Monzo account

[Violet50]

Hello, I want to open a Monzo account so my 23 year old daughter can have a pre loaded card for when she moves into supported living. For anyone who uses Monzo, did you open the main account in your name or your adult child? Many thanks for any advice

[scarybikerpmf]

I opened a Monzo account for my daughter, who is now in supported living, in her own name. It works very well.I sat beside her and helped to do that on her mobile phone.My daughter has a Santander current account into which her benefits are paid but I now have complete control over that as I have been appointed her Financial Deputy by the Court of Protection. My daughter currently has no access to the Santander account - not even a bank card - and I pay all her regular bills by DD or SO from that account.

At the start of each month we transfer a set sum to Monzo for daily purchases, such as food shopping, and she then tries to work within an agreed monthly budget. Monzo is great because it has a traffic light system to show how she is doing against the budget.

This arrangement works perfectly - it gives her some control of her day-to-day spending whilst reducing the risk of her being exploited by others which happened several times in the past.

I highly recommend Monzo and Santander in this context - both banks have been incredibly supportive of us in reducing risks to her income.

Good luck and take care!

[Violet50 in reply to scarybikerpmf]

Thank you for taking the time to reply, that is really helpful

[Dancer600]

I opened a Monzo account for my son, who lives at home with us. He doesn't have a phone so we set it up in his name but on my mobile number. I top it up as needed and it allows him some independence to buy things when he is out with his PA. This way it's clear where the spending is taking place and I can ensure there is always enough for the activities he is taking part in. It's a great card. Like scarybikerpmf Santander is also very supportive and can recommend both.

Good luck.

[Violet50]

Thank you for replying, it does sound like a great way to encourage independence but safely

[parasiticworm]

I have a nationwide debit card and my deputy at social services puts £155 a week on to it, this is basically my food and spending money as all my bills are paid for from my deputy account. £155 is more than enough for me to last the week. I'm trying to only spend £30 a week on food shopping and save £125 a week in my bank account. I want some emergency money myself incase deputy is on holiday, I currently have £500 saved. I'm going to save £500 again in September. I don't have to pay social services for my support hours as I'm health funded so this saves me lots of money a month. UK benefits are very generous.