BÓ | ABOUT BÓ

Bó's Fees & Charges

By | March 12th 2020

At Bó we understand that there are times when you can't always pay with a card e.g. if you're shopping at a market, taking a taxi, giving the kids pocket money, tipping or popping to the shop for a paper.

That's why we've decided that every ATM withdrawal you make using your Bó card, whether it's in the UK, the EU or further afield, will be free of charge. (Do keep an eye out though, because even though we won't charge you, you may be charged by the cash machine operator). This means that if you're with Bó you can continue to use cash whenever and wherever you want to.

The only thing we do charge you for at Bó is if your lost or damage your card more than twice. We will replace it free of charge the first two times, but if you lose or damage it again before it naturally expires, we will charge you £5 each time to replace it (roughly the amount that it costs us to provide new cards). If your card is stolen, or you need the name changed (e.g. if you get married), don't worry, we'll always send you a new card free of charge.

That's why we've decided that every ATM withdrawal you make using your Bó card, whether it's in the UK, the EU or further afield, will be free of charge. (Do keep an eye out though, because even though we won't charge you, you may be charged by the cash machine operator).

Using cash vs. using Bó

At Bó we want to help you spend less and save more. We do this by helping you become more aware of what you're spending on and helping you become familiar with your spending habits.

To help you do this, although we're making cash withdrawals anywhere in the world free of charge, we want to encourage you to use your Bó card for all your spending. That's because we categorise everything for you by retailer and type of spend (e.g. groceries or coffee). This gives you an accurate picture of your day-to-day outgoings which can help you budget better and see where you could cut back if you want to.

Bó: Making digital money feel like cash again

We also know that some people prefer cash because using it makes them more aware of how much they are spending. Cash feels real and tangible, you feel it when you spend in a way that you don't always when you use contactless and this can help you spend less.

However, we've made Bó to give you the same sense of control that you associate with using cash when using your Bó card.

Firstly, every time you use your Bó card, we send you a spend alert within seconds. This instant notification acts like a little reminder and can help make you more conscious of what you've just spent and connect you to the feeling of money leaving your account.

Our Insights screen also shows you your balance in real time. This makes it easy to see how much money you have, and whether you are running low, which can also motivate you to stick to your budget.

Whatever you're using Bó for, we want you to feel in control. If you need cash you can access your money from ATMs all over the world free of charge and if you lose your card, we'll provide you with a new one free of charge the first two times it goes missing.

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You must be 18 or over and a UK tax resident to be eligible for a Bó account. You’ll also need an iPhone on iOS 10 (or later) or an Android phone with 6.0 Marshmallow or above.

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Bó is part of National Westminster Bank Plc (“NatWest”), registered in England and Wales (Registered Number 929027). Registered Office: 250 Bishopsgate, London, EC2M 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NatWest is entered on the Financial Services Register and its Register number is 121878. The Financial Services Register can be accessed at www.fca.org.uk/register. NatWest's registered VAT number is GB 243852752.

Bó is protected by The Financial Services Compensation Scheme (FSCS). Read more here.

* If you have accounts with Bó and NatWest, the maximum you would be able to claim across all accounts combined is £85,000.

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