Get the pocket money sorted with RoosterMoney
- Get the Tracker app for free
- Manage pocket money with your family easily
- Create goals to save for
- Track your kids' spendings
- Choose between three plans
It’s colourful and entertaining, so they’ll love it. And you retain full control.
Get the pocket money sorted with RoosterMoney
RoosterMoney is an app to manage your children’s pocket money and teach them good money habits.
It starts out as a pretty simple app to keep track of their chores and reward them when they complete them.
However, if you want, you can also get the prepaid card that goes with it and effectively use it as a children’s current account.
RoosterMoney is made of two parts: the app and the card.
The app can be used with children as young as four and, in itself, is just a very clever way of rewarding them for executing a task they’ve been given. From the app, you can:
Children can have their own login, whether on their device or on yours, to see how much they’ve earned and how they’ve been doing compared to the past.
Be aware that, if you just get the app, you will not be opening an actual account, nor dealing with real money.
This is the bit of RoosterMoney that more closely resembles an actual bank account (which is why it’s only available to children who are at least eight years old). It comes with the following features:
The card is linked to the app, so children will be able to see the available balance on the app’s “spending” pot.
You can choose between three different plans:
Using the card is free. There are no charges for making card payments or withdrawing cash from ATMs, not even abroad (a rare feature for a children’s account).
Up to 10 transfers from the parent account to the children’s account are also included for free (it’s £0.50 per load after that).
If you’re worried that placing a prepaid card in your children’s hands may spiral out of control, you can probably relax. There are no overdraft options, so your children can’t go into debt, and you’ll be able to see every transaction they make directly on the app.
Attempted transactions at merchants that sell products for over 18s (e.g. alcohol) will be blocked. If you want to retain 100% control, you can disable the ATM withdrawal option.
The app generates a new CVV code every time your kids want to use the card to pay online, which adds an extra layer of security, together with the fact that you can freeze the card from the app if it gets lost or stolen.
Finally, RoosterMoney isn’t a bank, so there will be no protection on your deposits. But the company is licensed by the Financial Conduct Authority (FCA) to deal in electronic money and keeps all client money in a segregated account (where RoosterMoney itself can’t touch it).
The space of children’s prepaid cards is getting more and more populated, which is always a good thing for consumers because it keeps the prices low. Compared to its competitors (such as gohenry and nimbl), RoosterMoney is among the cheapest options, and it comes with a great app, reliable security and total control.
Just keep in mind that traditional children’s current accounts usually come for free. So, when you decide to use a prepaid card with a monthly or annual fee like RoosterMoney instead, you’re essentially paying for parental control and educational features.
If you’re not especially interested in them (for example because your kids are old enough to be trusted with how they use their pocket money), RoosterMoney is probably an unnecessary investment.
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