SYDNEY, AUSTRALIA: Moneyme Limited has launched transaction and savings accounts to its SocietyOne customers, powered by Westpac’s Banking-as-a-Service (BaaS).

The BaaS product launch follows MONEYME’s acquisition of SocietyOne on 15 March 2022, creating a $1.2b loan book at 31 March 2022 and a significantly increased customer base.

The launch contributes to the Group’s mission of empowering the digital generation with a broad range of products, providing an opportunity to further boost customer engagement and loyalty through a more holistic offering.

After a successful pilot program, the ‘SpendOne’ transaction account and ‘SaveOne’ savings account are now available to all eligible Australians over 18 years old, with SocietyOne’s over 200,000 engaged customers being the focus of the initial launch.

SpendOne is an everyday transaction account, launching with zero account keeping or transaction fees. The SpendOne account comes with features customers expect, including a debit card to tap or swipe in-store and shop online, and the ability to transfer money between their accounts, make fast payments and withdraw cash from ATMs. SaveOne is a savings account earning interest of 1 percent 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, helping them to incrementally improve their savings.

Clayton Howes, MONEYME’s Managing Director and CEO said: “Transaction and savings accounts are an exciting addition to our offering under the SocietyOne brand. The launch strongly aligns with MONEYME’s product diversification strategy and starts to realise one of the strategic benefits from MONEYME’s acquisition of SocietyOne.

“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.

“Our ambition for the program is to expand the distribution to MONEYME’s slightly younger customer demographic.

“The transaction and savings accounts form part of our long-term acquisition strategy by giving customers easier access to a wider range of products and more reasons to interact with us every day.“