Clydesdale and Yorkshire Bank have just launched a new app called B to help you take control of your money. B is a current account and a savings account, B current and B Instant Savings, pooled together into a colourful app.
With the launch of B, Clydesdale and Yorkshire Bank shared some interesting statistics about Britain’s money habits.
26% of us check our balance after every transactions. And we do so anywhere, be it in bed (37%) or even on the toilet (19%)! That seems like great news, as the closer you keep to your finances, the quicker you can react and adjust your spending. Financial denial, spending without checking you can afford to in the first place, is much harder when you log in frequently to your online banking. In spite of that, 23% of adults who took part in the survey confessed they are running out of cash three weeks after payday, and 21% wished money management was easier.
Enters B. Compatible with tablets and smartphone, it let you stay on top of your money in just a few clicks.
B gives you a clear picture of where your money goes each month, by tagging your debit card transactions automatically into categories such as food, clothes or travel. You can also add five tags of your own, for your favourite lines of budget. That will help you manage your budget, as B allows you to set the amount you are willing to spend each month on each category, and see how much is left.
B also makes savings easy, by helping you create savings pots. The full amount remains in your B Instant Savings account, but you can see how much you have saved towards different goals, such as a wedding, a downpayment on a house, or a car replacement.
Another cool feature is the “Good to go alert” that lets you know if you have enough money to cover your regular spending. Or “Sweeps”, that makes sure you never run out of money on your current account. If your balance is a bit too low, B triggers an automatic transfer from savings to fund your current account. You can still earn interest on your extra cash, while making sure you don’t pay overdraft fees. You also get an SMS letting you know the money has been transferred. If your account does get overdrawn, you get two working days each month to go back in the green again.
All your transactions are visible on your timeline, and color coded to make it even more intuitive.
You can search, filter and sort transactions, to see how much you spent on a particular line of your budget, or how your savings goals are coming together.
There is no monthly fee to use B for the first year. Once you have tried it and decided you like it, you will pay £2 a month. B current pays 0.5% AER on balances up to £2,000, and interest is worked out daily. B Instant Savings pays 1% AER. You can use B to move your savings around, or also use internet, phone and mobile banking, as well as visit a branch.
To find out more about B visit www.youandb.co.uk, @HelloB and facebook.com/youandb