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RoosterMoney Review

Rooster Money logo

Rooster is a pocket money app designed to help teach children good financial habits in a fun and accessible way. In a crowded marketplace, they offer a fairly low-cost proposition that provides parents with complete control over their
child’s spending.

This is worth considering for parents looking for a free pocket money app, however, there is a fee for the more advanced features such as the prepaid card and there are cheaper options available.

RoosterMoney have a variety of tools designed for children between the ages of 3 and 17. Parents and children can access the app via their own logins and from there they can manage spending, saving and giving. There is a freemium model available, however, in order to unlock some of the more advanced features such as a prepaid debit card, there is a fee involved.

It’s a great way for parents to help teach their children how to manage their pocket money as well as how to earn money by completing chores. However, there are a number of these apps available today, each with their own costs and features so it is worth taking a moment to see where Rooster sits in the marketplace and how it stacks up when compared to the competition.

Roostermoney Ratings

Overall


Overall Rating:
80%
Fees:
80%
Account Opening:
90%
Features and tools:
80%
Customer Service:
80%
Education:
70%

Pros

  • Ability to track and set customised chores
  • 3 free loads per day
  • Plenty of parental controls on how children can spend money

Cons

  • No FSCS protection
  • Fees for overseas transactions over £50 per month
  • Only 1 free replacement card, £5 thereafter
  • Subscription fee to access all the app’s features

1 Month FREE trial of Rooster Plus

You can grab yourself a 1 Month FREE trial of Rooster Plus when you sign up to RoosterMoney

RoosterMoney Homepage

Who are RoosterMoney?

RoosterMoney are an app that helps children and parents manage pocket money while teaching children good financial habits. There is a free basic account with some simple features and two subscription accounts depending on your requirements.

Who owns RoosterMoney?

RoosterMoney was founded and launched in 2016 by Will Carmichael who retains his role as CEO. In 2021, the app was acquired by Natwest as part of their strategy to help families and young people manage their cash.

Simon Watson, head of youth, retail banking at NatWest Group said of the acquisition “Rooster have built a brilliant app with best-in-market features that we’re excited to offer to NatWest customers. We know that the world of money is changing, and we want to help parents, carers and young people feel confident and capable – Rooster helps us do just that.”

RoosterMoney product range overview

RoosterMoney is loaded with tools and features to help educate kids in money management and help them to save. However, to use ‘real money’ in the account, you will need to upgrade to the most expensive plan.

RoosterMoney app

The app is completely free and allows you to set up an account for as many children as needed. You need to be aware that with the free account, you won’t be dealing with any ‘real money’ however, it is a good starting point to teach younger children about earning and rewards once they are ready, upgrade to an account that allows you to pay in their pocket money.

RoosterMoney card

Probably best saved for older children, the RoosterMoney card allows children to spend their pocket money online, and contactless in store, anywhere that accepts VISA. It’s a prepaid card that comes with parental controls including spending limits and where the card can be used. You will receive instant notifications each time your child uses their card and there is no risk of your child going overdrawn.

Top-ups are instant and the card can be fully managed from within the Rooster App. Parents can freeze and unfreeze the card from within the parent account.

RoosterMoney features

Automatic allowance: automatically schedule your child’s allowance to be paid at regular intervals and boost this manually at any time.

Saving pots and goals: encourage your child to save in an organised way with predetermined savings pots to help them achieve their goals.

Chore management: teach your child about work and rewards by paying them their allowance only when they have completed their chores.

Education: use the provided educational content to help teach your child invaluable money management skills.

Set interest rates: teach your child about the benefits of compounding and the importance of sourcing the best interest rates by setting your own interest rates on their money. This is a feature that I have not come across at any other children’s finance app and is a useful tool to encourage saving and not spending.

Star chart: Reward younger children for good behaviour with the virtual star chart that you can both access from within the app.

Recurrent payments: allow your children to set regular payments (ie a game subscription) so they can learn how this works.

Add multiple parents and guardians: add multiple parents and guardians to help manage your child’s finances.

RoosterMoney pricing plan

Whilst there is a free version of the app, some of the more useful features can only be unlocked by upgrading to a price plan. The free version would possibly be adequate for younger children, however, older children would almost certainly benefit from an upgraded version.

There are three price plans available at RoosterMoney, depending on your unique requirements as a family. They include

Virtual Tracker – FREE

This free plan is perfect for much smaller children who are just getting started and would benefit from a reward system or a basic pocket money allowance. There is no actual cash in this account as it is purely virtual however, children can access the goals pots to encourage saving money as well as the educational content. This can also be used to see how much pocket money your child has saved and updated when they spend.

These are fairly basic features that wouldn’t be suitable for older children. However, having the free virtual tracker does set Rooster apart from other pocket money apps and can help get young to save money.

  • Free
  • Suitable for children aged 3 years and over
  • Virtual pocket money tracker
  • Reward chart
  • Child login
  • Spending and saving pots
  • Up to 2 parent logins

Rooster Plus – £14.99 /yr with 1 month FREE trial

With Rooster Plus you can access some of the more advanced features such as chores and interest rates. If you have multiple children then the good news is that one subscription will cover the entire family and you can add unlimited guardians. This is a good way to get children to manage money without too much responsibility.

