At Buut, young people receive a savings interest rate of 3 percent on a balance of up to 1500 euros. ABN Amro stunts with the new bank daughter, because savers receive less than 2 percent interest from most other banks.
ABN AMRO further expands Tikkie and launches bank for children
On the savings balance above 1500 euros, the young Buut customers collect an interest rate of 1.5 percent. To help them on their way to save for, for example, a game, telephone or vacation, they also receive 25 euros as a gift when opening an account.
ABN AMRO competes with other relative newcomers in the banking world such as Bunq and Revolut. ABN AMRO top director Annerie Vreugdenhil does not want to say how many customers she is aiming for the brand new bank daughter. Vreugdenhil acknowledges that it is important to bind customers to ABN Amro and Buut young, because they often no longer switch from bank at a later age.
Perception
Buut has been developed by ABN AMRO part Tikkie in the last 12 months. The bank also called in 750 teenagers to have the payment and savings app connect with their experience as much as possible. This has resulted in a colorful app with, among other things, money videos from influencer wild bras.
“Pubs nowadays live in a world that is super fast, hyper -personal and on demand,” says Sanne van Kuijk van Buut. “On Netflix and Spotify they are presented with what they would like to look and listen. And on Instagram they see advertisements of things they want exactly. This generation also expects that from their bank.”
The 13-year-old student Maxim is one of the first users of Buut. He finds it handy that he can create special piggy banks in the app for clothing money or gaming. His parents can dump the money directly into such a game.
Frikandel rolls
“That is very nice. Previously the clothing fee was not in such a piggy bank, but just in my account. Then I sometimes bought frikandel rolls for it,” says Maxim.
For the time being, Buut is free for teenagers and their parents, who can also look at the payment and savings app of their offspring. At a later time, new services will be added for which you have to pay. “But a basic version of Buut will always remain free,” says Van Kuijk.
For the time being, Buut is focusing on young people from 10 to 16 years old. In the long term, the ABN AMRO daughter also wants to serve people over 18. Van Kuijk: “As a parent you can no longer watch what they do with their money.”