Exclusive FNG… FNG has learned that the Dutch bank Abn Amro has lived with Neobank’s latest spinofank called Buut. The Buut app is now available for download on the Google Play Store and Apple App Store.
The buut, offered only during the launch of the Dutch, aims at new savers and investors. Buut joins a series of ABN Amro applications supported by transactions / savings / investments, such as Tikkie and Bux. As part of ABN Amro, the buut is covered by the Dutch deposit warranty system.
ABN Amro supported the Neobank Bux based in Amsterdam earlier this decade, eventually acquiring other investors and took over BUX last year. Bux Yorick Naeff CEO has since been transferred to ABN Amro’s head of innovation, overseeing projects such as Buut.
Designed specifically for adolescents and their parents, the buut helps young people take control of their money using easy -to -use “pots” that make payments and save money easily. The buut was designed so simple to use, 100% visually driven and aligned with the world inhabited by the younger generation. In addition, the Buut offers a personalized newsfeed with financial tips and tricks from experts, peers and teachers.
With the buut, young people divide their money into various easy -to -use pots for payments and savings. You can use payment containers – such as a saucepan for clothing allowance or a snack saucepan – to spend money directly. If you pay with the buut card, you can easily choose from the payment container you want to deduct the money. If the container is empty, you can’t make more payments than it. This makes the budget clear and tangible.
Users can also create one or more savings pots, for example to save larger goals such as a new phone or game. You earn interest in 3% for savings up to € 1,500 and 1.5% above. You can also send and receive tikkies directly from a pot, ensuring that money always ends up in the right place. To start, each user receives € 25 initial credit to put their first container. This amount is paid as soon as the user agrees to compensation with his parents and the first payment payment has been deposited in the container.
Sanne Van Kuijk, Head of Development on Buut, described the new application as follows,
“Buut is probably more relevant now than ever.