Bluebird, the prepaid offering from American Express and Walmart, introduced a new feature in its app update today called SetAside. Users can take money from their available balance and put it toward goals such as vacations using SetAside.
Within the app, the feature is described as “a simple way to put money away for future use.” Money set aside does not accrue interest.
SetAside echoes the Goals feature of Simple and the MoneyVault feature of GoBank.
Sooner or later banks are going to wake up and realize that their traditional competitor is not who they think it is. The low hanging fruit is being stripped from them right before their eyes as these firms enhance the client experience.