There is a mobile application for virtually everything in this modern-day age. Whether parents need an app to help out with their kids’ pocket money is a different debate. NatWest seems to think so and brings the RoosterMoney app to more households.
NatWest Tackles Pocket Money
While it is essential to teach children about money and its responsibilities, using mobile apps isn’t always the way to go. NatWest wants to digitize the way children look at their pocket money. The bank acquired Rooster Money in 2021 and will now roll out the app to its customers. Rooster Money lets users load pocket money onto a Visa debit card.
Parents can freeze that card if it is lost, and they can prevent payments to specific merchants. Additionally, Rooster Money presents real-time notifications on spending and has a contactless counter, informing holders of when they need to use their chip-and-pin again. The app also has reward charts and chore reminders to help parents keep their children in check and encourage them to save their pocket money.
Natwest Rooster Money CEO Will Carmichael adds:
“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.”
The Rooster Card is free for 12 months for NatWest, Royal Bank of Scotland, and Ulster Bank customers. The offer extends to up to three kids per household. Customers from other banks can download the app to access free pocket money features and get the card for 1.99 GBP per month, with a one-month free trial.