Smart money app Yolt has announced a new evolution of its technology with a series of innovative, free features designed to help users save. It developed a new version of the app after recognising the changing financial priorities brought on by the Covid-19 pandemic, and the challenge that UK adults were finding themselves in when trying to save, despite having the best intentions to do so.
Launched in 2017, Yolt is on a mission to harness the power of Open Banking to empower people to be smart with their money. The app’s 1.5 million registered users are currently able to see their various bank accounts in one central place, enabling them to easily track their spending, set budgets and identify where they can make savings. Most recently, functionality was added for users to switch and save on household bills, combine their pensions, invest their money and grow their savings via trusted in-app partners such as MoneySuperMarket, PensionBee, Raisin and Wealthify.
Drawing on the power of habit formation and nudge theory, the new features announced include:
- The Yolt Account and contactless card, which serve as a new daily spending account, helping users to save on every single purchase with round-ups and cashback on selected retailers. The Yolt app automatically sets those savings aside into the Money Jar.
- A brand new virtual Money Jar comes with the Yolt account and is designed to get users into the habit of saving. The Money Jar collects all of the savings users make via using their Yolt card and the app will offer handy tips and financial reminders to prompt users to add to their Money Jar each week.
- Users are able to switch on automatic Jar Boosters like The Cashback Collector and earn cashback rewards with their favourited retailers or The Set Saver, which will automatically move money from their Yolt Account to their Money Jar either daily, weekly or monthly based on user preference. The app will also recognise refunds, a salary increase or even a bonus and will be prompted to pocket these windfalls and add those to their Money Jar too.
- To kickstart their savings plan, users will be able to partake in Yolt’s weekly Money Jar Challenge which will save users a minimum of £416 a year.
Pauline van Brakel, Chief Product Officer, Yolt, said: “Our relationship with money has dramatically changed in 2020. Many people are now treading a fine line between wanting to get life back on track, but also having the peace of mind that they are financially secure during these increasingly challenging times. Our research shows despite many of us trying to save money during the Covid-19 crisis, 65% of us were unable to. And whether it’s to free up money for a rainy-day fund, stash some cash away for Christmas or to pay off debt, saving has never been more important.
“That’s why we’ve evolved Yolt and our aim with this new launch is to help users save whilst they spend – combatting the persistent and pressing feeling that we need to save for the uncertainty that lies ahead, whilst also recognising the fact that life goes on and spending with it. The new Yolt account and Money Jar are designed to make saving more achievable by getting users into the habit of saving through small tweaks to their daily routines and easy automatic actions within the app.”
The new Yolt app is now available for existing users, with full access to all UK users on iOS coming early November and Android will following shortly after.