  • Suitable for children aged 5 years and above
  • Virtual pocket money tracker
  • Reward chart
  • Spending and saving pots
  • Child login
  • Unlimited parent logins
  • Chore tracker
  • Ability to set an interest rate on child’s savings pot
  • Recurring payments

Rooster Card – £19.99 /yr

In order to access the pre-paid debit card so your child can spend online and in shops you will need to upgrade to Rooster Card. Your child will have an account number and sort code. This plan provides access to all the app’s features and the app sets a new one-time CVV each time the card is used to pay online for more secure online purchasing. There are no charges for making card payments or withdrawing cash from ATMs up to £50 a month and anything beyond that will incur a charge of 3% per transaction.

  • Designed for children aged 6-18
  • Virtual pocket money tracker
  • Reward chart
  • Spending and savings pots
  • Child login
  • Unlimited parent logins
  • Chore tracker
  • Ability to set an interest rate on your children’s pocket money
  • Recurring payments
  • Prepaid contactless Visa debit card
  • Spending limits
  • Instant notifications
  • Ability to freeze and unfreeze the card in-app
  • Secure online card details for one-time transactions

Account comparison table

  Virtual Tracker Rooster Plus Rooster Card
Star & reward chard
  •  
  •  
  •  
Virtual money tracker
  •  
  •  
  •  
Scheduled Allowance
  •  
  •  
  •  
Spend, save, give and goals pots
  •  
  •  
  •  
Educational content & resources
  •  
  •  
  •  
Child login
  •  
  •  
  •  
Chore management
  •  
  •  
  •  
Set interest rates
  •  
  •  
  •  
Add unlimited guardians
  •  
  •  
  •  
Set regular outgoings
  •  
  •  
  •  
Use Rooster with real money
  •  
  •  
  •  
Prepaid Visa debit card
  •  
  •  
  •  
Flexible card controls for parents
  •  
  •  
  •  
Account number and sort code
  •  
  •  
  •  

RoosterMoney fees

Even with the highest subscription plan, there are some other costs to be aware of with RoosterMoney that include:

Virtual tracker FREE
Spending online FREE
ATM fee FREE
Foreign transactions FREE up to £50 per month 3% thereafter
Debit card loads FREE for 3 a day or 10 per month
CHAPS transfer £10
Bank transfer out FREE
Rooster card replacement FREE for 1, £5 thereafter

RoosterMoney customer service review

RoosterMoney have scored 4.7 on Trustpilot with reviews that mention the outstanding customer service.

Rooster offer customer service via an online contact form as well as email and telephone support. Generally, customers seem happy with the level of service they receive and certainly, my own queries were answered in a timely fashion.

RoosterMoney opening an account

Opening an account with Rooster is a quick and easy process, especially for the Virtual Tracker account.

To open your RoosterMoney account simply follow these steps:

  • Download the RoosterMoney app – iOS or Android
  • Enter your full name
  • Enter your email address
  • Create a password
  • Provide the name your children refer to you as
  • Select your country and currency
  • Select which aspect of RoosterMoney is most valuable for you eg Rooster Card

You will automatically be assigned the Virtual Money Tracker account which is of course free however, there is always the option to upgrade to one of the premium accounts.

Once you have opened your account you can add the details of your children including their name, date of birth, gender and details of any pocket money allowance.

RoosterMoney safety

RoosterMoney is authorised and regulated by the Financial Conduct Authority (FCA) and all the appropriate safety measures have been implemented in order to protect client funds.

Since its acquisition by Natwest Bank, Rooster have benefited from bank levels of protection. All client money held in a Rooster account is ring-fenced in an account with Natwest.

The other advantage of having client funds held with Natwest is that whilst Rooster is not covered by the Financial Services Compensation Scheme they do state on their website ‘If RoosterMoney went bust, our creditors would not be able to access your safeguarded money due to it being held in a ring-fenced account. All of the safeguarded funds would be returned to our users.’

Who is RoosterMoney suitable for?

The beauty of the price at RoosterMoney is that there is literally a plan for everyone. Younger children would benefit from the free version where they can learn the basics when it comes to managing pocket money without any monthly or annual fee.

Older children would be better served with the premium accounts which offer secure online purchasing but with spending control features that parents would find useful. However, there is a fee to contend with here, and parents would have to decide whether all the features are worth it when there are free traditional children’s current accounts available.

Useful Information

This section contains useful information to make your experience at RoosterMoney as seamless as possible.

Can friends and family add money to my child’s account?

Friends and family are able to transfer money to the parent account where it can then be moved instantly to the child’s account.

How does RoosterMoney work?

Rooster is a pocket money app that can either be used as a virtual tracker or upgraded to use with real money. It is primarily to encourage children to manage their own money and comes with some useful educational features that are designed to help children achieve financial freedom.

Simply download the app and you can have an account up and running in moments.

Does RoosterMoney really teach children about finances?

Yes, Rooster have descent educational content and children are able to see the exact amount they have coming in and going out. Children can also set their own savings goals and learn about compound interest.

RoosterMoney FAQs

Is RoosterMoney any good?

RoosterMoney sits in what is fast becoming a crowded marketplace for child accounts, with the likes of Go Henry, Revolut Junior and Starling Kite. It does have a lot of great features to teach children about money and the most basic features are completely free. 

Whilst Starling Kite and Revolut Junior are cheaper propositions, they don’t offer the chore management system, although Rooster are offering the one-month free trial so you could discover how crucial this element is going to be and whether it is worth the additional cost.

How do I add money to the parent account?

Topping up the parent account is easy as you will have an account number and sort code. Therefore it is as simple as conducting a bank transfer from your main current account or debit card.

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