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.
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.
|Account||Tomorrow Now||Tomorrow Change||Tomorrow Zero|
|Cards||VISA debit card||VISA debit card||VISA debit card|
VISA wooden debit card
|ATM withdrawals||€2,00 per withdrawals||Up to 5 free cash withdrawals||Unlimited cash withdrawals|
|Instant payments||Between Tomorrow users||Between Tomorrow users||Between Tomorrow users|
|Fees for 1 year||€36,-||€84,-||€180,-|
|Pockets||1 Pocket||5 Pockets||Unlimited pockets|
|Sustainability||Every Euro paid protects 1 sqm of rainforest||Every Euro paid protects 1 sqm of rainforest||Every Euro paid protects 1 sqm of rainforest|
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:
In the following, we guide you step for step into the 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
There are sub-accounts called 'Pockets'.
It is not yet possible to deposit cash into a Tomorrow account.
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