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Rooster Money Review

Rooster Money Review – In Brief

Rooster Money is a specialized prepaid debit card and pocket money app designed for kids. Owned and supported by UK banking giant NatWest, its mission is to promote financial literacy and assist parents in teaching their children about money management and saving.

Rooster Money Pros & Cons

Pros:

  • Helps kids learn about money management and finances with their own money
  • Can have multiple parent & guardian accounts
  • Lower cost than some competitors
  • Extensive parental controls to keep child’s spending in check

Cons:

  • Funds are not FSCS protected
  • Virtual Money tracker and star chart could be done without the app
  • At £1.99 per month, it may be expensive if pocket money is low
  • Chore management system only available on paid tier

What Is Rooster Money?

Rooster Money is a versatile app designed for children aged 3 to 17. For younger children (ages 3 to 6), it offers fun educational tools to help them grasp the basics of money and tesch kids good money habits.

For children over 6, the Natwest Rooster money app provides the Rooster debit card, enabling them to handle real money and make their own spending decisions, all under the close supervision of parental controls.

How Does Rooster Money Work?

Parents or guardians can set up a Rooster Money account by downloading the app. Once set up, they can add their children to the app, inputting details like names, pocket money amounts, and payment frequency (daily, weekly, or monthly). By opting for the paid Rooster Card tier, parents can order debit cards for their children and load funds into the account via debit card or bank transfer.

Rooster Money Features

Rooster Money App

The heart of the Rooster Money product is their super simple app. You can download Rooster Money via the Apple App store, the Android app store or via the Rooster Money website.

Rooster Money has 2 levels – Virtual Tracker, which is free, and Rooster Card, which has a monthly or annual fee. All of the Virtual Tracker features are available on the Rooster Card paid tier.

Virtual Tracker

The Virtual money tracker is free to use, and has a variety of features that are mainly educational in nature. Whilst you can track the pocket money for your child via the app, it is all virtual. There is no money actually in the app so you have to give the money to your child separately. Features include:

  • Star & Reward Chart
  • Educational resources
  • Pots – Spend, Save, Give and Goals
  • Up to 2 parent/guardian logins for the Rooster Money parent account
  • Rooster Debit Card

The Rooster card allows parents to give children over the age of 6 their own debit card so they can make their own spending decisions. It is a prepaid Visa debit card. All of the features on the Virtual Money Tracker tier are available on the Rooster Card tier. Features include:

  • Prepaid Visa debit Natwest Rooster card
  • Chore Management System access
  • Unlimited guardians
  • Account number and sort code
  • Chore Management System

With the chore management system you can set tasks and relate them to the pocket money. For example, they may only get their pocket money once certain chores are completed, and you can add extra chores for extra pocket money.

Rooster Debit Card Spending Limits

There are various limits on the spending with the debit card:

  • Maximum daily transactions – 15 (£0.50 charge per transaction above that)
  • Maximum weekly transactions – 25 (£0.50 charge per transaction above that)
  • Daily maximum spending limits – £1000
  • Contactless limit – £45

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Parental Controls

Naturally, any parent might feel uneasy when their child first gains access to a debit card. However, NatWest Rooster Money addresses these concerns by incorporating extensive parental controls to manage and monitor the child’s spending.

Parents can regulate the types of payments their child can make with the card, choosing from options such as online spending, in-store payments, and cash withdrawals from ATMs. Additionally, parents receive notifications through the app whenever the child’s card is used.

Who Is Rooster Money For?

Rooster Money is currently available only to users in the UK. It is designed for parents who want to provide their children with an early financial education and their first experience of financial independence.

What Age Range Is Rooster Money For?

Rooster Money caters to children aged 3 to 17 years old. For children aged 3 to 6, the app focuses on educational features to help them understand the basics of money. Once children turn 6, they can receive a Rooster debit card and access more advanced app functionalities and payment options.

Most UK banks require individuals to be at least 11 years old to open a bank account, making Rooster Money a viable option for younger children. As children grow and their financial needs become more sophisticated, they may need more comprehensive banking products, making Rooster Money particularly suitable for younger users.

Rooster Money – Costs And Fees

  • The Virtual Tracker is free to set up and use.
  • The Rooster Card subscription costs £1.99 per month or an annual fee of £19.99 per card.

Is Rooster Money Safe?

It’s crucial to set up parental controls on your child’s account to ensure maximum safety. You can block specific payment types, such as ATM withdrawals or online purchases. NatWest Rooster Money automatically blocks certain inappropriate transactions, like gambling.

However, they cannot block all inappropriate purchases, as some stores sell items like alcohol or tobacco along with other goods. Therefore, it is important to monitor the notifications the app sends whenever the card is used and keep a close watch on spending.

Rooster Money is regulated by the Financial Conduct Authority and backed by NatWest, providing a strong foundation. While funds held with Rooster Money are not covered by the Financial Services Compensation Scheme (FSCS) since they are classified as e-money, the prepaid debit card structure allows parents to control the amount of money held on the card. It is intended as a pocket money app and educational tool rather than a place to store large sums of money.

Additionally, Rooster Money ensures that in the event of company insolvency, all customer funds are kept in a ring-fenced NatWest account and will be safely returned to customers.

Rooster Money Customer Reviews

NatWest Rooster Money has an impressive 4.8 out of 5 rating on Trustpilot, based on around 2,000 reviews. Satisfied customers highlight the app’s ease of use for both parents and children, and appreciate the educational elements that give their children a head start in understanding finance.

Rooster Money – Spending Abroad

The Rooster Money debit card can be used abroad, though it may not be the most cost-effective option for overseas spending. The limits and fees are as follows:

  • ATM withdrawals: Up to £50 per month is free. Beyond this amount, a 3% fee applies to the withdrawn amount.
  • Card payments: Up to £50 in payments per month is free. Beyond this amount, a 3% fee applies to the transaction amount.

Rooster Money Alternatives

Natwest Rooster Money Review FAQ

DOES ROOSTER MONEY REALLY TEACH CHILDREN ABOUT FINANCES?

It definitely can! The app’s educational features introduce children aged 3 to 6 to money concepts through star charts and virtual trackers. Once they turn 6, they can apply what they’ve learned using a real debit card and managing real money.

CAN FRIENDS AND FAMILY ADD MONEY TO MY CHILD’S ACCOUNT?

Yes, friends and family can contribute to the child’s account by sending funds to the parent’s account using the account and sort number. The parent or guardian can then transfer the funds to the child’s account.

HOW DO I ADD MONEY TO THE PARENT ACCOUNT?

You can add money to the parent account by using a card through the Rooster Money app or by sending money via bank transfer to the provided account number and sort code.

CAN MY CHILD GO ON A SPENDING SPREE?

The parent or guardian has full control over the child’s card activities. They determine how much money is available for spending, set restrictions on the card’s use, and receive notifications for all card activities. If a spending spree begins, it can be quickly halted!

NatWest Rooster Money Review – Conclusion

Financial literacy is an incredibly important life skill, that’s why anyone should appreciate Rooster Money’s initiative to help children learn and develop good financial habits.

Rooster Money isn’t the only option available; other apps like GoHenry and Starling Kite also offer child-friendly products with educational features. In terms of cost, Rooster Money is priced at £1.99 per month, positioning it between GoHenry at £3.99 and Starling Kite, which is free (though only available to adults with a full Starling Bank current account).

Signup for Rooster Money

*Please note: This article may include affiliate links. If you purchase through these links, we may earn a commission at no extra cost to you. This helps support our work and allows us to continue providing content like this.

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