We caught up with the new banking and mobile app Yolt to ask some questions and dig deeper into the company, which now has over 1 million registered users after just 2 years.
First, we were interested in the thinking behind their slogan ‘Unthink Money’. One of the main features that separates Yolt from other available money apps is that it enables you to organise your money in a very visual format. With Yolt, you can see how much you’re spending and on which categories, such as groceries, shopping, socialising, etc. Yolt gives you a real picture of how you’re using your money, as well as offering in-app services like budget setting and energy comparisons that simply aren’t available in most banking apps.
Yolt knows that it’s impossible to apply a one-size-fits-all approach to personal finance. Students, homeowners, pensioners and young professionals all have entirely different spending habits, priorities and budgets. Yolt makes their stance amongst the confusion of spending clear: your banking tools should reflect the reality of your spending. Yolt is easy to personalise and makes it simple to work towards your money goals, which makes it the perfect app for students navigating their new money management responsibilities.
Yolt’s research* shows that the average student will spend £418 per month on living expenses. The app’s simple functionality allows you to set an overall budget, as well as to break it down further into individual categories such as groceries or socialising. For example, you can set your budget for socialising to 10% of your monthly spend which, their survey shoes, is the average amount spent by students. These handy categories enable you to clearly see where you need to cut back – or when you can cut loose! You’ll also be able to see any upcoming bills, pay your friends and search for cheaper financial suppliers, all from one app. In an age when customer data is fast becoming a valuable commodity for companies to trade, it was also refreshing to hear that Yolt operates using a system of Open Banking. This is a secure and trusted mode of operation where you own your banking data, rather than the banks, enabling you to choose which licensed third parties such as other banks, products, and services you share it with. Open Banking means that licensed providers such as Yolt can sync your bank accounts using secure APIs. Yolt’s developed APIs also mean that, should you choose to change banks, you’ll be able to take your data with you; a revolutionary step forward for banking customers.
The app is free to download, and also has information on the blog section on money saving tips and ways to help control and manage your spending. They’re currently running a student-only prize draw, where you could have the chance to win £418 – a whole months living expenses! Find out here how to enter, along with some handy student-focused money tips too! We believe that, with the right tools and information, students will find it much easier to stay on top of their finances. With Christmas around the corner this innovative system and fresh, new thinking that champions total spending transparency, could even help you lessen the blow when it comes to those inevitable festive expenses! Visit their website now to find out how to enter the prize draw, and to download the app for free.
*Yolt Student Survey of 2000 participants. Research commissioned with Delineate. September, 2019.