Bó launches, Revolut introduces direct debits: Finder’s digital banking monthly round-up
Our digital banking round-up keeps an eye on what the new banks are up to.
November was a good month for digital banking junkies like us, with a couple of big announcements and a few new features that got us quite excited.
- RBS. What on earth is RBS doing in a digital banking round-up? Well, this month the RBS group officially launched Bó, its new digital-only bank. Bó looks very yellow, is as fee-free as it gets and its quirky name is sort of growing on us (it’s pronounced like “dough”, in case you were wondering). If you want to learn more, we’ve also got a full review where we look at it in all seriousness (more or less), and discuss whether it’s any good.
- Virgin Money. This one’s another surprise entry. Virgin Money is a challenger bank, but doesn’t usually make it to this round-up because it’s all about credit cards, mortgages and savings accounts. Or used to be, because it has now announced it will launch its first current account in December, complete with a new banking app. We don’t know a lot about it yet, but Virgin Money has promised it will charge no monthly fees and offer an interest of 0.50% AER on balances up to £2,000.
- Yolt. Budgeting app Yolt did good this month, addressing a couple of big things that their users (us included) wanted fixed. It can now be connected to Revolut, which means you can see your Revolut account on Yolt and include it in your budgeting plans. Competitors Money Dashboard and Emma had it already, so it was about time for Yolt to catch up. Yolt also revamped its main dashboard, which now has more visuals, including a nice pie chart of your spending categories.
- Revolut. Just three magical words: UK direct debits. It was a bit mad that they weren’t available on Revolut until this month, but now they’re here – which brings Revolut one step closer to offering a full bank account.
- Starling. Anne Boden’s Starling Bank has announced it has reached the one million customer mark, which is a pretty impressive milestone (clap clap). Still a long way to go to make it to Monzo’s 3 million UK customers, but the growth is impressive: in 2019, Starling all but doubled its customer base.
- HSBC. Here’s another traditional bank trying out innovative stuff. Wow. This one is on the business banking side of things. HSBC is beta-testing Kinetic, its new business banking app, that will automatically categorise your business spending and offer you cash flow predictions, among other things. You can sign up to request early access here if you’re interested.
That’s all for this month. Merry Christmas and all that jazz.