Tomorrow Bank Account Review: How good is the sustainable bank account?
You may have bumped into news about Friday for Future movement, nuclear phase-out and sustainable finance. Sustainable lifestyle and climate protection are playing an increasingly important role in our everyday life. If you have a green heart and are wondering how you can reconcile this aspect of your life with your finances, the social business Tomorrow GmbH offers you a valid solution: the Tomorrow bank account with its Tomorrow Visa Card!
The Tomorrow Visa Card is a debit card which is included in a current account. When paying with your Tomorrow Visa card you will sustain environmental and social projects.
We tested the free Tomorrow credit card for you. For this purpose, we opened a current account and received the Tomorrow credit card. We tested the card, the account and the mobile banking app for several weeks. We tested both the cheapest and the most expensive account models. In this article, we write about our experiences. In addition, we show you what other features the credit card has and go into how sustainable Tomorrow really is. Since Tomorrow is a young mobile bank, product’s conditions may change over time. We give our best to remain up to date but we advise you to check for the exact conditions before applying to the Tomorrow current account.
Pros and cons of Tomorrow
Included debit card: each account grants you a vISA debit card.
3 account types: with Tomorrow Now, Tomorrow Change and Tomorrow Zero you can customise your possibilities and your contribution to climate protection.
Suitable for usage abroad (outside the Eurozone): You pay no extra fee for cash withdrawals in foreign currencies and for online purchases with all 3 models.
Sustainability: Tomorrow offers a feature that no other credit card offers - support for sustainable, social and ethical projects.
Attractive app with great extra features: IBAN scanner, 'Impact Tracking' and Pockets are only few of the Tomorrow App’s functions.
No credit history check: Tomorrow does not work with SCHUFA, so your SCHUFA entry will not be checked when opening an account
Complete customer service: with Tomorrow you can contact the customer service via phone, email and live chat.
No free account model: Until October 2021, there was a free current account in addition to 2 fee-based card models, this has been retired to develop new products.
Expensive cash withdrawals: if you don't opt for the most expensive account model (Tomorrow Zero), you will only have 5 free cash withdrawals per month (Tomorrow Change) and no free withdrawals with Tomorrow Now.
Few extra features: Tomorrow’s strength lies in its sustainable contribution. However, customers also like additional features such as discounts, insurances, bonus points or buyer protection, which Tomorrow does not offer.
Mobile bank: Tomorrow is 100% online and 100% mobile. If you are a traditional client and would like to go to a bank branch in person, then you should opt for another bank. Here you can find our piece of advice.
No credit card facility: the Tomorrow VISA card is a debit card. It grants neither overdraft or credit line facility.
What account types does Tomorrow offer?
Tomorrow offers three account types. With each of them you will be a sustainable user, since tomorrow invest in environmental and social projects. Choosing one of the three account models, you can adapt your banking experience to your necessities. If you wish to be a power user, you should definitely opt for Tomorrow Zero. In the following table you can get a quick comparison of the three account models.
VISA debit card
VISA debit card
VISA debit card VISA wooden debit card
€2,00 per withdrawals
Up to 5 free cash withdrawals
Unlimited cash withdrawals
Between Tomorrow users
Between Tomorrow users
Between Tomorrow users
Fees for 1 year
Every Euro paid protects 1 sqm of rainforest
Every Euro paid protects 1 sqm of rainforest
Every Euro paid protects 1 sqm of rainforest COS2 compensation
How do I open a bank account with Tomorrow?
Registration can be completed in a few minutes using the Tomorrow app. According to the Tomorrow website, opening an account takes 8 minutes and can be done in a few steps. In order to open a bank account with Tomorrow, you only have to fulfil some basic requirements.
You will need:
A mobile device with the operating systems iOS (at least iOS 11.0) or Android (at least Android 5)
A mobile device with camera and microphone
Active internet connection
Identity card or passport
Minimum age 18 years
Residence in Germany, Austria, France, Belgium, Estonia, Finland, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain or Cyprus.
