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.
Read on to find out all you need to know about the app that’s disrupting traditional banking.
Yolt - The smart money app | Free, simple & easy to use
See your accounts in one place & stay on top of your money
Connect your current accounts, savings, credit cards, pensions, and investments
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.
Get your wages or benefits paid straight in by your employer or office – simply give them your account details.
By bank transfer.
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:
Fees and Limits
Your contactless Pockit Mastercard
Paying in with cash
UK national and international transfers
UK ATM withdrawals
Monthly membership fee
International ATM fee
Foreign Exchange fee
£5,000 per month
£1,500 at a time
£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
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.
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.
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.
Compare Pockit against its competitors
Updated January 20th, 2020
Frequently asked questions
Pockit makes money through three main revenue streams:
Crowdfunding: Pockit Bank was crowdfunded by investments from large corporations and individuals looking to get a piece of the next-gen banking trend.
Fees and commissions: By upselling their credit cards Pockit makes money from customers buying into their product.
Credit card interest and fees: Credit card withdrawal fees and the 18.9% APR on the service ensures Pockit makes a profit.
A shared balance means the balance on the main account will be shared by all cardholders and can be spent by anyone with a card linked to this. Please note that only the primary card’s holders can pay into the account.
A separate balance means you can choose how much you transfer to an additional cardholder, and they can only spend up to the balance you transfer.
Very easy, simply transfer money from your current account, head to a post office or PayPoint to make a deposit or request your wages be paid to your Pockit account.
You should receive your Pockit Mastercard in 48 hours. If you haven’t received yours after this time, please contact Pockit support directly to get an update.
Pockit has sped up its transfer process, so 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.
When depositing cash through a PayPoint, your funds transfer to your Pockit account instantly. It can 30 minutes for this to show on your balance and statement.
Bank transfers usually take up to 2 hours. However, they can take up to 3 working days – depending on how they are sent.
Pockit is a prepaid MasterCard, and so does not use a bank.
Yes you can. As it’s a prepaid MasterCard, it can be used at over 2 million ATMs and 30 million locations. However, the card is available only in GBP, so you should expect any usage abroad to incur additional charges.
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.