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.
Loot has many competitors including Monzo. Still interested in a digital-only banking app? Here are some of the most popular apps with our readers. Alternatively head to our digital banking homepage to for latest news, reviews and comparisons of digital banks and challengers.
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