Yolt | FAQs

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Yolt and Your Bank

By connecting your bank accounts; you can view everything in one place, see your spending habits, get smart insights and act on them by setting budgets!
Yolt works closely with banks included in Open Banking, an initiative that connects us to the UK’s high street banks using their APIs.

It’s also worth mentioning that we are licensed as a Third Party Provider (TPP) and appear on the FCA register as part of ING Bank's Dutch banking license.

As a result of PSD2 and Open Banking, all banks in the UK are required to allow access to customer data. The Open Banking API is a great way to make this happen, but only the CMA9 (the 9 largest UK banks offering personal and small business accounts) are required to use APIs. As such, if some banks choose to use other methods, we'll use a regulated financial data provider instead.
We're constantly looking to add new banks and institutions to make Yolt useful for everyone! If you’re bank isn’t listed, you can send a request in Yolt by heading to the More tab and tapping on the Contact Yolt option. This means that when we add support for the bank you've requested, we'll send you an update.
API stands for ‘Application Programming Interface’. It’s a piece of software that enables the exchange of information between programs and authorises a specific operation. Open Banking requires that several banks make APIs available, enabling individuals and third parties to access financial data securely.
Open Banking and PSD2 are often talked about as one, but they were developed separately and are now happily coming together. Open Banking is a UK initiative aiming to open up the retail banking market whereas PSD2 is EU Legislation. Whilst Open Banking and PSD2 don’t have exactly the same scope or rules, they are coming into line with each other and do open up great new solutions for everyone.
A TPP (Third Party Provider) is the name given to services like Yolt.
As a third party provider, we must be registered with, and regulated by, the FCA or a similar regulator in another EU member state. In our case, we're regulated by the European Central Bank and Dutch National Bank (as we are owned by ING Bank N.V).
If your account supports Open Banking but you can't add it, it might be because we are still in a managed rollout phase. As we work with your banks to ensure the optimal experience, we'll be easing users in phases.

If your account does not support Open Banking, you can still sync accounts using the existing method until an API is available for you to use.
For the past year we have been syncing accounts to Yolt by using a trusted banking data partner. They have been arranging the secure handling and processing of banking data for many years in the UK and other countries around the world. We still use this method for accounts that do not currently support Open Banking.

With Open Banking, we can connect directly to some banks via their own APIs, essentially cutting out the middle man.
Following the Open Banking launch in January 2018, the biggest nine banks and building societies in the UK are required to create APIs for licensed and regulated providers to access. Naturally, some banks will be ready before others. You can click here for the most updated list of available Open Banking accounts.
From January 2018, Current Accounts held with the nine largest personal and small business current account providers (referred to as the 'CMA 9') will provide Open Banking APIs. The availability of these APIs does depend on the banks taking part, as some will be available before others.

Our hope is that Open Banking will extend its reach and support API access for a wider range of products, such as savings accounts, pensions, mortgages and credit cards.
As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt and as a result have altered their terms and conditions to reflect this change. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.

Yolt and You

Using cutting-edge technology, Yolt provides an overview of your bank accounts. Smart insights enable you to track your finances and manage your overall spending. Use categories to see how much you’re spending on eating out, travelling or even on holidays. Then act upon it by setting budgets, monitor your subscriptions and look for better energy deals.
Yolt is not a bank, although we are a venture by ING Bank N.V. We’ve combined trusted bank grade security and processes with innovative technologies to build Yolt for you.
Right now, Yolt is only available in the UK, Italy, and France. You need to be over 18 and have a registered phone number and bank account specific to the country you're using the app in.
Yolt is totally free to download and use, and we plan on keeping it that way!
We do our best to bring you the most relevant and exciting partners in Yolt. These partners might offer you better deals with all sorts of smart features.

If you choose to use one of those partners then we’ll get some commission from the partner off the back of that.
Please send us your thoughts via the in-app option Contact Yolt found on the More tab. To make things easier, we have prefilled some information for you. You can leave that as it is and add your feedback just above the text.

Yolt and Security

At Yolt, safeguarding your data is one of our core values.

Yolt was designed to be the only money app you need, providing smart insights but also keeping your details and data private and secure.

Yolt is a regulated Third Party Provider (TPP) and as such holds a license to operate within Open Banking.

Yolt is a venture by ING Bank and is subject to the same security and privacy standards applicable to a bank. ING (hence Yolt) is licensed by the Dutch National Bank (DNB) and as such we can be found on the FCA register
• We are a registered data controller (ICO Data Protection Register)
• We are a licensed Third Party Provider (Open Banking TPP)
• We are supervised by the European Central Bank
• We use the most up-to-date encryption
• We do not sell your data to third parties
• We regularly run penetration and security tests to ensure your data is protected.
• We are a venture by ING Bank, and must meet the same privacy and security standards applicable to a bank.

If your bank is one of the many in the Open Banking initiative, you’ll be redirected to your own bank’s authorisation screen or app (using OAuth certification) to confirm and authenticate the connection to Yolt.

