our award winning current account to 16 and 17-year-olds we are looking to develop a new financially fit generation.”
Earlier this month, Monzo, another UK-based mobile-only bank, launched current bank account for the same age group.
