NatWest Group has launched a new app called ‘Housemate’ which allows house sharers to split bills.

The bank said the platform could also help them build their history with credit reporting company Experian.

NatWest research based on responses from more than 1,500 people across the UK found that nearly half of renters living in house shares find it uncomfortable having to remind housemates to pay their share of household bills.

A further 48 per cent said they felt awkward when a housemate falls behind with payments.

The app can track who owes each other money and enables renters to repay instantly using Open Banking.

The technology lets housemates link their current account to the app and make payments to those they owe money to.

“Living in shared rental accommodation is often necessary for young people including students, those opting to live with friends or moving to a new city for work,” said Wendy Redshaw, chief digital information officer, retail banking DigiTech at NatWest. “One of the main pillars of financial wellbeing is feeling calm and in control but managing finances within these living situations can often be a tricky experience.”

Redshaw continued: “From our research we found that a good proportion of those in shared accommodation find sorting finances frustrating and awkward. With Housemate, we have created a one stop shop for renters to simplify this experience, enabling those in shared accommodation manage their joint finances smoothly and at any time.”

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