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  • FIRST POST
    • MrsLWW
    • By MrsLWW 2nd Oct 17, 7:59 AM
    • 84Posts
    • 255Thanks
    MrsLWW
    Yolt App
    • #1
    • 2nd Oct 17, 7:59 AM
    Yolt App 2nd Oct 17 at 7:59 AM
    MoneySavingExpert insert:

    We've a fully researched App Banking guide you may find helpful.

    Back to the original post...

    ------



    Hi all,

    just wanted to share a great wee app I found. It's called Yolt - it's currently only for UK use. Basically you can add all of your bank accounts into the app and it gives you real time balances. It also has things such as spending categories, top merchants that you use etc.

    I've been using it for the past few weeks and I have to say it's flipping great. It's by the banking group ING so security is no issue.

    Just wondering if anyone else is using it, wonder what you think of it. Also hope it helps someone else.

    L Xx
    Last edited by MSE Andrea; 22-02-2018 at 9:37 AM.
    Debt peak approx £30,000 now debt free!!!
    My parents always said "If you can't afford it cash, you can't afford it!" so true!.... mind you, turns out we can't afford much lol
Page 1
    • louloubelle79
    • By louloubelle79 2nd Oct 17, 1:18 PM
    • 336 Posts
    • 177 Thanks
    louloubelle79
    • #2
    • 2nd Oct 17, 1:18 PM
    • #2
    • 2nd Oct 17, 1:18 PM
    Sound so very similar to Moneysashboard which I use. There is app also for it.

    https://www.moneydashboard.com
    • louloubelle79
    • By louloubelle79 2nd Oct 17, 1:19 PM
    • 336 Posts
    • 177 Thanks
    louloubelle79
    • #3
    • 2nd Oct 17, 1:19 PM
    • #3
    • 2nd Oct 17, 1:19 PM
    Should say moneydashboard
    • MrsLWW
    • By MrsLWW 2nd Oct 17, 7:21 PM
    • 84 Posts
    • 255 Thanks
    MrsLWW
    • #4
    • 2nd Oct 17, 7:21 PM
    • #4
    • 2nd Oct 17, 7:21 PM
    I've been looking for an app like this for ages, an now there's 2 lol!
    Debt peak approx £30,000 now debt free!!!
    My parents always said "If you can't afford it cash, you can't afford it!" so true!.... mind you, turns out we can't afford much lol
    • mrmajika
    • By mrmajika 3rd Oct 17, 12:42 PM
    • 888 Posts
    • 532 Thanks
    mrmajika
    • #5
    • 3rd Oct 17, 12:42 PM
    • #5
    • 3rd Oct 17, 12:42 PM
    Been using money dashboard for years and really like it, but discovered Yolt off the back of an HSBC MSE news story last week. Yolt feels and looks better to me and i've moved over to that. The catagorisation doesn't seem quite as good, but other than that Yolt seems to suit my needs better.
    Whilst my posts do not constitute financial advice, I am always, without fail, 100% right!
    • Anthorn
    • By Anthorn 7th Nov 17, 12:50 PM
    • 3,678 Posts
    • 951 Thanks
    Anthorn
    • #6
    • 7th Nov 17, 12:50 PM
    • #6
    • 7th Nov 17, 12:50 PM
    Been looking at Yolt because it has been paired with Starling Bank but I don't see the value of it except that it will eventually be able to tell me if I can afford to pay what I usually pay next month.

    I'm concerned about security. While I don't mind whacking 20 quid a week into the largely unproven Moneybox mobile app I'm dubious about connecting all my bank accounts to a similarly unproven mobile app. The question of security appears to revolve around Yolt being a product of Dutch Bank ING. Oh well that must be OK then? Not. Didn't ING's UK offering go under to be taken over by Barclay's Bank? And what price "bank security" when we know from recent memory that banks get hacked, c.f. Tesco Bank.

    Overall I'll need at least two years track record before I look at Yolt again!
    http://www.pocket-lint.com/news/141354-yolt-what-is-it-and-how-will-it-help-you-manage-your-money
    • wiseonesomeofthetime
    • By wiseonesomeofthetime 7th Nov 17, 1:19 PM
    • 157 Posts
    • 71 Thanks
    wiseonesomeofthetime
    • #7
    • 7th Nov 17, 1:19 PM
    • #7
    • 7th Nov 17, 1:19 PM
    Been looking at Yolt because it has been paired with Starling Bank but I don't see the value of it . . .
    I'm concerned about security.
    Originally posted by Anthorn
    Me too which is why I personally won't be going anywhere near it.

