The Cost of Love: What really governs how we spend
By Clair Whitefield, Editor-in-Chief
So, what gave you the idea for Bó?
MB: We know a lot of people in the UK struggle when it comes to managing their money. We’re not taught how to do it well and it’s something that most people find boring, intimidating and don’t think they’re any good at. Or could be good at. We want to change that.
What is Bó?
MB: Bó is a banking app and Visa debit card that will help people spend less and save more.
Why do I need Bó?
MB: We’ve done a lot of research into money behaviours and we’ve learnt how people who manage their money well, do it. The first step is to separate your bills and fixed monthly costs from your spending money and put it in a separate account, and that’s where Bó comes in. Transfer your everyday spending money into Bó, and we can then help you make it go further and last longer. There’s no need to switch current accounts and no monthly fees.
And how will Bó help people get a handle on their money?
MB: We help people set realistic spending budgets and have designed Bó to help keep them on track. Every time you use your card, we’ll send you an instant alert, so you notice what you’re spending. We also categorise everything you buy by retailer, category and location. This can help you understand where your money goes each month, get you familiar with your own habits and help you work out your priorities. Our aim is to help people keep tabs on their spending, by keeping track of it all for them.
Can anyone get a Bó account?
MB: You will be able to open an account if you're 18 or over and a UK tax resident. However, if you also pay tax in another country, you won't be eligible.
What’s your big dream for Bó?
MB: We want to help as many people as possible get a handle on their spending so they have money to fall back on: money to tide them over when they need it and money to do more of what makes them happy.
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.
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. NatWest's registered VAT number is GB 243852752.
Bó is protected by The Financial Services Compensation Scheme (FSCS). Read more here.
Photo credit: The pic of the mopey pug and all the lovely portrait shots come from unsplash.com. Thanks guys!