Last year we took the first step towards a new pricing structure and now we are taking the next one: the time has come to also end the free account model for our existing customers. Read on to find out why we are doing that and how we want to reward the loyalty of our early customers.
Tomorrow was launched to bring sustainable banking into the mainstream and as much money as possible to accounts that are 100% clean. And we have already made huge strides in this direction: Nearly 130,000 people currently bank with Tomorrow and are making their money work for positive change.
We have created a fantastic offer for our customers – from our mobile, sustainable current accounts with clear sustainability credentials to smart climate features down to our soon-to-be-available sustainable investment product. And as we’re certainly not short of ideas when it comes to smart accounts and sustainable finances, so there’s a lot more waiting in the pipeline.
Tomorrow has grown up - now we have to further stabilize the basis so that we can continue to grow.
A strong product that we can no longer offer for free
But the truth is that every account is costing us money. From development to our banking service, customer support or the selection and monitoring of impact projects – all of that is very important to us and we want to carry on offering it to you. But we can no longer do that for free. Our costs for the accounts we are offering you free of charge are currently between €5 and €7 per account and per month. Which means that we are currently losing money because we are covering the price ourselves.
But this is clearly at odds with our goal to change the finance industry in the long term and achieve the biggest possible impact. Because we can only do that if we are operating on a sustainable basis and are also financially resilient. That’s why we now also have to end our offer of a free account for our existing customers. Last year we already took this step for new customers.
We want to reward the loyalty of our early customers
At the same time, we have been looking for ways to show our appreciation to those who had faith in us back in the early days. Hence our offer: for all of you who currently have the free model, but want to continue banking with Tomorrow, we are offering 12 months of Change for €4.90 instead of €7 and Now for €2.70 instead of €3 per month. The 12 months starting with the first payment. That means you will save a huge 30% a month with Change and 10% a month with Now.
We hope your early loyalty has long since turned into trust and that many of you will take advantage of our offer.
As of 15 October 2022, customers will no longer have access to the free account. From this date onwards, all customers with a free account will have to switch to a paid model or cancel their account. If you want to change now, you can, but you will only start paying from mid-October.
We will continue trying to find an individual solution for those who cannot afford an account.
Want to read all details about our current account models again? If so, click this way.
And here you can read the interview with our Head of Support, Ron, who explained in great detail last year why have to stop offering our free accounts. Read more.