According to RBS, the service was designed to help people manage their everyday spending by allowing them to budget, set goals and track their progress.
NatWest has launched digital bank Bó, meant to help customers “spend less and save more”. So why does it pay no interest and won’t rule out charging for cash withdrawals?https://t.co/tkW5NB0FAy
— Sam Barker (@JournoBarker) November 27, 2019
Customers will receive a bright yellow Visa card managed via an app allowing them to keep tabs on spending, allocate budgets and secure savings.
“If you want to use things like real-time payment updates and budgeting features, but don’t want to chance your arm with a banking brand you may not have heard of before, the fact that Bó is backed by NatWest could make it more enticing,” a report by Which? read.
But not only does the launch of Bó flag up the lack of such services from its existing NatWest app, consumer platform Which? said Bó is not as competitive as rival digital banks, plus there are some features missing: it does not offer interest on the savings, it cannot pay bills or direct debits, there is no loan service and employers cannot pay salaries into the account.