Do you really know how much money you have going in and out of all your bank accounts? Or would you just like a better understanding of your spending? Luckily for you, there are several apps out there that can help you keep track. Take a look at this Yolt review to see if this is the app for you.
Believe it or not, there has never been a better time than now to have a bank account. Thanks to the fairly new switch guarantee, changing your current account couldn’t be easier. This has been great for us as consumers as it has meant that many banks have been clambering for our custom. The likes of Halifax and Barclays pay you just for using them whilst Santander and Natwest give you cashback on many of your bills (although they do come with T&C’s). Plus there are accounts like the Nationwide FlexDirect that gives you up to 5% interest on your savings. If you’re savvy (and have the time), there’s no reason why you can’t have multiple accounts and many people do.
I have found that although it earns me extra, having several accounts is much harder to keep an eye on. That’s why I thought I would give the likes of Yolt a try.
It costs… nada
First of all, and probably most importantly, this app is free. Personally, unless I had millions passing through my account every month, I would never pay for this kind of app anyway. It’s not meant to change your life but make it slightly easier.
A fairly simple, painless process. You will need to provide a mobile number to confirm your identity and that your accounts are being linked to your phone. Linking your bank account to Yolt depends on your bank’s logging in process and if you can actually find the information you need. Queue 30 minutes of me looking through my drawers to fin my Nationwide passcode.
The good stuff
Once your details are all in, you can start to customise Yolt depending on your needs. Do nothing and you’ll be able to see a list of all your accounts with a summary of the money coming in, going out and how much you have saved. Or often in my case, how much you haven’t saved.
If you fancy, you can start setting yourself various budgets. There are over 20 categories listed, including items such as cash, bills, groceries and transport. Clicking on one of these will tell you how much you have spent in the previous month and allow you to set a budget for the next month. So if you find you keep withdrawing money from cash machines and spending it on burgers (I’m not sure who would do a thing like that), you can set a budget so you can keep a closer check on where and when your money is going.
There is also a handy bill tracker. Here you can see how much you’re spending on bills such as energy, mobiles and TV. You can set a reminder for when your contract is due to finish so you can look for better deals. There is also a link that will help you find a cheaper energy deal if you fancy.
For those who have family or friends in foreign lands, you may want to take a look at Yolt’s “Send money abroad” option. Here, you can enter how much you want to send and to which country. Yolt will come back with the most cost-efficient company to use.
When you open the app, it can take up to 2 minutes to sync your account. Not really an issue, but still a little frustrating.
The app doesn’t work with all banks and financial services. I couldn’t link my Fidelity or Post Office savings account nor my Amazon credit card (which gives me cashback every time I use it). The savings accounts I could live without, but my credit card is where I do most of my spending.
Is it safe?
Yolt is actually owned by ING bank which is regulated by the Dutch authorities and can be found on the FCA register. Personally, I trust them as much as any other bank. The issue is, you have to enter your banking details into a 3rd party app. Although this is usually safe, the fewer places you share details, the safer they are likely to be. Whether you’re comfortable with doing this is up to you. I always thought my details would be safe with the likes of TalkTalk and Yahoo until they were hacked.
Having your banking details all in one place is referred to as Open Banking. You can find more details about it here.
My Yolt review conclusion
The app is very easy to use and provides some useful information. The issue I have though is that I own an iPhone 8. No, this isn’t an attempt to show off (plus you can see I couldn’t afford the X). Newer phones allow you to access your banking apps with just your fingerprint. As it can take a while for my accounts to sync with the Yolt app, I can check my bank accounts individually in the same amount of time. The most useful aspect for me would be being able to check my spending habits, but as Yolt doesn’t work with my credit card, I can’t!
The option for finding the best rate to send money abroad may be useful for some, but I rarely do it and use Circle when I do. Tracking bills is also a useful option, but the Onedox app does this and is far more comprehensive.
Until I am able to link my Amazon card, this won’t be an app I’ll be using. You can find out more about Yolt by visiting their website.
Or, if you want some help with saving, take a look at the rather handy Chip app.