In the following, we guide you step for step into the application process.
Tomorrow's application process
1. Register via the Tomorrow app or Tomorrow website. It takes a few minutes.
2. Identify yourself by video-call in the app.
3. Choose you account model: You can choose between the Now account (3,00 € per month), the Change account (7,00 € per month) and the Zero account (15,00 € per month). Have a look here, if you want to know more about the different account models.
4. Activate your credit card: each Tomorrow account includes a VISA debit card which will be shipped to you in 3-5 days. As soon as you receive it, you can activate it via app.
Which credit card can you apply to with a Tomorrow bank account?
When opening a bank account with Tomorrow Bank you will receive a VISA debit card. Debit cards allow you contactless payments through Apple and Google Pay. When paying at a point of acceptance, your account will instantly be charged with the amount of your purchase, therefore Tomorrow does not grant you a credit line. If you wish to manage your purchases, the Tomorrow bank account is a good way to keep an eye on your finances. Besides, for every euro paid with your card you will protect 1mq of rainforest and support sustainable projects.
Do you need a free credit card with a credit line?
If you are interested in sustainable finance but a debit card is not enough for you, you can still apply for a sustainable revolving credit card. Awa7 offers you a credit card which grants you a credit line and instalment payments. Furthermore, awa7 plants trees for every purchase done with the card.You can have a look at our awa7 review here.
How sustainable is the Tomorrow Visa card?
The Tomorrow credit card does not offer bonus points, insurance for holidays or percentages when shopping like other credit cards, but a green cashback. This feature makes all the other bonus options fade into the background for sustainability enthusiasts. With the Tomorrow credit card you support the preservation of the rainforest in Brazil with every euro you spend - 'Banking for a better future'!
In addition to a high awareness of sustainability, social and ethical projects also play a major role. Investments are not only made in green government bonds, but also in infrastructure bonds that stand behind the mobility turnaround, in social bonds that stand for social housing, in microcredit funds that stand for a better economy for low-income people and in energy bonds that stand for an energy turnaround. Tomorrow is constantly working on new projects that make the future a little bit better.
Every euro is invested in the preservation of one square metre of rainforest.
Customer deposits are invested exclusively in sustainable projects or industries.
No investments of customer funds in armament, nuclear power, factory farming and coal power.
According to Tomorrow, over 30 million euros have already been invested in sustainable projects.
Support for microcredit projects. These loans improve the economic viability of low-income people.
Bonds such as 'Green Bonds', which support environmentally friendly projects to achieve sustainability goals
Social business calls itself a 'zebra', distinguishing itself from so-called 'unicorn' companies. 'Unicorns' are start-ups that are worth more than $1 million. Such start-ups place a very high value on growth to achieve this goal. For Tomorrow as a 'zebra', growth and turnover play a less important role. Tomorrow places greater value on people, climate and society.
Because of this, Tomorrow has been awarded the B-Corp certificate. Members of the B-Corp network must meet strict standards in the areas of social, environmental, performance, transparency and corporate structures. The business model of such a company does not involve pure profit maximisation at the expense of the environment and society, but helps to ensure that profit orientation goes hand in hand with social added value and environmental sustainability. Work is also underway to ensure that such a corporate structure becomes the new status quo. Read more about how Tomorrow received the B-Corp certificate here.
Which features are included in the Tomorrow App?
Not only the Tomorrow website and Visa card catch the eye with a modern, minimalist and very appealing design, but also the accompanying app. The app is very clear and is divided into 3 sections: Home, Future and Impact. On the start page you can see your current account balance, the last expenditures and how many square metres you have already contributed to the preservation of the rain whale. You can also carry out actions from here, such as sending money. In the Future section you can create sub-accounts. These are called 'Pockets' and can be used to save for any occasion, such as a holiday. In the Impact section you can see how much you have contributed to sustainable projects. In this section you will also find additional information about projects that are supported by your customer deposits.
