Frequently Asked Questions Yolt
Are you looking to improve your spending habits or just want a way to manage your money better? Then you might want to check out Yolt.
We’ve put together what you want to know about Yolt, such as what it is, safety, how it works and more.
What is Yolt?
Yolt is an open-banking mobile app designed to make managing your finances easier. The app lets you see all of your bank accounts (current, credit cards, and savings accounts) in one place, which allows you to see the ingoings and outgoings of your money.
How does Yolt work?
Yolt uses open-banking to help you better balance your finances. The app allows you to see all of your different bank accounts under one app. It avoids app juggling between different banking apps when you’re trying to improve your personal finances or trying to budget.
The app allows you to look at how you spend money across all of your accounts, what you’re spending your money on and where you can save money.
Is the Yolt app safe?
Yes, Yolt is safe to use. It is registered by the Financial Conduct Authority. It also uses state of the art encryption, bank-level security measures and other safeguards to ensure your details are safe and secure.
Yolt uses state of the art encryption to protect all of your data, such as bank transfers, bank balance history so that your information is guarded and protected. It also never stores any of your login details on its server, to avoid anybody gaining access to your account.
The app requires you to enter a PIN, fingerprint or face ID for you to access your account on the app. It is another added layer of protection to stop anybody physically accessing your account.
Do you have to pay for Yolt?
Yolt is free to use, there are no payments required. They are able to provide this service for free as they make their money from introducing you to partners who provide you with deals. If you sign up to a partner’s deal, they make a commission which keeps the app free to use.
Is Yolt open banking?
Yes, Yolt is an open-banking app designed for smartphones. Open-banking is where you allow licensed third parties to securely access your bank account (or accounts) to provide products and services that suit you.
Is Yolt good?
Yolt has been praised as a simple and good way for customers to manage their money. Its mobile app is easy to use and can help people to spend smart, set up monthly budgets and ultimately save some money via the money dashboard.
It supports over 35 banks, so it is likely that your accounts will be eligible to use with Yolt if you bank with one of the major high street banks.
What features does Yolt offer?
Yolt offers the following features;
- Budgeting: The app allows you to set budgets and to track your spending. This helps you spend your money better and save money in the long run.
- Saving Goals: The app allows you to set saving goals which is an excellent feature for those who need an extra incentive to save money. You’ll be able to look at your saving history which will allow you to see how much progress you have made.
- Yolt Pay: This is a relatively new feature that allows you to pay your friends and family and move money between your accounts. It is currently in its beta phase at the moment, but can still be used by some of the major high street banks such as Barclays, NatWest and Nationwide and more.
Is Yolt FCA approved?
Yes, Yolt can be found on the FCA register. It is a licenced Third Party Provider which allows it to work within open banking. In addition, it is also a part of ING Bank N.V which means it is also regulated by the Dutch Financial Authorities.
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