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Pockit review

Get to know one of the new faces in digital banking.

Charlie Barton
Charlie Barton

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Pockit

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Pockit is an up-and-coming “challenger bank” looking to change the way we handle our finances. Moving away from traditional banking systems, Pockit works to deliver all the services given to you by a traditional bank account entirely from your smartphone.

What is Pockit?

Pockit believes “that accounts should be available to all, regardless of income or credit status.” Seeing high-street bank accounts as unreachable for many of the most vulnerable, Pockit provides accessible and affordable prepaid card accounts to anyone regardless of credit history or income.

Pockit uses smartphone technology and the best of traditional bank accounts to deliver a service which it hopes will work for everyone.

How does Pockit work?

Apart from the online registration process and the physical card you are sent in the post, Pockit Bank provides all its services directly from your smartphone.

The app is simple and functional, streamlining the necessary processes rather than relying on gimmicks, bells and whistles.

The home screen displays your balance, account number and sort code, as well as options to deposit and transfer money. A drop down menu allows you to switch screens, the different options being:

  • Statement: A live e-statement which records all payments in and out of your account.
  • Analytics: Your spending analytics, giving you a rundown of where you’re spending your money. This is a great way of keeping your finances transparent, and gives you a chance to improve your money management.
  • My cards: Block and unblock your cards, especially helpful if you misplace them.
  • Get my pin: Answer your security question and view your pin number one digit at a time.
  • Support: A collection of FAQs for if you ever get stuck.

Pockit bank transfers

There are 3 ways you can put money into your account.

  1. Get your wages or benefits paid straight in by your employer or office – simply give them your account details.
  2. By bank transfer.
  3. Pay in with cash at a post office or one of over 28,000 PayPoint locations across the UK.

If you’re depositing cash, your funds will transfer into your Pockit account instantly. It can take up to 30 minutes for this to show on your balance and statement. Bank transfers usually take up to 2 hours. However, in some circumstances, they can take up to 3 working days.

In terms of transferring money to someone, Pockit has sped up its transfer process. However, it should take around 2 hours for your money to reach the person you’re paying. This is as long as you transfer during normal working hours.

Can Pockit be used abroad?

Travelling with Pockit’s prepaid card is possible, but it wasn’t intended for use abroad. As they’re are under the Mastercard brand Pockit’s cards are accepted in many places around the world.

However, unlike some other prepaid cards on the market, Pockit’s come with a hefty charge of 4% when used overseas. If you are looking for a card to travel with it might be better to look elsewhere.

Pockit fees and limits

Pockit states clearly, “We think fees should be simple, fair and without any nasty surprises or jargon.” Pockit is almost completely free to join and use so doesn’t hide the need for charging you for some services, but requests a fair amount when it does. On a Full Limit Account:

ActionsFees and Limits
Your contactless Pockit Mastercard99p
Paying in with cash99p
UK national and international transfers99p
UK ATM withdrawals99p
Monthly membership fee99p
International ATM fee£2.25
Foreign Exchange fee4%
Top ups£5,000 per month
Deposits£1,500 at a time
Withdrawals£250 and £5,000 a month

Pockit’s fees are reasonable given its accessibility, however if you have the option you may be able to find an account with another challenger bank that relies less on fees.

Is Pockit safe?

Security is very important to Pockit, and as such a number of measures are in place to keep your money safe. Registration requires little personal information, making it more difficult to have your identity compromised.

Your account is kept behind a password and a security question must be answered to access your pin and some of the app’s money-handling functions.

Pros and cons of Pockit

Pros

  • Registration takes minutes, can be done on your work break.
  • Contactless card, sent to you within 48 hours.
  • Accessible to anyone regardless of income or credit status.
  • Streamlined app.
  • Spending analytics helps you understand where you can save money.
  • Safe and secure.
  • Reasonable charges on banking functions.
  • No overdraft, helps you to avoid debt.

Cons

  • Small charges on many basic card functions.
  • Not registered with Financial Services Compensation Scheme.
  • Not officially a bank, so you will still need traditional banks for all other financial needs.
  • Can’t be used abroad unless you are willing to shoulder the fees.
  • Lack of face-to-face communication may put some people off using Pockit’s services.

The verdict

Pockit can be an alternative to a traditional current account if you want something more techy or are having a hard time qualifying for one because of a not-so-perfect credit score.

However, Pockit’s fees aren’t especially competitive. Even if you’re having troubles getting a traditional account, you could still qualify for a basic current account (which has all the features of a current account except for overdrafts) or for a current account with a digital bank like Monzo or Starling (they only check your credit score when you apply for an overdraft). All of these charge no monthly fees and offer free ATM withdrawals, transfers and payments in the UK.

All in all, you could still consider Pockit for its slick app and ease of use (and we love the bright yellow branding!), just keep in mind that it isn’t the cheapest kid in town.

