The new products, 'SpendOne' transaction account and 'SaveOne' savings account, form part of the company’s offerings designed to help Australians develop better daily financial habits
Clayton Howes, managing director and CEO of MoneyMe. (Credit: PRNewswire/ SocietyOne)
SocietyOne, a peer-to-peer lending company and a wholly-owned subsidiary of MoneyMe, has introduced transaction and savings accounts powered by Westpac’s Banking-as-a-Service (BaaS).
The new products, ‘SpendOne’ transaction account and ‘SaveOne’ savings account, form part of the company’s offerings designed to help Australians develop better daily financial habits.
SpendOne is a daily transaction account, launching with zero account keeping or transaction fees.
The product comes with a round-up feature that lets customers nominate an amount to round up everyday transactions to, with the round-up amount automatically going to their SaveOne account.
It has features customers expect, including a debit card to tap or swipe in-store and shop online and provides customers with the ability to transfer money between their accounts, make fast payments and withdraw cash from ATMs.
SaveOne is a savings account earning a 1% per annum. It has a flexible auto-save option that allows a percentage of any deposit into a SpendOne account to be automatically transferred to the customer’s SaveOne account.
Both products will be available to all eligible Australians aged more than 18 years, with current SocietyOne customers being the focus of the initial launch.
SpendOne and SaveOne accounts can be accessed by customers through the new SocietyOne app, available on the App Store and Google Play.
MoneyMe managing director and CEO Clayton Howes said: “Transaction and savings accounts are an exciting addition to our offering under the SocietyOne brand. The launch strongly aligns with MONEYME’s diversification strategy and our focus on delivering leading digital-first experiences to empower Generation Now.
“The SpendOne and SaveOne accounts are designed to automate good financial habits, giving customers more freedom, flexibility, and a one-stop-shop to manage their money.”
Westpac Banking as a Service CEO Damien MacRae said: “Westpac is proud to bring digital banking through its Australian-first cloud-native technology to SocietyOne’s customers to help them manage their finances, their way, and in the palm of their hand.
“Allowing SocietyOne to offer its Australian customers access to innovative digital banking, underpinned by Westpac’s strengths of safety, security and trust.
“Embedded finance is a growing market, and this partnership is a significant opportunity for Westpac to reach new customers.”