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.
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.
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 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:
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.
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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