Transferring money from your Parent Account to your bank account
You can transfer money from your RoosterMoney Parent Account directly to a bank or savings account using the "Bank transfer" feature from the app.
Just follow these steps:
- From your family dashboard, tap on your Parent Account
- Tap the quick action button “...” in the bottom right corner
- Choose the “Manage money” option and then tap “Bank Transfer”
- You can create a new recipient with the account name, number and sort code. Once added, you can choose the amount to transfer out.
If you are requesting a transfer out which causes your Parent Account balance to drop below the amount recommended to pay pocket money, Chores and Interest Payments, then you will be shown a screen to let you know that by making the withdrawal, you may not have enough funds to cover these. If you’d like to continue with the request, then just tick the box to confirm and tap continue.
You will then see a summary screen showing you all of the details. After reviewing that the details are correct, tick the confirmation box at the bottom of the screen, and press the “Complete Transfer” button.
You will need to enter your RoosterMoney password or use biometric authentication to verify and complete the transfer.
Will I be charged for making a Bank transfer?
You get 2 free bank transfers a month. If you need to make any more, you will be charged £0.50 for each extra transfer out. Don’t worry, you’ll be notified before you hit the limit.
Why is my transfer showing as pending?
Bank transfers can take up to the end of the next working day to process. Your transfer will show as pending until the transfer completes where it will move out of the pending state.
If a transfer is created on the Friday or weekend, it will not process until the following Monday.
If you load money to your parent account within 24 hours of the bank transfer request being made, the bank transfer will not be processed until the next working day
Can all parents/guardians on my family account transfer money?
No, only the person who setup the family account can transfer money out of the account.
Can I transfer money straight from my child’s Rooster Card to an external account?
No, you cannot move money straight from the Rooster Card to a bank account.
First, you will need to ‘remove’ the money from your child’s Spend pot to get returned to your Parent Account. To do this, tap the ‘-’ button next to your child on your dashboard or tap 'Remove' from one of the pots. Once done the funds will be back in your Parent Account ready to transfer to a bank account using the steps above.