In addition, you will be informed about the amount of your purchase with the Tomorrow Card by a push message. Your account balance is adjusted immediately. If you want to pay a bill, you can use the IBAN scanner in the Tomorrow app to scan the IBAN with your camera. This makes paying bills easy and uncomplicated, because you no longer have to type out the IBAN.
With the 'Insights' function, your expenses are summarised in categories. This way you can check how much money you have spent on which areas. This type of budget book is divided into travel, shopping, gastronomy, direct debit, transport and food.
Tomorrow review: What we think of the sustainable mobile bank
Tomorrow advertises that an account can be opened within 8 minutes. This is indeed the case. The account opening takes place in a few minutes via the app or website. Immediately afterwards, identification is carried out by video-identification, which is also completed in a few minutes. No paperwork is required.
After 2 working days, the credit card arrived by post in a very nice package design. Before using your card, you must activate it in the app. Apple and Google Pay are also only possible after activation. Push messages about spending and credits come in real time. Transfers are also made very quickly.
Accounts and cards: 4/5
The app is rated 4.9 out of 5 stars in the Apple Store. The app also has very good ratings on Android. And our experience with the app is also very positive. The app is clearly laid out, offers great features/functions and the 'clean' design is also very appealing. As a user, you can see your own finances at a glance, as well as the impact that has been made. Suggestions for improvement from the community are implemented and contribute to an ever more user-friendly app.
We find the pockets, the IBAN scanner and the categorisation of expenses very helpful. The automatic categorisation of income and expenses helps to get an overview of one's finances. With the IBAN scanner, transfers can be made very quickly and the tedious typing of an IBAN is no longer necessary. The pockets help to achieve savings goals for specific occasions. But we particularly like the 'Impact' section. This feature tracks how much you have contributed to the preservation of the rainforest. This feature motivates you to pay with the Tomorrow Visa card as often as possible and gives you a good feeling. As a user, you get the impression that it has never been so easy to be part of the change.
We like the app very much, but unfortunately a 'real' credit card with a credit limit is not available. We would like to see this card model in addition to the debit card.
Until the beginning of October 2021, Tomorrow offered a free account which was subsequently abolished. Now Tomorrow offers 3 account models, which are available for 3,00, 7,00 and 15,00 Euro per month. However, existing customers can continue to use their account free of charge and Tomorrow informs that they want to find a solution for those who cannot afford a fee-based account.
Only in the most expensive model for €15.00 per month, unlimited cash withdrawals are possible. With Tomorrow Change, you have up to 5 cash withdrawals free of charge per month, while with the cheapest account, you will have to pay 2,00 Euro per withdrawals. That’s why Tomorrow is not suitable for frequent cash withdrawals.
Regarding emission-offsetting, only with the Zero account the CO₂ emissions of an average German person are offset, among other things. We have the impression that the €15.00 monthly fee is not only paid for the account and the card, but also to provide monetary support for the numerous projects. In principle, this is to be seen as positive, but unfortunately it is not possible to get a donation receipt for this monthly fee and the CO₂ compensation share, as ClimatePartner GmbH is not classified as a purely non-profit organisation.
Service and features: 5/5
The decisive features that speak for the Tomorrow debit card are the numerous climate-positive and social projects that are supported with an account with Tomorrow. An account is worthwhile for anyone who attaches great importance to a lifestyle that is as climate-neutral and sustainable as possible. Tomorrow is active on numerous channels, such as Instagram, TikTok, LinkedIn, Facebook and Twitter. You can learn a lot about the different projects through the social media channels as well as through an online magazine. We really like this transparency and it makes Tomorrow authentic as a sustainable debit card.
