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Budgeting app Yolt to close in December

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Written by: Emma Lunn
08/10/2021
Yolt is shutting down its consumer-focused budgeting app on 4 December. Here’s everything you need to know if you have a Yolt account.

The Yolt app enables you to bring all of your current accounts, savings, credit cards, pensions and investments together in one place, so you can see all your balances and transactions in one place. Users can also set-up a Yolt account and use its prepaid debit card.

Yolt then analyses your spending habits and offers you tips, advice and better deals on credit than you currently have. It earns money from commission if you switch products following its recommendations.

Launched in 2017, Yolt has about 1.6 million registered users but its parent company ING have decided to close it down and focus on building an open banking technology platform.

Yolt customers should have been contacted about the closure – but here are some FAQs if you don’t know what to do.

How do I remove my money from my Yolt account?

You can use the Yolt app to transfers fund to another account. Once you’ve logged in, head to the Wallet tab and follow the “Transfer” flow. You can also withdraw cash from the ATM with your debit card.

If you don’t have access to the app, you can contact Yolt at hello@yolt.com or call its support line.

You may be asked to send us a copy of your bank statement so Yolt can confirm where your remaining Yolt balance will be transferred to. The bank statement must be in your name, have your current address listed and be dated within the past three months.

How do I get my Yolt account statement?

If you’d like a copy of your Yolt Account statement, login to the app then tap on your Yolt Account through the Wallet tab. Hit ‘…’ on the right-side of the page > Get statement. You can then select the period you’d like your export from and then ‘export statement’.

How do I delete my account?

The easiest way is via the app. Before deleting your profile, your balance needs to be zero so you’ll need to empty your Yolt Top-Up Account, Savings Goals and Money Jar.

Then head to the Settings page through the Wallet tab > Your profile > Delete profile.

Yolt will permanently close any open accounts with a zero balance from 4 December 2021.

What happens to my bank connections after I delete my account?

All bank connections are removed from Yolt’s systems when a Yolt account is deleted. This includes data such as your balance, transaction history and recurring debits. Your accounts will no longer be visible and will stop refreshing. Yolt will stop processing your data according to GDPR and its privacy policy.

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