On occasion, APIs are not yet available for some accounts. For that we use a data partner which has been arranging the secure handling and processing of user details for many years in the UK and other countries around the world.
Yes. Yolt is a licensed Third Party Provider and, as a venture of ING Bank N.V, is regulated by the Dutch Financial Authorities and we can be found on the FCA register by clicking here.
Yes! As of the 13th of January 2018, all banks and building societies in the UK are making their customer data accessible to regulated and licensed third parties such as Yolt. Nine of the biggest banks and building societies will provide this data using APIs for current and personal accounts, as will some others, and for accounts without an API we use a trusted data partner.

Yolt and Your Data

For Open Banking, your login credentials are never stored on our servers. Your transaction data, balance, and other data you share with Yolt is stored using state-of-the-art encryption so that you can use the app.

That's why we ask you to unlock Yolt using a PIN, fingerprint or FaceID. To prevent unauthorised access or disclosure, we have physical, electronic and operational measures in place, which secure the user information that we hold. We have run appropriate penetration and security tests to ensure your data is protected using bank grade security.
For Open Banking, your login credentials are never stored on our servers. Your transaction data, balance, and other data you share with Yolt is stored using state-of-the-art encryption so that you can use the app. That's why we ask you to unlock Yolt using a PIN, fingerprint or FaceID. To prevent unauthorised access or disclosure, we have physical, electronic and operational measures in place, which secure the user information that we hold. We have run appropriate penetration and security tests to ensure your data is protected using bank grade security.
When you add your account you'll securely sync the following:
Transactions (usually the previous twelve months, depending on your bank)
Account Balance
Direct Debits and Standing Orders
Basic account information, such as overdraft limit, interest rate, monthly account fees.

If you are syncing with Yolt via Open Banking, you will not be asked to share your password, other than with your bank. If you use the normal sync route, you’d sync your accounts within Yolt itself.
We respect your privacy and personal information. Yolt has been designed to provide insights while also keeping your details and data private. We will therefore only use the information that you agreed to share with us to further develop the app and provide other useful services to you. We do not sell your data.
You can delete your account at any point. We will remove your data from our systems in accordance with data protection regulations.

The quickest way to delete your Yolt account is by heading over to More > Your Profile > Delete My Account. Follow the on-screen instructions to delete your account and all associated data.
Yes. We can do this for you. Please email us at hello@yolt.com. Remember to include: Your name, phone number, and email address to verify your identity.
No.

We respect your privacy and do not sell your data.
If you do decide to leave us, your personal data is deleted in accordance with government data protection regulations (GDPR).

Please note that if you only delete the app off your phone, and not the Yolt account itself, Yolt would still have your details on record. You must ensure that you delete your account by heading to the Your Profile section in the More tab to delete your account completely.
At Yolt, we regularly run appropriate penetration and security tests to ensure your data is secured. As a licensed and regulated TPP, and as a venture of ING Bank N.V. we are held to the same security standards as any bank. To prevent unauthorised access or disclosure the data in our app is protected with bank level security using physical, electronic and operational measures.

As a user, you should protect your device and the contents within it. Yolt is protected by a fingerprint, PIN code or facial recognition.

We would never contact you to ask you to confirm or provide us with account information, passwords, PINs or other personally identifiable information.

If you lose your phone, you can get in touch with us and we can remotely delete your account.
Your phone number is an easy way to verify that you’re a real person. We send you a temporary security code during onboarding that activates the app before requesting a 5-digit PIN.
Due to security reasons, we cannot reset your PIN. This means you’ll have to get your recovery code (instructions below) and re-install Yolt. You'll be prompted to insert your code in the onboarding screen, and you'll be right back up and running.

Identity Verification

Here at Yolt, we’re busy building our Payment services and our marketplace of partners, and therefore we are now subject to a regulatory requirement known as ‘Know Your Customer’ (KYC).

Under KYC, Yolt is legally required to verify your identity with official documents, like a passport, driver’s licence, or ID card. It aims to prevent corruption, fraud and money laundering, and keeps financial services and your money secure. It is part of worldwide Anti-Money Laundering legislation and sanctions laws aimed against terrorists. Know Your Customer aims to prevent corruption, fraud and money laundering across financial services. By verifying your ID, we can work together to make Fintech better for everyone.

Just like banks, payment service providers and other financial institutions, if we cannot verify your identity we are legally prevented from giving you access to Yolt. These laws are the same for all services like Yolt. That means, if your identity cannot be verified, you’ll be unable to continue using Yolt.
To continue keeping track of your spending and savings, we need you to verify your identity via the Accounts tab in Yolt. It only takes 5 minutes!
Usually it takes around 5 minutes to verify your account and give you access to Yolt. Accounts are verified Monday to Friday 6am - 10pm, Saturday and Sunday 8am – 8pm. So, if you’ve submitted your information outside these hours, we’ll be sure to give you a nudge when you’ve been approved (just make sure your push notifications for Yolt are enabled).
No, we do not sell your data. One of our core values is that we do not sell your data. We will use this information to verify your identity and where relevant, to update the data we hold about you. If you want to reuse this data on the Yolt Platform for other purposes (e.g. if you would like to register with a specific partner or connection that also needs to verify your identity) you can, but we will always ask for your explicit consent. You can read everything and more in our Privacy Policy: www.yolt.com/privacy
Safeguarding your privacy and personal information is one of our core values. Yolt has been designed to provide insights while also keeping your details and data private. We do not sell your data.

