ABN Amro Introduces Buut, a Neobank Focused on the Financial Stability of Young People

At a time when the financial vulnerability of young people is increasing, ABN AMRO is launching BUUT. One in five parents admits they don't know how to teach their children how to manage money. BUUT responds to this need and focuses on the digital world of teenagers, a world that, according to the sofa is complex and seductive.

“The digital age in which new generations are growing up is overflowing with money-related matters: online games"Finance, financial influencers, crypto hype, social media platforms, and the promise of getting rich quick," says Sanne van Kuijk, Head of Growth at BUUT. "Temptation and confusion are constantly lurking. BUUT helps young people get a handle on their money and the world around them."

When it's gone, it's really gone

The app features so-called payment and savings pots. Young people can distribute their money between these pots for various purposes, such as clothing allowance or snacks. Payments with the BUUT card are debited directly from the corresponding pot.

A jar can't be used again once it's empty, making the concept of budgeting immediately tangible. "Thanks to the jars, you can immediately see what you have left and learn that 'used up' really means 'used up,'" adds Van Kuijk. "That's a valuable lesson for young people and reassuring for parents."

BUUT: a full-fledged sofa with a youthful look

BUUT offers all the features of a full-fledged bank, including its own IBAN, debit card, and the Dutch Deposit Guarantee. The app combines ABN AMRO's platform with Tikkie's youthful look.

"There's a big gap between traditional banking and young people's expectations, but it's not insurmountable," explains Annerie Vreugdenhil, Chief Commercial Officer at ABN AMRO. "BUUT offers children and parents the tools to learn about money in a familiar look and feel, similar to social media."

To support the launch, ABN AMRO is launching a large-scale marketing campaign, including TV commercials that will air soon. New users will receive a €25 starting credit to fund their first account.

Frequently Asked Questions

What is the purpose of BUUT?
BUUT is designed to help young people get a grip on their money and deal with the temptations and confusions of the digital world.

How does BUUT help young people learn to manage money?
BUUT introduces the concept of payment and savings pots. Young people can divide their money between these pots for various purposes, and payments are debited directly from the corresponding pot. Once a pot is empty, it can no longer be used, making the concept of budgeting immediately tangible.

Is BUUT a full-fledged bank?
Yes, BUUT offers all the features of a full-fledged bank, including its own IBAN, debit card, and the Dutch Deposit Guarantee. It combines ABN AMRO's platform with Tikkie's youthful appeal.