Details for Rooster Money by NatWest neobank

RoosterMoney by Natwest – The Banking App for Kids (And Maybe Adults)

Rooster Money by NatWest is an app and prepaid debit card for kids aged 4 to 17 that allows them to manage their money independently.

You may create separate spending and withdrawal limitations with parental supervision, offering your children allowance, incentives, or prizes for accomplishing household responsibilities.

Rooster Card is currently only available for UK residents.

A Closer Look at RoosterMoney's Features

RoosterMoney has several features that are geared towards parents and kids. These include:

• Allowances: Parents can set up regular allowances for their kids and choose whether they want to give the money automatically or require the child to complete a task or chore before receiving it.
• Chores: Parents can assign chores to their kids and set up a reward system where the child earns virtual coins for completing them.
• Savings Goals: Kids can set up savings goals and track their progress towards them.
• Spending Tracking: Parents and kids can see where their money is going and track their spending habits.
• Wishlist: Kids can create a wishlist and share it with family and friends.

Overall, these features seem useful for parents who want to teach their kids about money management. The allowance and chore tracking systems are a good way to teach kids the value of hard work and earning money. And the savings goals and spending tracking features can help kids learn about budgeting and the importance of saving.

Is RoosterMoney Safe to Use?

One of the biggest concerns with any banking app is security. Is RoosterMoney safe to use? The short answer is yes, but with some caveats.

RoosterMoney is owned by Natwest, which is a reputable bank. The app uses bank-level security to protect user information and transactions. And all data is encrypted to prevent unauthorized access.

However, no app is 100% secure. There is always a risk of hacking or data breaches. And with RoosterMoney being geared towards kids, there is an added risk of children accidentally sharing personal information or making unauthorized transactions.

To mitigate these risks, RoosterMoney has several security measures in place. These include:

• Two-factor authentication: Users must verify their identity through a second factor, such as a text message or email, before logging in.
• Parental controls: Parents can set up restrictions on their child's account to prevent unauthorized transactions or limit the amount of money that can be spent.
• In-app education: RoosterMoney includes educational resources to teach kids about online safety and responsible money management.
• While RoosterMoney seems to be taking security seriously, it's still important to exercise caution when using any banking app. Parents should closely monitor their child's account and teach them about online safety and security.

How RoosterMoney Compares to Other Banking Apps

RoosterMoney is just one of many banking apps available today. How does it compare to other options?

One of the biggest differences between RoosterMoney and other banking apps is its focus on kids. While there are other apps that offer allowance and chore tracking features, such as Greenlight and BusyKid, RoosterMoney seems to be geared more towards younger children.

Other banking apps, such as Mint and Personal Capital, are geared towards adults and offer more robust features for managing finances, such as investment tracking and retirement planning. These apps also tend to have more sophisticated security measures in place.

Conclusions

Overall, RoosterMoney seems to be a good option for parents looking to teach their kids about money management. But for adults looking for a more comprehensive banking