CYBG - youandb.co.uk launches Tuesday 3rd

colsten

If they start charging £2 a month and stop paying 2% interest on up to £3K, lots and lots of £3K customers will be taking their money out and not look back.

Dan83

I have seen a few post's on here about this new app based bank.

I really don't see what all the excitement is about, or why a new bank is such a big deal.

All i can think of is these are people employed by the bank to advertise the bank via forums like this, although I could be wrong.

If I'm missing something important/interesting about all this, let me know.

I'd of thought the best way to get your name out there would be to at least match the best deals out there.

EarthBoy

Well, it's launched.

https://youandb.co.uk/

It allows you to tag debit card payments and sort payments to keep track of your spending, and allows you to use savings "pots" to help you reach your spending goals. Pays 0.5% up to £2000 on the current account and 1% on the savings account.

So it may be useful for those who find it difficult to budget or keep control of their spending, but it's nothing else going for it, frankly.

"With tons of clever tools, B has everything to help you take control of your money. Don't forget you’ll need both your compatible smartphone and tablet to take advantage of all the tools."

Not all that convenient, either, if you need both your phone and a tablet.

Oh, there is a flashy debit card with a multi-coloured B on it, if that matters to anybody.

Might be worth opening one just for the novelty value and using it as a donor account to switch elsewhere after 11 months, just before the £2 monthly fee kicks in.

System

Seems to be Clydesdale's answer to Fidor / Atom and even First Direct as it still offers limited branch access.

It is essentially their Current Plus dual (current /savings) offering with slightly better rates. I guess its USP will be its digital element.

sharpharp

any recommend a friend scheme for them?

EarthBoy

sharpharp wrote: »

any recommend a friend scheme for them?

Seeing as B was only launched today, there aren't yet any customers to recommend their friends.

No offers or joining bonuses of any kind, as far as I can see.

System

They HAVE pulled the Direct Account and replaced it with B.

Very odd as they marketed it as a sub-brand like First Direct & HSBC but it's prominently displayed on their range of current accounts.

Leaves their Current Plus as their best free account.

Kim_13 wrote: »

Perhaps they will shortly be pulling that account.

EarthBoy

Heng_Leng wrote: »

They HAVE pulled the Direct Account and replaced it with B.

I wonder if they will downgrade everybody on the Direct Account to the Current Plus Account eventually, or try to persuade them to change to B.

notafan

EarthBoy wrote: »

I wonder if they will downgrade everybody on the Direct Account to the Current Plus Account eventually, or try to persuade them to change to B.

The ceo guy was saying that CYBG longer term would either need to look at acquisitions or it potentially will be one itself. So in 12 months it might not be an issue anyway.

If the technology they have is good then it may well be a target by others.

Either CYBG will be snapped up & rebranded into something less geographic then Yorkshire or Clydesdale.

Or CYBG will make an acquisition and will look to unify under a potential new brand - B could be that depending on the strength of any acquisition and how well B performs. They're already rolling B branding out in branches.

Mulligan1

I got a statement for my YB Direct Current Account today and in the letter were details on how to join B.

It gives the option of opening a new Current and Savings account with B or converting my existing YB account.

I opted to convert, I only opened the YB account for the £150 cash back which I've had now, it will be a useful donor account I suppose!