NatWest has launched its new digital bank Bó, offering customers the ability to manage their daily spending, set budgets and goals, and track progress.
The app is now available on App Store and Google Play.
Bó states that a user does not have to switch accounts to make full use of its offering. Instead, it suggests a consumer simply keeps their existing current accounts for bills and direct debits and just add their day-to-day money to their Bó account.
Splitting spending money from bill money is a better way to save money, Bó claims.
The new digital banking app will also help consumers manage their finance and save more money. Users can track spending, get insights on habits, visualise how much money they can spend, establish budgets, put money into saving and get Visa exchange rates.
There are no fees on ATM withdrawals in the UK or around the world, although, this does not negate charges of cash machine operators.
If a consumer loses or damages their card, the bank will replace the first two for free. If the card needs replacing for a third time before its expiration, there will be a £5 charge for a replacement. If a card is stolen or the name needs changing, the new card is always free.
Bó is available to any UK tax resident over the age of 18; however, people also paying tax in another country are not eligible.
In a blog post announcing the launch, the company said, “Why are you called Bó? We like the way it sounds. It’s a name that’s warm and friendly, gentle even. We also like it because Bó doesn’t mean anything in English so it’s a word that we can own, that will grow with us and become associated with what we’re trying to do.”
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