NatWest launches new pocket money app

After acquiring fintech Rooster Money last October, NatWest is integrating the company into its youth products with a new children’s prepaid debit card and pocket money app.

NatWest Rooster Money will offer a card free for 12 months for up to three kids to the company’s 19 million customers as well as Royal Bank of Scotland and Ulster Bank NI customers.

The product will also be available to customers of other banks at a fee.

According to NatWest, the integration of the pocket money app Rooster Money and the relaunching of tools for children is part of the bank’s ambition to help more families move through the milestones of learning about money.

“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,” NatWest Rooster Money CEO Will Carmichael said.

“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 product adds to the bank’s services aimed at supporting young people, from First Saver through to student banking, and its financial education programme MoneySense, which first launched more than 25 years ago.

It currently is unique among UK high street banks in offering a children’s prepaid debit card and pocket money app. 

“We know that parents have limited options in the market when it comes to products that help them easily manage pocket money and chores,” NatWest Group head of youth banking Simon Watson said.

“NatWest Rooster Money now makes it easy and free for parents and carers who bank with us, and gives those who don’t a simple, cost-effective service that comes with the confidence of being backed by a bank.”