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Read on to find out all you need to know about the app that’s disrupting traditional banking.
Pockit uses smartphone technology and the best of traditional bank accounts to deliver a service which it hopes will work for everyone.
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:
There are 3 ways you can put money into your account.
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.
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 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:
|Actions||Fees and Limits|
|Your contactless Pockit Mastercard||99p|
|Paying in with cash||99p|
|UK national and international transfers||99p|
|UK ATM withdrawals||99p|
|Monthly membership fee||99p|
|International ATM fee||£2.25|
|Foreign Exchange fee||4%|
|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.
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.
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.
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