FNG Exclusive… FNG has learned that Dutch bank ABN Amro has gone live with its latest neobank spinoff called BUUT. The BUUT app is now available for download on the Google Play Store, and Apple’s App Store.

BUUT, offered only at launch in Dutch, is targeting young savers and investors. BUUT joins a number of ABN Amro backed trading / savings / investing apps including Tikkie and BUX. As part of ABN AMRO, BUUT is covered by the Dutch Deposit Guarantee Scheme.

ABN Amro backed Amsterdam based neobank BUX earlier this decade, eventually buying out the other investors and taking over BUX last year. BUX CEO Yorick Naeff has since transitioned to a Head of Innovation role at ABN Amro, overseeing projects such as BUUT.

Designed specially for teenagers and their parents, BUUT helps young people take control of their money using handy “pots” that make payments and saving money easy. BUUT was designed as simple to use, 100% visually driven, and aligned with the world inhabited by the new generation. On top of that, BUUT offers a personalised newsfeed with financial tips and tricks from experts, peers and educators.

With BUUT, young people divide their money across various handy pots for payments and savings. You can use the payment pots – such as a pot for your clothing allowance or a pot for snacks – to spend money directly. If you pay with the BUUT card, you can easily select which payment pot you want the money to be deducted from. If the pot is empty, you can’t make any more payments from it. This makes budgeting clear and tangible.

Users can also create one or more savings pots, for instance to save for bigger goals like a new phone or game. You earn 3% interest on savings up to €1,500 and 1.5% on amounts above this. You can also send and receive Tikkies directly from a pot, ensuring the money always ends up in the right place. To get started, each user receives €25 of initial credit to put in their first pot. This amount is paid out as soon as the user has agreed an allowance with their parents and the first allowance payment has been deposited in the pot.

Sanne van Kuijk, Head of Growth at BUUT, described the new app as follows,

“BUUT is perhaps more relevant now than ever. New generations are growing up in a digital age where money crops up everywhere: in online games, via finfluencers, crypto hypes, social commerce and get-rich-quick promises. Temptation and confusion are constant threats. BUUT helps young people take control of their money and the world around it. And we provide parents with solid ground in a financial reality that is very different from the one they grew up in.”