Compare Pockit against its competitors

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
HSBC Advance Bank Account
HSBC
We say
★★★★★
You say
★★★★★
0%
39.9% EAR variable
£125 when you switch
Go to site
Current account switch service guarantee badge
Plus earn 2.75% AER / gross interest with the linked HSBC Regular Saver
To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. To be eligible for the £125 switching offer, customers must switch from a non-HSBC Group current account product. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).
Current Account - Age 18 and over
Starling Bank
We say
★★★★★
You say
★★★★★
0%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
Everyday Current Account
Santander
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Activeplus
Cashplus
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
thinkmoney Managed Current Account - Managed Current Account
ThinkMoney
We say
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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21 Responses

  1. Default Gravatar
    abdurMarch 25, 2019

    Wow They locked my account for no absolute reasons Ive sent them my Driver licence and they still dont Open my account How disgusting is this taking my money i needed it to pay my rent and now im in debts thanks to you

    Reply
    • Avatarfinder Customer Care
      nikkiangcoMarch 26, 2019Staff

      Hi Abdur,

      Thanks for getting in touch! We’re bummed to hear this. While our pages review Pockit, for any account issues, please contact them directly. We hope you find a solution regarding this at the soonest possible time.

      Hope this helps!

      Best,
      Nikki

      Reply
  2. Default Gravatar
    Mr.March 24, 2019

    How much do you charge when transferring money to a bank account?

    Reply
    • Avatarfinder Customer Care
      JeniMarch 24, 2019Staff

      Hi Mr. S,

      Thank you for getting in touch with Finder.

      It would cost you 99p to transfer from your Pockit account to someone in the UK or offshore.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  3. Default Gravatar
    LaurenFebruary 9, 2019

    Hi! When do the fees for contactless card come off? As I will be using contactless tomorrow and only have enough in my account to cover the two usage of the card.

    Reply
    • Avatarfinder Customer Care
      JoshuaFebruary 17, 2019Staff

      Hi Lauren,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Upon checking, there’s no mention of having the contactless card usage fee removed. You would then need enough fund to use the contactless card. If you want to confirm whether they would remove the fee or not, please get in touch with Pockit’s customer support.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

      Reply
  4. Default Gravatar
    NavtejNovember 14, 2018

    What type identification you want like passport or some other identity?

    Reply
    • Avatarfinder Customer Care
      joelmarceloNovember 15, 2018Staff

      Hi Navtej,

      Thanks for leaving a question on finder.

      You do not need to provide identification to sign up with Pockit. Pockit is a prepaid card and not covered by the Financial Services Compensation Scheme or FSCS, which means that they did not meet the requirements to be added as a bank account therefore, opening up an account is not as strict like in an actual bank. To sign up, please click on the green “Go to Pockit website” at the top of this page.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

      Reply
  5. Default Gravatar
    MarzenaOctober 25, 2018

    My account has been restricted they closed my account with money on it I don’t have any other banks account to get those money transfer but I will get my I’d in a week time would I be able to get this account working again after providing them with the vaild id

    Reply
  6. Default Gravatar
    MarzenaOctober 25, 2018

    My account has been restricted they closed my account with money on it , I can’t get them transfer as I don’t have a bank account on my name I want to ask if I will get a new id with they get my account back working as I still would like to use the account

    Reply
  7. Default Gravatar
    MarzenaOctober 24, 2018

    Thank you for quick respond

    Reply
  8. Default Gravatar
    MarzenaOctober 23, 2018

    I provided my details with all the documents to get from basic to full account. As I don’t have an ID – it’s out of date how long will I need to wait for the decision as I really need my full account for tomorrow to get my wage be payed to the account

    Reply
    • Avatarfinder Customer Care
      JeniOctober 24, 2018Staff

      Hi Marzena,

      Thank you for getting in touch with finder.

      As long as you haven’t sent your valid ID, I’m afraid that the upgrade will take long. Please note that your upgrade will be faster if you send them a high-quality, passport-style photo of yourself, along with separate proof of ID, they cannot accept the same photo twice. They will send you an email when your new, upgraded account is ready to go.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  9. Default Gravatar
    LunaOctober 22, 2018

    What identification is required to open an account?

    Reply
    • Avatarfinder Customer Care
      joelmarceloOctober 23, 2018Staff

      Hi Luna,

      Thanks for leaving a question on finder.

      You do not need to provide identification to sign up with Pockit. Pockit is a prepaid card and not covered by the Financial Services Compensation Scheme or FSCS, which means that they did not meet the requirements to be added as a bank account therefore, opening up an account is not as strict like in an actual bank. To sign up, please click on the green “Go to Pockit website” at the top of this page.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

      Reply
  10. Default Gravatar
    ArturasOctober 9, 2018

    When will my card be delivered?

    Reply
    • Avatarfinder Customer Care
      JhezOctober 9, 2018Staff

      Hello Arturas,

      Thank you for your comment.

      According to the information above, you will receive a Pockit Mastercard in 48 hours. If you haven’t received yours yet, please contact Pockit support directly to get an update.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

      Reply
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