Finance & Economics

Natwest Waives Customer Charges for Pocket Money Cards

Natwest Bank customers will continue to enjoy free access to prepaid children’s debit cards from this financial institution.

Natwest Waives Customer Charges for Pocket Money Cards

Source: Pixabay.com

The lender reversed its decision on a subscription fee of 1.99 pounds per month. This fee was supposed to be introduced in May.

NatWest launched an app for prepaid debit cards and pocket money in May last year. This happened after the financial institution acquired Rooster Money. Current account customers of Natwest, Royal Bank of Scotland, and Ulster Bank had the opportunity to get a Rooster card for free for a year for three children.

Users of other banks can also download the app to access free features. The monthly fee for using the Rooster card for them is 1.99 pounds with a free trial for one month.

Will Carmichael, CEO of NatWest Rooster Money, says that during 2022 there was an increase in the use of Rooster Money both on the open market and for NatWest customers. He explained this by the fact that families strive to educate their children with a deliberate approach to the use of financial resources and instill in them the habit of economical choice when handling money.

Also, the head of the financial institution said that a subscription worth £ 1.99 per month or £ 19.99 per year is an excellent solution for customers in a difficult period from an economic point of view.

The RoosterMoney app uploads pocket money to a Visa debit card and allow parents to immediately freeze the card in case it is lost and block payments to certain merchants. Parents and children receive notifications about expenses in real-time.

The app’s features include reward schedules and routine reminders that help instill a savings habit.

Miles Hillier, head of youth and family banking at NatWest, says that NatWest Rooster Money is an additional benefit that will help reduce the costs of families in difficult times while providing children with the tools to create a solid financial foundation for the future.

As we have reported earlier, Bank Natwest Installs Card Recycling Machines.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.