The data you are providing to us will be stored at Yolt, in a secure environment. As a licensed and regulated payment service provider, and as part of ING Bank N.V., we are held to the same security standards as any bank. To prevent unauthorised access or disclosure the data in our app is protected with bank-level security using physical, electronic and operational measures.

• We use the most up-to-date encryption

• We do not sell your data

• We regularly run penetration and security tests to ensure your data is protected.

• We are a venture of ING Bank N.V and meet the same privacy and security standards as a bank.
To continue enjoying Yolt, you will have to go through ID verification. Without it, you will eventually be locked out. We’ve made it as quick and easy as possible, so it should take less than five minutes.

Just like banks, payment service providers and other financial institutions, if we cannot verify your identity we are legally prevented from giving you access to Yolt.

Read more about the how and why on our blog.
Since Yolt began back in 2016, more regulation on financial services have come into play. Now a new EU regulation called PSD2 has been implemented that further regulates financial service providers like Yolt: So our users now have to verify their identity with an official document - just like you would have to if you were opening a bank account.

Verifying your identity is part of this 'Know Your Customer’ (KYC) regulatory requirement, which aims to prevent corruption, fraud and money laundering.

How-to guides

To initiate a manual refresh simply head to the Accounts tab and Pull down to refresh.

You can also set up sync on start, this will sync your account every time you log in to Yolt. To do this, head to the More tab and toggle on the Sync on Start button.
Setting a budget is quick and easy, simply follow these steps:

1. Navigate to the Actions tab

2. Tap Set & track your budget

3. Select the + icon

4. Choose the category in which you want to add a budget

5. You can then use the + & - icons to set your budget limit (this goes up and down in increments of £5)

6. Once you’ve chosen an amount for your budget, select Set

Your budget should now be added to the Budgets list!
To change the category for a specific transaction, or for a set of similar transactions (from the same merchant) simply follow these steps:

1. Tap the Transactions tab

2. Find the transaction and tap on it to open the transaction details page

3. From here you can view the current category the transaction is organised in

4. To change this, tap Edit and you’ll be prompted to select a new category

5. Then, tap either Apply to similar transactions to organise this transaction plus similar ones from the past and future in the new category

or

Apply to just one transaction to simply change this individual transaction (and none from the past/ future)
To add a new bill or subscription head over to the Transactions tab and follow these simple steps:

1. Find the transaction and tap on it to open the transaction detail page.

2. Next, tap on the 3 dots icon on the top-right hand corner of the screen and select mark as subscription.
3. Customise your subscription and once you're happy with the predicted amount, payment cycle and renewal date, tap on the Add icon on the top-right corner of the screen.

This transaction will now be in your list of bills and subscriptions and you can quickly head back to the Track bills feature found in the Actions tab to edit or remove the subscription.
To hide and unhide an account, you'll need to follow these simple steps once your accounts have finished syncing on Yolt:
1. Head over to the Accounts tab
2. Scroll down to the bottom of the page and tap on Add or customise accounts
3. Tap on Show or hide accounts
4. Select the accounts you wish to hide / unhide from Yolt
5. Tap Done to save your changes!
If you get a new phone, or reinstall Yolt, you can pick up right where you left off.

All you need is your 16-digit recovery code (which is found in Yolt on your old phone) and access to the phone number you first registered with (we will send a verification SMS to this number).

Simply download Yolt and tap ‘Already got an account?’ and follow the steps.
Your recovery code is a 16-character code that you need to store safely somewhere before you reinstall or log back in to your Yolt account.

Follow these simple steps to make sure you can recover your account later:

1. Head over to the More tab

2. Tap on Get recovery code

3. Enter your PIN

4. Make a note of your 16-character recovery code

5. Store it in a safe place (not on your phone)

Remember:

If you want to recover your account, you’ll need access to the phone number you first registered with (we will send a verification SMS to this number).

Questions about the App

Accounts syncing via Open Banking will automatically refresh up to four times a day, and normal accounts will refresh twice a day.

You can manually refresh your accounts at any time, by pulling down on the Accounts tab in Yolt.
For security reasons, we can’t reset or resend your recovery code. If you have access to your old phone, you can log in to Yolt and view your code.

If you can’t do that, you’ll have to create a new Yolt account and sync your accounts again. But don’t worry, it only takes a few moments and you’ll still import previous spending data (although any previous budgets and recategorisation will be lost).
Not right now. As we work on creating a way to move accounts to the new Open Banking connection, you will need to remove your existing account and re-add it using the Open Banking sync method (if your bank supports Open Banking).

The smart thinking money app.

Frequently Asked Questions

Top Questions

Yolt and Your Bank

Yolt and You

Yolt and Security

Yolt and Your Data

Identity Verification

How-to guides

Questions about the App