Is the Rooster Card the same as a bank account?
The Rooster Card is not a bank account. It has many of the great parts of a child bank account, with added safety and educational features. What makes RoosterMoney different from a bank is how we hold your money.
When your money is deposited with a bank they can use it to make investments and loans, so your money will not always actually be in the bank. RoosterMoney, on the other hand, ‘safeguard’ all of our users’ money, holding it in a separate ringfenced account with one of the UK’s top banks. This means we always have your money.
If RoosterMoney went bust, our creditors would not be able to access any of your money due to it being safeguarded. The Financial Conduct Authority would distribute all of the funds back to our users.
Question: Do I earn interest on the funds in my Parent Account or Rooster Card?
No, you do not earn interest on any funds we hold for you.
Question: Can the Rooster Card be used as proof of identity?
No, prepaid cards, debit cards and credit cards are not a valid proof of identity.