If you have a habit of mismanaging your finances and having to regularly borrow money online to make ends meet, you may need some help managing your money so you can put some aside.
Open banking apps like Yolt could be the answer. They simply connect to your bank account and help make it easier to understand where your money is going each month. It can even offer suggestions on bill deals that will have cut down some of your outgoings.
See what we think of Yolt in our review, which will tell you everything you need to know.
What is Yolt?
Available on either iOS or Google Play stores, Yolt is an open banking app that helps you to organise all of your bank accounts and credit cards in one easy-to-use platform. It analyses your spending and splits outgoings into categories, while also letting you set budgets and make saving targets.
How does Yolt work?
The good thing about Yolt is it allows you to bring together all of your different bank accounts (and investments) into one place. Even if you have separate accounts in different banks, that doesn’t matter. At present, Yolt has agreements with over 35 different banks and financial institutions, including the likes of Barclays, RBS, NatWest, HSBC and more.
It requires you to use your online banking details to connect your accounts to the app. Once everything has been synced, Yolt will then be able to separate everything into different categories to make it easy to understand how everything is being spent.
Some of the categories listed include,
- Eating out
There is also a general category that will be used if the app isn’t sure which category some transactions should fall into. You can manually change these and the app will remember to store them in the right categories in the future.
Yolt will continue to provide analysis of your spending so you can see where your cash is going. The app will also suggest how much you may have left to spend, taking into account a ‘Smart Balance’ that considers the bills you have yet to pay. You can also set budgets that the app will track and let you know if you are on target.
This is an app that wants to save you money, so it will also enable you to quickly compare energy deals across all the main UK suppliers. It tells you when your contract is due to end and suggests alternatives that could save you money.
Does Yolt cost anything to use?
No, Yolt is completely free of charge and you never have to pay a penny to use it. If you ever want to stop using it, simply disconnect your bank account from the app.
How safe is Yolt to use?
Yolt is a licensed Third Party Provider and is backed by Dutch bank ING Bank H.V. who have over 36 million customers across 40 different countries.
As Yolt is a read-only app, it does not have access to your money, which means it cannot move funds in or out at any time. Users have the option to move money between accounts via the app, and once a payment has been initiated they will be transferred to the bank’s official online banking portal.
Additional security on the app includes a five-digit PIN password, or on Apple devices, you can use TouchID. ING Bank H.V. is regulated by the Dutch Financial Authorities and you can find them on the FCA register. Yolt is also a regulated Third Party Provider (TPP) and holds a current license to operate an Open Banking app.
Should I use Yolt?
Keeping track of your money each month can be difficult as while online banking is convenient, it only offers an overview of how much you have in your account. Yolt breaks this down into categories that can make it easier to understand where savings can be made, while also offering new deals that could save you even more money.
On the flip side, if you are concerned about connecting an app to your bank account(s) then you may not feel comfortable using Yolt. Although it is completely safe to use, it is understandable that some people may not be sure about giving access to a third-party provider.