British challenger Starling Bank is set to launch the Kite debit card, which is dedicated to be used by children up to the age of 16.
The users of the card may use it for spending online, instore, and withdrawing cash from ATMs.
The cost of the card will be about £2 per month and is going to be linked to an adult’s existing Starling account.
The Starling Kite debit card can be ordered by parents who are already using Starling from the app. This option provides the parent with complete oversight of the kid’s spending.
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 cardholders will be invited to open a Starling Teen account after reaching the age of 16. This account will automatically change to a Starling personal account after their 18th birthday.