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Roosterbank

(4 Posts)
twynkle Wed 14-Nov-12 13:00:43

I've signed my ten year old up for it. It's basically a 'virtual' bank, so you don't have to put money into an account or anything, they just see a virtual balance (that you control and can add to if you give them extra pocket money) and then when they've saved up enough to buy something it asks you to check that it's OK and py for it at the point of sale.

No catches as far as we've experienced and my daughter loves checking her 'balance'!

Belo Wed 14-Nov-12 09:25:43

Thanks. I should have thought of looking at the T&Cs. Sometimes so hard to think though when you've got 2 DDs badgering you to sign up!

CogitoErgoSometimes Wed 14-Nov-12 08:56:20

This is in the terms and conditions which I suggest you read carefully.

"PLEASE NOTE THAT WE OPERATE THE WEBSITE AND MEMBERSHIP ACCOUNTS, AND PROVIDE AFFILIATE MARKETING FOR THE SALE OF PRODUCTS. WE ARE NOT A BANK AND DO NOT UNDERTAKE ANY ACTIVITIES WHICH ARE REGULATED BY THE FINANCIAL SERVICES AUTHORITY. WITHOUT LIMITING THE FOREGOING, WE DO NOT HOLD ANY MONETARY DEPOSITS OR OPERATE OR MANAGE ANY FORM OF SAVINGS ACCOUNTS."

So it's a shopping website, not a bank.

Belo Wed 14-Nov-12 07:57:35

DD1 picked up a leaflet for this on Sunday. She wants me to sign up. I can't see any catches, but there doesn't appear to be much information.

Has anybody else signed up? Does anybody know anything about it?

Thank you!

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