RBS plans on opening a digital challenger bank

Just seen Bó by NatWest doing th rounds on Twitter. Anyone know when it will be out and why/how it will be a ‘Monzo killer’?

I had the same problem with the search term, I created a new topic for the above post and it was then moved here.

I already dislike the name of the bank intensely.


The logo looks like it presents ‘BO’ with a bit of ‘waft’ coming off the O :face_vomiting:



I imagine once it officially launches this thread will be renamed “Bo Bank Discussion”

So RBS are launching Mettle and Bo (under the Natwest brand)? Interesting.

I’m almost tempted to signup just so I can say I was a “Bo Selecta”


To me at least it seems that Mettle is their ‘Digital’ business banking brand & Bo will be their Personal ‘Digital’ Banking brand.

I believe that Bo is another trading name for Natwest whereas Mettle is another subsidiary.

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Bó = bunch of

Bunch of what? “Investment bankers”? :rofl:

Cockerknee rhymin slang Mary Poppins


Speaking of which:

RBS takes stake in student-focused fintech

Royal Bank of Scotland has taken a 25 per cent stake in a student-focused fintech start-up as it prepares to launch a new digital bank to rival the likes of Monzo and Starling.

Loot provides a current account and pre-paid debit card with controls and spending insights to help young people save. RBS said on Monday it had invested an additional £2m in the group, on top of a previously unannounced £3m investment made in 2018.

The investments were made on behalf of Bó, the digital-only bank RBS plans to open later this year.


So, Bó has been in touch. Which is nice.

This is what they say:

Happy 2019!
We hope your year has got off to a flying start. At Bó HQ we began January by announcing our £2 million investment in Loot. We both want to help people do money better and being part of each other’s story will benefit both us and our customers.

Look out for your invite
Our private Beta is surging ahead and the number of people joining Bó is growing week on week. We’ll be in touch soon to invite you and, as long as you meet certain criteria, you can become a Beta tester too.

Enter our prize draw
Did you know you could save more than £1,300 a year if you bring your lunch in to work every day? If you’d like the chance to win a Bó lunchbox, then reply to this email with your top January money saving tip, and we’ll send one to the first 20 people we hear from.

Bó in beta already. Exciting.

(Why has there been nothing on the interwebs about it? :thinking:)


So, Bó is just Loot, is it?


Until Loot becomes Bó

If it goes well I can’t see why they wouldn’t acquire them in the longer term maybe?
especially since they have a stake in them.

Placing bets on a ‘hot yellow’ card then?!

It should be pretty interesting to watch a bank the size of Natwest go after fintech in a way Monzo, Starling and N26 can’t afford to do.

They rightly get a lot of crap for the things they do badly but they’ve also got decades of experience so will be interesting to see their take. Especially interested to see their take on other products, other accounts and if you can pay in at RBS/Natwest branches.

If it does well we’ll probably see some of the bigger guys go shopping.

If its in better testing can’t be too far away off launching?

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I’m not holding my breath… It’s only recently that I’ve been able to view pending transactions on my RBS account. They still insist on the old card reader for certain things too…

It’s going to take a significant switch in ideology for them to compete properly with Fintech banks

I am with Brian, I really do not think fintech has much to worry from the likes of RBS and Natwest.

True they have had decades of experience, but they have also had decades of working their top talent to the ground and getting rid of them… they also have a decade of monumental cock ups behind them…

With an organisation the size of RBS and Natwest, its near impossible being agile no matter how much they try… i know this first hand from many years of working there

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Gearing up for public Beta
We’re still in our private Beta and working hard to fine tune some really nifty features. But we’ll need to test them in the real world soon. And that’s where you come in. You’ll be one of the first to be invited to join us, and we can’t wait to hear what you think. We’re almost ready for you and will send you your invite as soon as we are.

How soon is soon though :thinking:

Anyone heard anything about this? Either they are having some real problems getting this ready or they don’t know how to build hype properly.

Funny you should ask. Bó writes:


You might have guessed from how much we loved your money saving tips, that here at Bó we like things that help people do money better. It’s why we set up Bó. Our private Beta is steaming along and we are testing our security, payments and feature sets with real users and real money.

As we tick things off our snag list, we are also gradually increasing the number of people in our private Beta. For those of you that are already trialling Bó, thank you for your support and feedback. For those of you still waiting to get on – stay patient, we will invite you to join Bó soon!

For this month’s newsletter, we’ve sat down with Mark Bailie, one of our co-founders and also our CEO, to talk about what we’re up to, and why.

What’s Bó all about?
MB: We live in the real world and 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 are here to change this.

So what is Bó?
MB: Bó is a companion bank account, app and Visa debit card that will help you change how you spend and save, so you keep more money in your pocket. Bó works alongside any existing current bank account, so you don’t need to switch your bank, just add Bó.

Why do I need a companion bank account?
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 that’s where Bó comes in. Bó is a companion bank account that you transfer your everyday spending money into. And once you’ve done that, Bó will help you make it go further and last longer.

And how will Bó do that?
MB: Every time you use your card, we’ll send you an instant alert, so you see, feel and know what you’re spending your money on and where. You’ll also always know exactly how much is in your account thanks to our real-time balance updates. We want to help you understand where your money goes each month and get you familiar with your own habits. It’s our way of making money feel like cash again but with the added benefit that you’ll know what you spent on because we’ve kept track of it all for you.

Can anyone get a Bó account?
MB: Once we’re out of Beta, you’ll 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. You’ll also need an iPhone. (We’re adding Android soon).

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.

I don’t understand - so it’s a companion app and card for your current bank account, to add modern features - is it not an actual bank account then? It’s basically Curve?

No, it’s a bank account. They’re just expecting it to be used a second account rather than an ‘only’ account.