/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Natwest waives customer charges for pocket money cards

Natwest waives customer charges for pocket money cards

Natwest customers can continue to enjoy free access to the bank's prepaid kids’ debit cards, as the lender scraps a proposed £1.99 per month subscription fee that was set to be imposed in May.

NatWest launched the pre-paid debit card and pocket money app in May last year following its acquisition of Rooster Money. At the time, Natwest, Royal Bank of Scotland and Ulster Bank current account customers could get the Rooster Card free for 12 months for up to three kids.

Customers of other banks 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.

On making the card a fee-free service for NatWest customers, Will Carmichael, CEO of NatWest Rooster Money, comments: “We’ve seen huge growth of Rooster Money over the past year, both in the open market and for NatWest customers, as families want to get their kids engaged with making considered spending and saving choices. Our subscription offers great value at £1.99 a month, or £19.99 a year, and this is an exciting opportunity to be able to offer still more value to our NatWest customers, especially at a time when we are all feeling the crunch on our family finances.”

Launched in 2016, the RoosterMoney app loads pocket money onto a Visa debit card and allows parents to immediately freeze a card if it’s lost and block payments to specific merchants. It also gives parents and children real-time notifications on their spending and comes with a ‘contactless counter’ so children know how far away they are from having to next use their chip-and-pin.

Features on the app include reward charts and chore reminders to help encourage a savings habit from a young age.

Miles Hillier, head of youth and families banking at NatWest says: "We're dedicated to supporting the younger generation at every age and stage of their life, which is why we're thrilled to be able to extend that commitment by making NatWest Rooster Money even more accessible for NatWest customers. This extra benefit could help to reduce families' outgoings during a particularly tricky time for the country, whilst giving their children the tools to build a solid financial foundation for their future."

To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.

Comments: (0)