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Financial skills can be tough to teach your kids, but this app and card from NatWest Rooster Money are designed with families in mind. Rooster Money aims to help kids set saving goals, learn about spending limits and take the next steps towards confident money management. All under the watchful eye of a parent or guardian, of course!
In fact, Rooster Money is a firm favourite amongst our Mumsnet community, with LunaLoveFood recently sharing: “We have a Rooster Card, which is linked to chores. DS8 almost 9 gets £5 per week and has been able to save up for roller skates and LEGO sets that he has wanted and it works really well for us.”
“My 6 and 8 year olds get £3 base a week”, Mumofsend, who uses Rooster Money, added. “[This] is split 50:50 into savings and spends. They can earn an extra 20p a day for helping me with a job each.”
NatWest Rooster Money Card for ages 6-17, £19.99/yr or £1.99/m. Parent/guardian must be 18+ and UK resident. Some card designs may incur a fee and are subject to availability. T&Cs apply, see website for details.
If you’re a NatWest Group customer, you can get up to three Rooster Card subscriptions free for as long as you’re with the bank. To be eligible for the free Rooster Card subscription offer you must be over 18, a UK resident, registered for either Mobile Banking or Online Banking with kids aged between 6 and 17. Offer includes up to three cards. Other fees may apply. T&Cs apply, see website for details.
So, what exactly is Rooster Money?
Rooster Money aims to help kids manage their money and learn fantastic financial principles from an early age. It offers them a feeling of independence, but also gives parents reassurance with family-friendly controls and oversight.
It's a great tool to educate your children on the importance of dividing money into spending vs saving as they will have access to different pots. They can decide how much they wish to save, spend or even donate to a charitable cause.
How to use a Rooster Card
With this prepaid debit card, you can set spending limits, top up the balance and also get real time notifications. Most importantly, you can freeze the card instantly and there are built-in blockers to protect against fraud.
To help track your child’s money, there’s the Rooster Money app that enables you to see what they’re spending. The app itself offers various features, including:
A Star or Reward Chart that can be used to help reinforce positive behaviours from a young age and extends beyond your home - a star chart on the go, so to speak.
The Virtual Money Tracker is free to use, and allows parents to set pocket money allowances and track your child’s spending habits, including how much they’re spending. You can also choose to give them a set amount of money per week or month or offer pocket money on an ad-hoc basis, like for birthdays or Christmas.
Teaching children about money
From a young age, children learn about money by watching how their parents spend it, and how they manage their own pocket money. Teaching them about money is crucial to developing great spending habits long-term. Here are a few tips on how you can start:
Teach them from a young age that you have to work to make money, and that is how essentials like food, council tax, bills and your mortgage/rent are paid for. By using the Rooster Money app, you can also set saving goals for the things your child wants, such as video games or other toys.
In a world of instant gratification, this can teach them that good things come to those who wait… And save!
By putting a little bit of money away until they have enough to pay for it, they’re learning about saving for their own future. Using Rooster Money makes this super easy for you and them.
Kids are impulsive, but teaching them to spend in moderation when they’re younger can help as they grow older. Ask them to examine their purchases - what costs can they cut down, and what’s worth investing in?
Is the Rooster Card free to use?
The NatWest Rooster Money card subscription is free to existing NatWest Group customers, who can also order up to three cards for free*.
How to sign up for Rooster Money
Download the Rooster Money app from your App Store or Google Play and set-up an account. It’s easy to do, and once you’ve signed up online and ordered your card(s), it’ll take between 5 to 10 working days to arrive.
Once you have your card, tap 'it's arrived’ in your app to activate your child’s account.
Then, you’re good to go!
NatWest Group are one of the largest banking and financial services groups in the UK, guided by a purpose to champion potential and help their customers and families to thrive. Rooster Money is a great example of how they're arming families with the tools to discuss and educate children on finance and making positive steps with their money - all whilst offering full parental control.
About the author
Kat Romero is a writer and journalist with over a decade’s experience in the industry. Hailing from London, she has become experienced in scouring the market to find the latest and best products and services that are designed to make parents’ lives easier.
Away from her desk, Kat can be found consuming far too much coffee and spending her weekends with her toddler and partner - soaking up the sights of London and sampling anything new and exciting that has opened up within walking distance.
*To be eligible for the offer you must be a NatWest Group customer and be 18+, have mobile or online banking and with child(ren) aged 6-17. Rooster Card is free for current NatWest Group customers for as long as they retain their account. Up to 3 free Rooster Cards per household. Cards subject to availability.