In a world where every business is trying to ‘look after’ your money, why is this small (in relative terms), somewhat humble company seeing large success?
According to the current CEO, Yolt has over 900,000 users across 3 countries and has achieved such numbers in 3 years.
Despite what some critics may say, there has to be more to Yolt than just fancy branding and attractive ads.
Or is there?
This question, amongst other things, will all be addressed in this fully comprehensive Yolt review.
Before we get started, let’s first take a quick look at the table of contents:
What Is Yolt?
How Does Yolt Work?
Is Yolt Safe?
Now you know what’s to be included, I also like to make it clear this review will include not only my thoughts but that of other users.
This makes for a more well rounded and accurate review of Yolt.
So without any further ado, let’s get into this Yolt review.
What Is Yolt?
Yolt is essentially an all-in-one money management app that connects your various bank accounts in one place.
This allows you to manage your saving and spending data through Yolt’s attractive platform.
It should not be confused with a bank account as you cant withdraw or transfer money through the app, it’s merely for monitoring.
(Edit: Yolt are introducing a payment request system in the near future which will thereby make transactions possible)
The company was founded in the UK in June of 2017 and is a venture on behalf ING bank.
So not only do they have the strength of a bank but the agility of a forward-thinking Fintech company.
Yolt’s foundations are built on its philosophy, which is to improve how it’s users handle their finances.
Yolt’s CPO speaking on what the companies core values are:
– “We believe that staying on top of your money shouldn’t be a hassle. That’s why we built Yolt with a fresh approach, smart insights and easy actions, so you can make the most of life.”
This will become more clear as we progress through this Yolt review how these ideas have influenced the app.
It’s hard to believe that when Yolt launched, they had just 5 members of staff.
Despite this, they scaled its users to over 500,000 people in just 18 months.
As a result of this exponential growth, they took on more staff over the past few years and now employ 50 people to work full-time.
This group of people include everything from developers to data scientists to ensure they cover all bases.
It’s this team that’s been instrumental in the evolution of Yolt by bringing out new features, expanding into different markets and so on.
How Does It Work?
To understand how Yolt works I just need to quickly explain what open banking is a for those of you who don’t know.
The definition of open banking is that ‘open banking is a secure way to give providers access to your financial information’.
(Definition courtesy of none other than the Openbanking)
If you want to read in more depth about what open banking is I recommend this post by moneysavingexpert.
Yolt uses open banking to synchronise all your selected bank accounts (current, credit cards and savings).
In doing so you can access all your financial details in one place securely.
- Total capital from all accounts combined or ‘smart balance’,
- Budgeting options
- Average spending reports
(More on features later)
The attractive visuals and colourful interface, in theory, makes digesting and managing your finances easier (I feel inclined to agree).
Next up in this Yolt review, is the features the app provides.
Yolt excels when it comes to the features included, especially when considering this is a 100% free app.
(Note: Yolt makes money through affiliations with providers that feature on the app)
Here’s a breakdown of each of Yolt’s features.
A new and trendy feature that Yolt has picked up from the start is being about to set budgets.
Budgeting via Yolt allows you to see a visual display of your limits for spending on a whole host of categories (Including bills, investments and Groceries).
This serves as a friendly reminder to plan around your decided budget.
Setting up a budget looks something like this.
Click ‘actions’ and select ‘set budgets’.
From here you can click the ‘+’ located top right of your screen.
Select a category you want to set a budget on.
Simply set a budget using the tool provided.
Alternatively, you can use your keyboard to edit the number.
After you’ve established a number click ‘set budget’.
You’ll then be notified that you have set your budget.
From now on your new budget will be displayed here.
Yolt pay is currently a new feature in Beta mode (testing phase).
The company decided to invest heavily so that it could allow transactions through the Yolt platform.
They would take this big step to make it closer to their goal of being an all-in-one finance app.
At the time of writing, 9 high street banks support payment via open banking in Yolt.
All of which you can find listed below:
- Bank Of Scotland
- Ulster bank
Now you know what banks authorise Yolt pay, let’s take a quick look at how you can use it.
This feature can be used in 4 different ways:
- Pay friends and family– Safely and securely settle bills between family and friends.
- Move money between accounts– Transfer money between synchronized accounts easily in on place.
- Share you account details– Share financial information without having to remember your sort code and account number.
- View your payee address book– Send money to your contacts across all connected accounts.
Here’s a quick example to illustrate how easy it is to transfer money using Yolt pay.
Simply click the ‘pay’ icon located at the bottom of the interface.
Choose one of your connected accounts that you would like to transfer money from.
Enter the amount of money you want to send.
