Digital bank Starling launches Kite debit cards for kids
By Megha Bhattacharya
Digital bank Starling today announced the launch of Starling Kite in a bid to provide young people aged 6 to 16, across the UK with a contact-free way to spend as schools reopen. The child-friendly offering is linked to a parent or guardian’s personal Starling account. The Bank stated that parents could order the debit card from the app. The cards will bear the children’s name, allow kids to use it to spend online, in-store, and withdraw cash from ATMs (max £100). If the Kite debit card is lost or stolen, it can be locked from the adult’s Starling account.
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.”
Starling Kite allows parents to allocate funds up to £5k to the card and monitor their child’s spending. They can also check, control and limit specific functions such as online payments and ATM withdrawals and set a daily transaction limit, which can be controlled and adjusted as the child’s financial needs and awareness grows. Starling Kite will be available for £2 per card per month.
Kite is part of a parent/guardians’ personal or joint account. Any money that is set aside in the Kite Space is included in the account holder’s £85,000 protection, provided by the Financial Services Compensation Scheme (FSCS)
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