Finder UK

Loot bank review

No longer active after entering administration, Loot was a digital current account that wanted to help people manage spending.

Learn more How Loot works
Loot
Avatar
Charlie Barton
Updated
Fact checked

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.

What's in this review?

What is Loot?

Picture not described: loot_card.jpeg Image: Getty

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.

How does Loot work?

Using Loot allows you to budget, put money aside and pay using your contactless card. On the app you can:

  • Budget: Set a daily, weekly, fortnightly, monthly, or make a custom budget. Loot will provide you with a daily spend limit so you can track your spending and save effectively. You can then see your budget in different time frames, so if you have a monthly budget Loot will tell you what you need to spend today to hit that.
  • Spending Guide: Shows you how much you can spend each day, which sits in the budget circle. The circle will go from blue to yellow to orange to red, depending on whether you’re spending too fast.
  • #LootGoals: Put money aside for goals and larger purchases by creating a Loot Goal. You can track your progress as you go.
  • Go abroad: Use the live exchange rate and pay no additional charges when making purchases abroad in over 210 countries.
  • Instant transaction list: View your spending real-time while keeping track of what you’re spending and where. When you make purchases abroad, Loot will convert your spending into GBP so you can see the current exchange rate.
  • Pause/Unpause: You can pause your account if your card or phone gets lost or stolen. If your items are recovered, you can unpause the account and continue using your card.
  • Spending insights (only on Android currently): You can see your total spend for each month and see a breakdown by category.

Loot’s fees and limits

  • The first two ATM withdrawals are free each month, thereafter it is £1 per withdrawal.
  • Maximum balance of £25,000
  • Maximum ATM withdrawal: Daily is £250, monthly £3,000 and annually the limit is £15,000
  • There is no monthly fee and the card itself, along with any replacement cards you may need, are free also.

Using Loot abroad

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.

Is Loot safe?

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 and cons of Loot

Pros

  • Easy to manage and track your budgeting while factoring in goals.
  • If you lost your phone you can still gain access to your account via Loot’s web app.
  • Pause and unpause your card at any time.
  • Set up an account in under eight minutes.
  • In-app customer support
  • Fee-free spending abroad

Cons

  • Only the first two ATM withdrawals are free, cost is £1 thereafter.
  • Limits on ATM withdrawals.
  • Limit of £25,000 on balance.
  • No bank branches is less ideal for those who prefer face-to-face customer service.

Our verdict

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.

Frequently asked questions

Back to top

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

2 Responses

    Default Gravatar
    TraceyMay 9, 2019

    Can i use the Loot card in Bulgaria?

    Reply
      Avatarfinder Customer Care
      BellaMay 9, 2019Staff

      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

      Reply
Go to site