While Monzo offers a great fee-free bank account, Yolt is a great tool to manage your money if you have a lot of different accounts. Plus, they’re both great for budgeting.
Depending on your needs, you can use Monzo without Yolt or you can use Yolt without Monzo. You can also use the two of them together – which will make you a person that’s very, very organised with their finances.
Monzo vs Yolt: What’s the difference?
Let’s cover the basics first. Monzo is a bank. It offers you a mobile-only current account that comes with a lot of handy features, most of which have to do with budgeting and saving, but its main purpose is still providing you with a place to have your salary paid in, pay the bills and spend with a debit card.
Yolt, on the other hand, is a budgeting app. It allows you to see all your accounts in the same place, tag and organise your transactions and draft budgets.
How to use Monzo and Yolt together (and make the most of them)
Using Monzo and Yolt together is the perfect strategy if you want to keep track of both your Monzo account and any others you might have – including that old current account you can’t bring yourself to get rid of, despite its horrific mobile app.
Use Yolt to do the following:
Keep an eye on the overall state of your finances. Monzo can’t track your credit cards or any other accounts you may have with another bank, so Yolt is much more effective from that point of view.
Do budgeting for many different accounts. Monzo’s and Yolt’s budgeting features often overlap, but with Monzo, you can only set budgets or tag transactions for your Monzo account.
Track your bills and subscriptions. Yolt has a nice little section that lets you keep an eye on all your bills and subscriptions. If you have a Netflix subscription you forgot about and don’t want to use, it’ll find out (look at you, being all productive instead of watching Netflix! Well done).
Use Monzo to do the following:
Receive your salary, pay your bills, etc. As we said, unlike Yolt, Monzo is a full bank account and a very good one at that.
Do budgeting for your Monzo account. If you only use Monzo for all your bills and expenses, you probably don’t need Yolt. Monzo lets you set separate budgets for separate spending categories and warns you if you’re spending too quickly for your budget for the month.
Save. Monzo has a bunch of great savings features that Yolt can’t replicate. You can round up your transactions, use Pots to save towards a goal and even open an interest-paying savings account.
How to connect your Monzo account to Yolt
It’s really easy and only takes a few minutes.
Open up Yolt. Tap “Accounts” in the bottom right corner of the screen then select “Add accounts”. You’ll see a list of financial institutions you can connect Yolt to.
Select Monzo from the list. And press “Confirm”.
Your Monzo app should open up. You’ll be asked to authorise the connection.
Let Yolt finish the job. It will retrieve all your Monzo transactions of the last 12 months. It may take a minute or so, but once it’s done, you’re all sorted.
The bottom line
Monzo and Yolt are both great banking apps that can make your personal finance life much easier. While their features sometimes overlap, especially when it comes to budgeting, they respond to different needs and many people will find themselves using them both.
Finally, connecting Monzo to Yolt is really quick and easy. The connection has been available since March 2018 and works really well, so if Monzo isn’t your only account and you want to do some comprehensive budgeting, Yolt could really be worth a shot.
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
The main ones are Money Dashboard and Emma. Click on them to read our review and decide which is best for you.
If you are looking for a full UK mobile-only current account, its main competitor is Starling Bank. Alternatively, you can check out N26 or Revolut.
Quite a few, but broadly speaking, you can track current accounts, savings accounts, credit cards, pensions (with PensionBee) and investments (with Wealthify). You can find more details on Yolt’s dedicated page.
Valentina Cipriani is a writer at Finder UK. She writes news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism and loves taking complicated topics apart and giving them back to the readers in a clear and easy fashion.
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