KEYPOINTS:
- NatWest acquired fintech pocket money app Rooster Money last October and today it relaunches as NatWest Rooster Money.
- Integration of pioneering fintech into the range of NatWest products for young people and families is a major boost to the bank's ambition to better help families and young people.
- New offer celebrating the move means NatWest, Royal Bank of Scotland and Ulster Bank NI current account customers will now be able to get the Rooster Card (kids' prepaid debit card) free for 12 months for up to 3 kids. Non-bank customers can get the product for £1.99 per month.
- With NatWest Rooster Money as part of their youth product offering, NatWest is unique among UK high street banks in offering a kids' prepaid debit card and pocket money app.
- NatWest Rooster Money enables families to build the financial foundations today that will prepare them for brighter futures - linking directly to NatWest's purpose to champion potential, helping people, families and businesses to thrive.
LONDON, Wednesday 25 MAY 2022: Ahead of the half term holiday, NatWest has announced the integration of Rooster Money into the NatWest family of youth products as it rebrands the offering as NatWest Rooster Money.
The kids' prepaid debit card and pocket money app will offer the NatWest Rooster Card free for 12 months exclusively to the NatWest Group's 19 million customers, making NatWest unique among UK high streets in offering a kids' prepaid debit card and pocket money app.
The bank will continue to make the product available to customers of other banks, and has lowered the price to £1.99 per month, ensuring that families across the UK continue to have access to tools that build kids' confidence with money and prepare them for brighter futures.
The integration is part of NatWest's ambition to help even more families move through the milestones of learning about money - ultimately preparing kids to confidently take the reins of their own finances.
The move by NatWest marks a continuation of the bank's commitment to championing potential and helping people, families and businesses to thrive - with a specific focus on young people as we come out of the pandemic. NatWest has supported young people for decades with accounts from First Saver through to Student banking, and its free financial education programme, MoneySense, started over 25 years ago.
Simon Watson, Head of Youth Banking at NatWest Group, said:
"We want NatWest to be the easiest and most useful bank for families and young people. 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 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."
"We're continually looking at ways we can help people feel confident and capable when managing their money - whether that's through MoneySense, our free financial education programme for young people, or the Thrive programme, co-created with Marcus Rashford. We're committed to helping boost young people's confidence around money and champion their potential."
Will Carmichael, CEO of NatWest Rooster Money, added:
"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."
With NatWest Rooster Money, families go through the stepping stones to financial independence, starting from three years old. With an early start with money, they can set their kids up for a lifetime of financial wellbeing. Whether it's through using the free Star Chart and Virtual Pocket Money Tracker to kick-start money management, or a Rooster Card subscription, the relaunch will enable even more families to access trusted tools for building their kids' financial future, through the NatWest Group.
NatWest Rooster Money's 130,000 existing customers can continue to enjoy full use of the app and tools as they normally would. Natwest, Royal Bank of Scotland and Ulster Bank current account customers can get the Rooster Card free for 12 months for up to three kids. Eligibility criteria and terms and conditions apply. New customers who don't bank with NatWest Group 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.
For more information about the offer, go to RoosterMoney.com/feature/NatWest.
About NatWest Rooster Money
NatWest Rooster Money is a kids' prepaid debit card and pocket money app that gets kids confident with money, preparing them for brighter futures. Founded in 2015, RoosterMoney became part of the suite of NatWest youth products as NatWest Rooster Money in May 2022. The app features a range of flexible features for kids from 3 to 17, including a free Star Chart and a Virtual Pocket Money Tracker to kick start money management, through to premium offerings such as Chore Manager and the Rooster Card (a prepaid debit card for kids over 6). NatWest Rooster Money was voted Best Children's Pocket Money App in the Moneynet Awards 2021 and Best Kids' Spending App in the Finder Banking Innovation Awards of 2020.
NatWest Rooster Money is made to adapt with kids as they grow up. Families can choose from a variety of NatWest Rooster Money's features, suitable for different stages, at their own pace. Features include:
- Star Chart: For kids aged three and over, parents or guardians can start to reinforce positive behaviours from a young age with an on-the-go Star Chart, setting goals for their kids to work towards and laying the foundations for when they're ready to move onto real money and an allowance.
- Virtual Pocket Money Tracker: Without needing to deposit any 'real' money, parents or guardians can keep tabs on pocket money and set an allowance to get automatically delivered to their kids' accounts on a specific day. Enabling kids to learn to spend, save, earn and give.
- NatWest Rooster Card: A contactless prepaid debit card that offers kids aged six and over the next step towards independent money management. The NatWest Rooster Card gets them learning about money and building confidence in a hands-on way. Kids get a head start on their financial future, while parents or guardians get the reassurance of flexible controls. Including notifications to parents whenever the card is used, as well as handy top up reminders.
