MyPocket wants to achieve inclusive banking for all by promising cheap access and easy access to fundamental financial services. Here’s what you need to know about this up-and-coming digital bank.
What is MyPocket?
MyPocket is a digital banking service with a specific focus on inclusion and financial accessibility. The company says it wants to acknowledge the discrepancies between the access to banking that marginalised groups such as immigrants and low-income households face, and make banking more accessible to broader segments of society.
The French-based company wants to set itself apart by offering some of the cheapest banking options on the market. By signing up, users receive a current account, an IBAN and an international Mastercard, coupled with a mobile app.
How does MyPocket work?
The banking service offers a current account that is connected to a mobile banking app and a Mastercard prepaid card. Available through a monthly or yearly subscription plan, users can choose between the Free Access or Premium Access plans.
Despite being a fee-based service, MyPocket’s Premium Access comes with a fee. The account costs a single payment of €25 per year, or €3.00 a month. Along with the current account and banking services that MyPocket offers, its users also receive an IBAN (International Banking Account Number) to help give users mobility and ease of use while banking across Europe.
Signing up for a MyPocket account is easy and only requires proof of ID and a document detailing proof of address.
Is MyPocket worth it?
While MyPocket is still a relatively new service and is still in the process of developing more features and exciting innovations, it is worth keeping an eye on. Its mission of inclusive banking for all sets it apart from the other digital banking available on the market, though its features are limited.
Both the free and premium versions provide basic banking features, however, it does come with certain restrictions and additional fees for things such as ATM withdrawals, transfers, declines and cash deposits. So while MyPocket’s subscription fees are low and affordable, there are added charges and restrictions that come with both the free and premium plans that are important to keep in mind when considering.
MyPocket’s fees and restrictions
MyPocket’s Free and Premium accounts both come with certain fees and restrictions on many banking features, which should be taken into consideration if you are looking into getting a MyPocket account. These include:
ATM withdrawal fees in the SEPA Zone
Limited free transfers
ATM withdrawal limits
International payment fees
Decline fee of €0.20 per transaction
Making cash deposits in the UK
Monthly spending limits
Is MyPocket safe?
MyPocket is regulated and authorised by the Financial Conduct Authority as an Electronic Money Institution. This means that while GetPocket’s parent company isn’t registered as a bank in the UK, it must keep customers’ money in ring-fenced accounts held with FCA-registered banks. This means your money is widely considered to be safe in the event that MyPocket stops trading.
Pros and cons of MyPocket
Pros
No credit check needed to open an account.
Free transfers to other MyPocket customers.
Cons
Limits on the amount you can load into your account without incurring fees.
Limits on free cash withdrawals.
Bans on certain types of transaction, including ‘pay-at-pump’ petrol forecourt payments
Limited number of fee-free money transfers per month.
Customer service information for MyPocket
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Bottom line
While it’s still too early to pass any substantive judgement on MyPocket, with an interesting mission and vision, this is definitely one product we’ll be keeping an eye on. Though the features are a bit limited at the moment, as MyPocket looks to roll out more features and services, it will definitely be a digital provider to look out for.
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Charlie Barton was a publisher at Finder. He specialised in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach. See full bio
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