Yolt App

Shakin_Steve · 7 November 2017 at 9:26PM

There was even one far out article I read that said, if an insurance company bought your data, they could see how many times a month you stuffed a MacDonalds down your neck.

Anthorn · 7 November 2017 at 9:29PM

fanheater wrote: »

The idea that you wouldn't trust Yolt because ING went under a decade ago is an odd one.

Nobody who uses Yolt is depositing any money with them. Nor has ING got a uniquely bad record for security.

If you read my posts you would have seen that I specified a track record which Yolt does not have. In specifying ING Direct I explained my objection to assigning Yolt with respectability and security just because it's a product of ING.

Ok you're not depositing any money but the Yolt app can access the bank accounts you add to it and therefore so can a hacker.

batrachophagus · 8 November 2017 at 3:16PM

Shakin_Steve wrote: »

These free apps are just data miners. They will monetise the data they hold on you by sharing with anyone who cares to pay. The next logical step is targeted advertising, anything from savings accounts to Insurance policies.
If you are wary of your bank being hacked, imagine a database that has all of your bank, credit card and savings accounts, along with your spending patterns, being hacked
It’s a big NO from me. I can keep track of my finances all by myself, thank you.

ING are a bank though, and banks already hold a lot of data about customers. I suspect their ultimate intention is to sell you things, and better tailor their offers to what you want / need.

Shakin_Steve · 8 November 2017 at 4:06PM

batrachophagus wrote: »

ING are a bank though, and banks already hold a lot of data about customers. I suspect their ultimate intention is to sell you things, and better tailor their offers to what you want / need.

I don’t want any offers from ING, tailored or otherwise.
Banks do get hacked, occasionally, and I don’t want all of my data from all of my accounts on one database.

EdgarWhitleyLSE · 21 November 2017 at 3:31PM

In light of the discussion in this forum, if you using mobile phone apps like the ones discussed in this thread to help manage your personal finances and savings or have given an app or website permission to interact with your banking data, we are interested in speaking with you as part of a study for the Financial Services Consumer Panel being undertaken by Dr Edgar Whitley and Dr Roser Pujadas from the LSE’s Department of Management. For more details about the study and to enrol, please click https://lse.eu.qualtrics.com/jfe/form/SV_4Jbj39zKZgrAlmJ

bluesky2011 · 23 January 2018 at 12:04PM

how do Money dashboard and Yolt work on a desktop PC? I assume there is no desktop app, is it browser based? I just find it a lot easier setting up categories etc with a full sized keyboard and screen rather than on my android phone.

ic · 23 January 2018 at 10:49PM

I gave yolt ago a while back, but was very uncomfortable with it - after all you simply supply all your login details for each of your accounts, which is generally against the terms and conditions of those accounts. The promises about security are very vague, nowhere do they detail the reality of their security - just that its "bank level".

I'me keen on the concept of aggregated accounts, and used the Egg Money Manager extensively back in the day. I think I'll return when the banks have all implemented the open banking apis so that I don't ever have to reveal the passwords, usernames, PINs and memorable information for my accounts. Instead they'll simply get authenticated keys which I can cull at a moments notice by notifying the bank.

Gregmurch · 24 January 2018 at 8:36PM

Currently Yolt will screen scrape.
This means you provide your mobile banking login details and they then log in as you.
Personally I feel this is unsecure.
I have heard that as part of the PSD2 regulations later this year when the open banking API's are fully developed then they will be able to connect via API to the accounts without the need to share login details.

RandomUser923759 · 15 February 2018 at 10:46PM

I have downloaded Yolt the other day and spent a lot of time categorising and tagging my transactions.

I would like to see the total of tags as a whole rather than month on month but that is no biggy. I am using tags on my Amex for example to tag #Feb for example based on the statement they!!!8217;ll be on rather than the month they were spent so annoyingly I have to go to the !!!8220;this month!!!8221; tab and the !!!8220;jan!!!8221; tab and add the two totals. I am also using tags to differenitate between my spending, my partners spending and our joint spending.

I have been keeping on top of my finances for years with spreadsheets (namely numbers on iPhone) but it!!!8217;s all getting a bit tiresome and Yolt (and other similar apps) seem like the answer.

One huggggges drawback though that has really p!ssed me off and I probably wouldn!!!8217;t have spent so much time sorting everything, is that they only keep a year of data and offer no facility to export. So all the tagging and categorising is lost - what!!!8217;s the point??

I also want to be able to export too to reconcile !!!8220;internal!!!8221; transactions - sometimes this does not net to 0 on their automatic categorising and when you have 100 + transactions - exporting to excel to find the culprit would be so much better!

Anthorn · 16 February 2018 at 5:05PM

OK I got Yolt and added my bank account and almost immediately hit a stumbling block: It can only calculate income and relate it to budgeting for monthly income. If you get your income fortnightly as I do Yolt is pretty much a waste of time! My regular income which goes into Starling Bank is the same every month without variation at all but Yolt just cannot do it.

The very first thing that anyone should do when comparing such apps is whether it can cope with your income! If it can't it's just occupying space and won't be used very much.

Yolt App

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