yolt-logo

Yolt review December 2018

Open Banking sounds smart, but what is it all about, and can it help you with your finances?

Yolt opened in 2016 in Amsterdam as a registered trademark of the ING group and it claims to bring agility and modern tech-savvy to the financial giant. Since then, it has been part of the push to make all large banks open to Open Banking, meaning that, with the help of an app like Yolt, you can own all your banking data and view it securely, making it easier to manage your finances.

Read on to find out all you need to know about the app that’s disrupting traditional banking.

What is Yolt?

Yolt is a third-party provider, packaged in a simple, attractive app that you access from your smartphone. It brings together all your current accounts, savings accounts and credit cards, letting you check all your transactions and balances in one place.

Yolt then analyses the data from your spending habits to offer you tips, advice and better deals on credit. Being a third-party provider means that it doesn’t offer any accounts or cards, but simply helps you to access your financial data and, theoretically, manage it better.

Your data are accessed in a read-only mode, which means that you cannot spend any money through Yolt and no change can be made to your accounts. That’s what differentiates Yolt from Curve, the app that allows you to manage all your cards in a single one.

Yolt launched in the UK in 2017, is also available in Italy and France, and says it currently has more than 500,000 users.

Digital banking deals

N26 N26
New!

Get N26 the new bank you'll love to use

Ends

Revolut Revolut
Free card!

Free card worth £5 on Revolut card

Ends

Starling Starling
Award winner

Starling voted best British bank & current account

Ends

Monese Monese
Exclusive

Get £10 when you load £50 onto Monese card

Ends

What is Open Banking?

Open Banking is a recent legal development in the UK, thanks to which banks now have to supply your financial data to third parties if you ask them to. A panel of judges decided that people own their financial data and should therefore have the right to access it through secure third-party providers.

Open Banking allows budgeting apps like Yolt to function. With Yolt, for example, you can see all the data the banks had previously been storing, regrouped in a smart way that gives you a clear and organised view of your overall finances.

The plan is to make financial services more competitive, innovative and, ultimately, better for consumers. Most Open Banking platforms are for free, but make money by selling you products tailored to your spending.

You still need to be careful with your data you will only be protected if you share your financial data with authorised third parties.

How does Yolt work?

Yolt is not a bank, but it does have a bunch of handy features on its free app:

  • All your accounts in one place: Yolt’s “accounts” page has all your various savings, current and credit accounts shown in a simple list with the balances front and centre. You can then click on each to see more detailed data, such as transactions.
  • Smart balance: As well as putting all your finances in one place, your overall balance will be shown as a “smart balance”, which tells you how much of your money will go on bills and necessary shopping and how much is left for spending on the finer things in life.
  • Average spending reports: Yolt puts all the data it gets in one place and can analyse it to show your average spending. This could help you set realistic spending targets and assess your progress.
  • Find out where you’re spending the most money: Yolt will show you the places you spend most money each month, meaning you have more information to keep your spending in order.
  • Set specific budgets and track their progress: With Yolt you can set monthly budgets for things like groceries, eating out and shopping. Yolt’s “budgets” page displays these with a bar to show you how much you have left (or how much you’ve overspent!).
  • Secure login: Yolt prides itself on its security and its fingerprint or pin login will ensure all your financial data is safe and sound.
  • Contactless payments (watch this space!): Yolt has recently announced that it’s bringing out a pay feature, meaning you will be able to use the app to access your various cards’ phone pay features.

Is Yolt safe?

Yolt is part of ING, so has measures in place as strict as any bank, including being:

  • A registered data controller (ICO Data Protection Register).
  • A licensed Third Party Provider (Open Banking TPP).
  • Supervised by the European Central Bank.
  • Using the most up-to-date encryption.
  • Not selling your data to third parties.
  • Regularly running penetration and security tests to ensure data is protected.

Using Yolt abroad

Yolt isn’t for spending or transferring, so it won’t save you money on spending abroad, but it can be very useful for monitoring the charges and withdrawals being made from your account while you’re on holiday.

Pros and cons of Yolt

Pros

  • See all your spending in one place.
  • Get your spending in order with budgets that are easy to track.
  • Very secure.
  • It looks good. All your data is shown in colourful charts and graphs (and almost makes banking fun!).
  • Categorises the money in your account, showing what’s needed for bills and what you can still spend.
  • It will analyse how you spend and show you the best banking products for you.

Cons

  • No way to transfer between accounts, so you’ll still need to use your bank’s platforms regularly.
  • Plus and minus balances are shown with just a minus sign. A colour difference could make it easier to check balances at a glance.
  • Only accessible via smartphone. It doesn’t have a web interface.

Compare Yolt against its competitors

Updated December 11th, 2018
Name Product Fees and charges Delivery speed
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
None
Between 3-5 business days
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

Compare up to 4 providers

Updated December 11th, 2018
Name Product Foreign ATM withdrawals ATM withdrawal limit Foreign transactions fee Card cost Delivery speed
N26
ATM fees differ depending on country
€2 after exceeding free withdrawal limit
No fees
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
No ATM fees
£200 per month. Anything more is charged at 2% of value of withdrawal.
No fees
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
No ATM fees
£300 per day. Maximum of 6 withdrawals per day.
No fees
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
€1 per withdrawal
£300 per day
2% on card spend and ATM usage
Card delivery is free
Between 3-5 business days
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

Compare up to 4 providers

Updated December 11th, 2018
Name Product Fees and charges Interest Savings goals
N26
Free
up to 1.48%
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the app
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create up to 10 different spending goals and protect money from daily spending
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
None
No interest
Not a feature
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

Compare up to 4 providers

Updated December 11th, 2018
Name Product Direct debits UK ATMs Payments Freeze your card CASS
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
No
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut currently only supports direct debits with the Euro IBAN account
Free up to £200 a month
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
No
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Yes
Free
Pay via bank transfer. Can't pay into paypal currently.
Yes: touch of a button in app
Yes
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Yes - can cancel with touch of a button too
£1 per withdrawal
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
No
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

Compare up to 4 providers

FAQs

Digital banking deals

N26 N26
New!

Get N26 the new bank you'll love to use

Ends

Revolut Revolut
Free card!

Free card worth £5 on Revolut card

Ends

Starling Starling
Award winner

Starling voted best British bank & current account

Ends

Monese Monese
Exclusive

Get £10 when you load £50 onto Monese card

Ends

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site