Choose who your a transferring the money to which can be done manually or through the contact icon on the right-hand side.
Fill out your account number with a reference or note (if needed) then click ‘pay’.
After signing up and completing a few initial guides, you have the opportunity to personalise Yolt
This guide allows you to tweak Yolt’s best bits to suit you.
This guide includes:
- Getting organised– categorising ingoings and outgoings.
- Start tagging– Use tags to track spending.
- Rename accounts– Rename your accounts to whatever you like.
When it comes to your own finances, personalisation proves key in keeping you engaged.
Therefore, the more the better.
Yolt has the handy feature of bill tracking.
This allows you to monitor your subscriptions and bills so you know the exact date a certain amount of money will be leaving your account.
By using this feature, you can also browse through any sneaky subscriptions you may have been signed up to etc.
Again, accessible from one platform with all of your accounts data.
To access simple click ‘actions’.
Select ‘track bills’.
You’ll then be greeted with all your current bills and subscriptions.
Being able to view your transaction history is an expected feature to have in today’s day and age,
Having said that, it’s still a feature and an important one at that!
As you can see from the image below, the transaction list is clean and clear making it easy to navigate.
Stealth mode essentially allows you to share with friends and family how Yolt works.
This is made possible through stealth mode as it changes your money into different amounts in another currency.
Therefore meaning you can go through all the functions without giving away accurate financial details about yourself.
So for those of you who were wondering why some images display an odd currency symbol next to each sum it’s because I have stealth mode activated.
(Comment below what currency it is if you know)
To do this on apple products simply shake your screen.
If you have an android device you can access stealth mode through the settings.
Overall, it’s a neat little feature and has played it’s roll in this Yolt review.
Is Yolt Safe?
This is a question that is constantly brought up, particularly when it comes to open banking and rightfully so.
We all want to know that are details are safe and secure.
Fortunately for us, the consumer, Yolt exercises an extremely high level of security (similar to banks).
Yolt is apart of the ING group, the strict credentials they must follow include:
- Uses the most up to date encryption
- A licensed third-party provider
- Registered on the ICO data protection register
- Yolt does not sell data
- Runs regular security check
In other words, you details are as secure as many leading banks.
My experience with the app can only reveal so much.
It’s important in this Yolt review that other users opinion are included to come to a more balanced and well-rounded verdict.
These reviews are all collected from Trustpilot.
Here’s a quick overview from 250+ reviews of Yolt.
As you can see, largely positive feedback.
Let’s first take a look at some of the positive reviews.
The attractive interface seems to be a real selling point for the app and has been a common theme for most positive Yolt reviews.
An interesting point made, this would be very useful and Yolt will likely implement this feature down the line.
Let’s take a look at some of the lower ratings.
Again, on the whole, it’s a positive response, with some good suggestions on how to improve.
When a user leaves a review, it’s always nice to see companies reply to each message with a personalised response.
Yolt is one of those companies, some must give credit where credit is due.
Here’s their response.
A helpful response as well as taking an interest in their customer’s problems.
It’s also nice to see them ask users for more ideas on how they can improve, it shows that they are dedicated to evolving.
Last up, one of the lowest-rated reviews.
This user seems to have previously liked Yolt but recent problems have caused them to have a negative opinion.
Heres Yolt’s response.
It seems that overall, Yolt is a well-received app.
Negative reviews tend to be irregular and mostly contain constructive comments on how to improve.
This is inevitable and useful because no app is perfect.
Pros Of Yolt
- Safe and secure
- A whole host of features
- Attractive interface
- Frequently updated
- Referral program
- Weekly snapshots
- Good reviews
Cons Of Yolt
- Many banks are still not connected with Yolt (I could not connect 3 to 4 other accounts I had).
- Services affiliated with Yolt aren’t necessarily the best.
Final Thoughts On This Yolt Review
Drawing this Yolt review to a close it’s proven to be an interesting app to look at in-depth.
Integrating a whole host of features along with a clean interface has proven to be the standout qualities of the app.
Yolt also clearly has innovation and safety at the forefront of their values.
Two core qualities essential to survive in such a competitive market space.
So, the question is it the best money management app?
I say this because companies are constantly updating and evolving to bring customers the most value.
This means that the best money management app at this moment, may not be the same in the coming months.
What you’ll be glad to hear is Yolt has definitely given it a good go.
If you enjoyed this Yolt review, check out some of my other reviews, including its competitors:
As well as challenger banks such as:
As always be sure to leave a comment if you have any questions.
(Disclaimer: Sufficient time and effort has gone into creating this Yol review but I should make it clear that I’m not a financial advisor)