Loot recently entered administration after failing to receive backing from RBS. Loot had to call in administrators on May 22nd 2019 after attempts to raise new investment failed. A spokesperson for the administrators, said they were in “advanced negotiations” with a potential investor that could take over Loot’s service and prevent disruption to existing customers.
Founded in 2014, Loot offers a digital-only current account with built-in tech to help manage your money.
Aimed at millennials and students, it enables users to set budgets and keep on top of progress. So, if you set a monthly budget Loot will tell you what you need to spend today to hit that. It will continue to recalculate for you dynamically, so if you spend too much today you’ll have less to spend tomorrow.
If money is left over, it can be transferred to a ‘Loot Goal’ or spend on a treat.
It’s a way to streamline and manage your day to day spending while working towards bigger goals, such as holidays or larger purchases.
Using Loot allows you to budget, put money aside and pay using your contactless card. On the app you can:
You can use your Loot card in any shop, hotel or bar, worldwide, that accepts Mastercard. Loot use the Mastercard wholesale rate to convert your pounds into foreign currency. This doesn’t incur any fees or charges.
Limits on the account do not change, regardless of whether you are in the UK or not.
Your Loot card is a Mastercard and is protected by Mastercard rules.
Your money is kept in a separate, protected account and is available anytime you need it. However, your account isn’t covered by the Financial Services Compensation Scheme.
This separate, protected account is controlled by Wirecard, the company who issues our Loot cards. In the unlikely event, Wirecard becomes insolvent, your money would be protected against any claims made by creditors.
Pros
Cons
Given that Loot is no longer active after it entered administration in 2019, take a look at our guides to other digital banking services to find another account that suits you.
We look at how bank accounts from Chase and Starling compare.
Use our guide to compare the free current accounts from digital challenger banks Chase and Monzo.
We look at how current accounts from Chase and Revolut compare.
Learn more about Juni’s business account for ecommerce and online marketing entrepreneurs.
Find out more about the SumUp business account, including its pros and cons.
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.
Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.
New UK banking startup Novus says it will offer a digital bank account with a conscience. Here’s what we know about it so far.
The latest kid on the neobank block, Vybe is a free-to-use digital account that offers perks and discounts through its range of brand partners.
Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.
Can i use the Loot card in Bulgaria?
Hi Tracey,
Thanks for your inquiry.
Yes. As per Loot, you can use your Loot card at millions of shops, hotels, and bars around the world – look out for the Mastercard Acceptance Mark.
I hope this helps.
Kind regards,
Bella