Helping your teenagers manage money
By the time your children are in their teens, it’s likely they’ll already be ‘expert’ spenders, with payment cards or mobile apps at their fingertips. But good money management and budgeting take a bit longer to learn.
Family Connect is an easy way to offer a bit of support without getting in the way of their independence.
This service offers a way to check in on their spending without the loading charges and limits of a pre-paid card. With Family Connect they can have a real bank account so they can build the skills they’ll need to manage their money in the future, as they get a savings account or credit card.
They don’t share their bank security details with you – or us – it’s completely secure. You won’t be accessing their account and can’t make or stop payments, you simply get a ‘view only’ look at all their transactions. This ‘Open Banking’ practice has been standard since 2017.
You can safely keep watch on how they’re using their bank account, viewing next to yours on your mobile or desktop. You can support them to achieve a savings target, and we can email you up to four times a day to inform you on their spending. Once they’re confident to go it alone you can simply stop using the service and they can keep the bank account they’re already used to.
It takes just minutes to set up
To register you will need an email address and a UK mobile phone number.
In this scenario you will be the Trusted Person and your teenager will be the Account Holder.
Register
Both the Account Holder and Trusted Person will need to register.
Invite
Once registered, the Account Holder can log in to Family Connect, link to their bank account(s) and send an invitation to their Trusted Person by using a QR code or sending an email.
View
Once the Trusted Person has accepted the invite, they then have view only access to the Account Holder’s bank transactions.