It's the bank hoping to make banking more accessible and inclusive. Here's what you need to know.
MyPocket wants to achieve inclusive banking for all by promising cheap access and easy 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. Acknowledging the discrepancies between the access to banking that marginalised groups such as immigrants and low-income households face, MyPocket wants to make banking more accessible to broader segments of society.
Arguing that “banking inclusion is a prerequisite for social inclusion”, the bank 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 full current account that is connected to a mobile banking app and a Mastercard debit 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, the MyPocket’s Premium Access account costs only €20 per year, or about €2.50 per 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 €0.10 per transaction
- Making cash deposits in the UK
- Monthly spending limits
Is MyPocket safe?
MyPocket is regulated and authorised by the Financial Conduct Authority, regulated as an Electronic Money Institution. This means that you can rest assured that MyPocket is safe to use and your money is with a reliable institution.
Pros and cons of MyPocket
- No credit check needed to open an account.
- Free transfers to other MyPocket customers.
- Limits on the amount you can load into your account without incurring fees.
- Limits on free cash withdrawals.
- Limited number of fee-free money transfers per month.
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 bank to look out for.
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