NatWest has launched a pocket money app following its acquisition last year of Rooster Money.
Launched in 2016, the RoosterMoney app loads pocket money onto a Visa debit card and allows parents to immediately freeze a card if it’s lost and block payments to specific merchants. It also gives parents and children real-time notifications on their spending and comes with a ‘contactless counter’ so children know how far away they are from having to next use their chip-and-pin.
Features on the app include reward charts and chore reminders to help encourage a savings habit from a young age
Natwest, Royal Bank of Scotland and Ulster Bank current account customers can now get the Rooster Card free for 12 months for up to three kids. Customers of other banks can also download the app for access to free features and get the Rooster Card for £1.99 a month, with a one month free trial.
Will Carmichael, CEO of NatWest Rooster Money, says: “NatWest Rooster Money currently helps more than 130,000 customers each month, enabling independence for kids and reassurance for parents or guardians when it comes to giving kids a head start with money. Being part of the NatWest family supercharges our ambition to make a real difference by helping us reach millions of families across the UK.”