NATWEST has announced a new pocket money product.

NatWest Rooster Money is a prepaid debit card and pocket money app which offers the NatWest Rooster Card free for 12 months exclusively to NatWest’s 19million customers, making the bank unique among UK high streets in offering a kids’ prepaid debit card and pocket money app.

The bank will continue to make the product available to customers of other banks, and has lowered the price to £1.99 per month.

NatWest acquired fintech pocket money app Rooster Money last October and has just relaunched it as NatWest Rooster Money.

A new offer to celebrate the move means NatWest, Royal Bank of Scotland and Ulster Bank NI current account customers will now be able to get the Rooster Card free for 12 months for up to three kids. Non-bank customers can get the product for £1.99 per month.

NatWest says it aims to help children eventually confidently take the reins of their own finances.

NatWest has sought to support young people for decades with accounts from First Saver through to Student banking, and its free financial education programme, MoneySense, started more than 25 years ago.

Simon Watson, head of youth banking at NatWest Group, said: “We want NatWest to be the easiest and most useful bank for families and young people.”

For more information about the offer, go to RoosterMoney.com/feature/NatWest