NatWest is set to close its app-only bank Bó, less than six months after it launched to rival the likes of Monzo and Starling.
The digital bank which launched in December and which offered fee-free overseas spending and cash withdrawals worldwide, is set to close.
Customers will receive at least 60 days’ notice and their money will remain safe. In the meantime, customers are urged to keep using their cards until the balance is down to zero, or transfer all their money out of the account.
To transfer money out of your Bó account, tap the ‘spending’ screen > tap on the two-way arrow icon in the top left-hand corner > tap on the payment details of the account you want to transfer money to and follow the prompts.
A statement on its website, read: “We have taken the decision to wind down Bó and therefore we need to close all customer accounts.
“We will be keeping our customers up to date with more information soon.
“Thanks for being part of Bó. You made us and we’ll miss you!”
Paloma Kubiak is an award-winning journalist with 15 years in the trade. She has the NCTJ qualification in media law and Government, and gained a bursary to undertake the Press Association training where she passed 120wpm in shorthand. Paloma started her journalism career at local paper, the Ealing Gazette and Leader series just at the onset of the global financial crisis. During her time at the paper, she was promoted to senior multi-media journalist.
In 2011, she joined MoneySavingExpert.com as a deals researcher and writer, before moving to the news team as a reporter covering personal finance. She was runner up in the Santander FinCon Media Awards 2014 in the 'best newcomer' category.
In 2016, she joined YourMoney.com as a senior reporter. Commended in the 2017 Unbiased Media Awards 2017 for the 'Best Value of Advice' article, she then went on to win 'Household Money Journalist of the Year' at the 2017 Headline Money Awards. Paloma was also included in the UK's 'Wonder Women in Finance' in the same year, compiled by Finder.com.
She has been writing about and researching personal finance for the past decade and is editor of YourMoney.com.
