Starling Bank’s new debit card for children: Starling Kite
Leading UK-based challenger bank, Starling announced in a press release today that it will be launching Starling Kite, a debit card for children aged 6-16 with the freedom and benefits similar to a child bank account. As young people across the UK prepare to go back to school, the card will provide them with a contact-free way to pay post coronavirus pandemic.
Costing £2 per month per card, Starling Kite is linked and charged to a parent or guardian’s personal bank account with Starling. The debit card can be used in-store, online and used to withdraw a maximum of £100 from ATMs.
Parents can allocate up to £5000 to the card from within the Starling app and will have complete visibility and oversight of transactions, withdrawals and can even receive instant payment notifications when the card is used. If the child’s card is lost or stolen, funds can be locked from the adult’s mobile banking app.
A study from the London Institute of Banking and Finance in 2019 found that 82% of students want to receive more finance and money focused lessons at school. One of Starling Kite’s goals is to fill the gap in children’s education surrounding money and put a stop to the stigma of openly discussing it.
“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,” said Anne Boden, CEO of Starling Bank. “We want Starling Kite to encourage families to talk about money together and not see it as a taboo subject.”
The child-friendly debit card has the owner’s name printed on it, providing a sense of responsibility and ownership and offers a variety of budgeting and money management tools, encouraging positive habits and financial awareness that may not be learned otherwise. A recent entry in Starling’s Money Explained series details how parents and guardians can help their children save up and build confidence in money skills - the article can be read here.
Banner image credit: Starling Bank