When we tried to call Tomorrow's customer service on the Friday before the election Sunday (26.09.2021), we got a tape announcement that all employees were on the streets of Hamburg to participate in the Fridays for Future movement. When there is an urgent matter, it is certainly annoying when customer service can only be reached by email and not by phone. However, this fact very much reflects the authenticity of Tomorrow GmbH. As a customer, one does not have the impression that greenwashing is being practised. This is also confirmed by the B-Corp certificate.
FAQs about Tomorrow Bank
How secure is Tomorrow Bank?
The fintech company Tomorrow GmbH does not have a banking licence. Therefore, the company works together with Solarisbank AG. Solarisbank AG specialises in providing a regulatory framework and core banking system for fintech start-ups. Your money is protected at Solarisbank by the European deposit guarantee of up to €100,000. Tomorrow GmbH is the technology platform. Tomorrow also provides customer service and is responsible for sustainable projects. Solarisbank also manages the sustainable investments of customer deposits.
Since the introduction of the PSD2 payment service guidelines, TAN numbers are often required to log into the online banking area. Not with the Tomorrow app. Here, the app is hard-coupled with your mobile device. This is done through 'device binding'. You only need to enter an SMS security code once. After that, you can open the app on your mobile phone at any time using your password, fingerprint or Face ID.
If you do not use your Tomorrow account for a longer period of time, you can deactivate it in the app. This additional security function is quick and easy.
How sustainable is the Tomorrow credit card really?
In addition to a high awareness of sustainability, social and ethical projects also play a major role. It is not only invested in green government bonds, but also in infrastructure bonds that stand behind the mobility turnaround, in social bonds that stand for social housing, in microcredit funds that stand up for a better economy for low-income people and in energy bonds that stand for an energy turnaround. Tomorrow is constantly working on new projects that make the future a little bit better.
Every euro is invested in the preservation of one square metre of rainforest. Customer deposits are invested exclusively in sustainable projects or industries. No investments of customer funds in armament, nuclear power, factory farming and coal power. According to Tomorrow, over 30 million euros have already been invested in sustainable projects. Support for microcredit projects. These loans improve the economic viability of low-income people. Bonds such as 'Green Bonds', which support environmentally friendly projects to achieve sustainability goals. Tomorrow has been awarded the B-Corp certificate. Members of the B-Corp network must meet strict standards in the areas of social, environmental, performance, transparency and corporate structures. The business model of such a company does not involve pure profit maximisation at the expense of the environment and society, but helps to ensure that profit orientation goes hand in hand with social added value and environmental sustainability. Work is also being done to ensure that such a corporate structure becomes the new status quo.
How is Tomorrow financed?
You wonder how Tomorrow can do so much good? That's a fair question, because other credit cards don't offer this added value. The amounts for the numerous projects are paid by the interchange fee, which accrues to the merchant through the transaction. The sum corresponds to about 0.2% of your purchase amount. After deducting costs for transaction processing, about 0.13% remains for investment in sustainable and social projects. Other credit card providers use the interchange fee to expand business growth and offer customers goodies, cashbacks or other points/loyalty schemes.
Banks are also sitting on a large amount of customer money. A part of these deposits are used by banks for investments. In this way, banks get a return on their investment, which is part of their revenue. Tomorrow also uses customer deposits for investments that exclude industries such as nuclear power, armament, factory farming or coal power. The investments support industries that stand for positive change.
Is the Tomorrow credit card a real credit card?
The Tomorrow Visa card is a debit card. The invoice amounts are debited directly from the associated current account. There is therefore no monthly credit limit.
Does the Tomorrow Visa Card include insurance?
The Tomorrow Visa card does not include any insurance or other additional benefits, such as discounts. Instead, you receive a 'green cashback'. Every time you pay with the Tomorrow Visa card, one square metre of rainforest is protected.
Are there sub-accounts?
There are sub-accounts called 'Pockets'.
Can I deposit cash into my Tomorrow bank account?
It is not yet possible to deposit cash into a Tomorrow account.
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