The app, which is initially only available to UK Premium and Metal Revolut customers, is intended to be used to promote good money habits in kids with parents able to guide their spending behaviours through set parameters. 

Revolut Junior, allows parents to manage the account from the original Revolut account, allowing parents to send money to their children and monitor their transactions. 

Kids with a Revolut Junior account get their own Revolut Junior Visa card as well as an app, where they can check their balance and get transaction alerts, Finextra reports.

Revolut has said that the account will be updated over the course of the year, allowing parents to set a regular allowance, allocate financial tasks and goals, savings options, spending reports, spending limits and eventually financial guidance, Finextra reports. 

Aurelien Guichard, product owner, Revolut Junior, said: “Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians.

“Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”