    Good luck to those that make the alternative choice.
    • noh
    • By noh 7th Nov 17, 1:51 PM
    • 5,246 Posts
    • 3,546 Thanks
    noh
    • #8
    • 7th Nov 17, 1:51 PM
    • #8
    • 7th Nov 17, 1:51 PM
    ...................
    I'm concerned about security. While I don't mind whacking 20 quid a week into the largely unproven Moneybox mobile app I'm dubious about connecting all my bank accounts to a similarly unproven mobile app. The question of security appears to revolve around Yolt being a product of Dutch Bank ING. Oh well that must be OK then? Not. Didn't ING's UK offering go under to be taken over by Barclay's Bank? And what price "bank security" when we know from recent memory that banks get hacked, c.f. Tesco Bank.

    Overall I'll need at least two years track record before I look at Yolt again!
    http://www.pocket-lint.com/news/141354-yolt-what-is-it-and-how-will-it-help-you-manage-your-money
    Originally posted by Anthorn
    ING's UK offering did not "go under" they sold it to Barclays as part of their strategy to pay back the bailout from the Dutch government. So no different to those UK banks who received government bailouts.
    • Anthorn
    • By Anthorn 7th Nov 17, 3:17 PM
    • 3,678 Posts
    • 951 Thanks
    Anthorn
    • #9
    • 7th Nov 17, 3:17 PM
    • #9
    • 7th Nov 17, 3:17 PM
    ING's UK offering did not "go under" they sold it to Barclays as part of their strategy to pay back the bailout from the Dutch government. So no different to those UK banks who received government bailouts.
    Originally posted by noh
    So if it didn't "go under" ING Direct in the U.K. must still be operating. Not true. If what you say is true then Alliance & Leicester being sold to Santander must be part of their strategy too! More than that, RBS wasn't sold so did they not have such a strategy or did they have a different strategy?

    In truth ING could not meet its financial obligations so it sold its assets which was ING Direct in the UK and that brings us right back to my reasons for not trusting Yolt ROFL
    • fanheater
    • By fanheater 7th Nov 17, 8:05 PM
    • 79 Posts
    • 26 Thanks
    fanheater
    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.
    • Shakin Steve
    • By Shakin Steve 7th Nov 17, 8:24 PM
    • 1,456 Posts
    • 1,200 Thanks
    Shakin Steve
    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!!!8217;s a big NO from me. I can keep track of my finances all by myself, thank you.
    I came into this world with nothing and I've got most of it left.
    • Shakin Steve
    • By Shakin Steve 7th Nov 17, 8:26 PM
    • 1,456 Posts
    • 1,200 Thanks
    Shakin Steve
    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.
    I came into this world with nothing and I've got most of it left.
    • Anthorn
    • By Anthorn 7th Nov 17, 8:29 PM
    • 3,678 Posts
    • 951 Thanks
    Anthorn
    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.
    Originally posted by fanheater
    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
    • By batrachophagus 8th Nov 17, 2:16 PM
    • 44 Posts
    • 11 Thanks
    batrachophagus
    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
    Itís a big NO from me. I can keep track of my finances all by myself, thank you.
    Originally posted by Shakin Steve

    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
    • By Shakin Steve 8th Nov 17, 3:06 PM
    • 1,456 Posts
    • 1,200 Thanks
    Shakin Steve
    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.
    Originally posted by batrachophagus
    I donít want any offers from ING, tailored or otherwise.
    Banks do get hacked, occasionally, and I donít want all of my data from all of my accounts on one database.
    I came into this world with nothing and I've got most of it left.
  • EdgarWhitleyLSE
    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 LSEís Department of Management. For more details about the study and to enrol, please click https://lse.eu.qualtrics.com/jfe/form/SV_4Jbj39zKZgrAlmJ
    Official Organisation Representative
    This is a verified account.

    MSE has given permission for me to post letting you know about relevant and useful info and ask for your feedback. You can see my name on the organisations with permission to post list. If you believe I've broken the Forum Rules please report it to forumteam@moneysavingexpert.com. This does NOT imply any form of approval of my organisation by MSE
    • bluesky2011
    • By bluesky2011 23rd Jan 18, 11:04 AM
    • 15 Posts
    • 0 Thanks
    bluesky2011
    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
    • By ic 23rd Jan 18, 9:49 PM
    • 2,591 Posts
    • 1,329 Thanks
    ic
    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.
    * my posts are made in good faith and only represent my own opinion, experience or understanding of a situation.
    • Gregmurch
    • By Gregmurch 24th Jan 18, 7:36 PM
    • 2 Posts
    • 1 Thanks
    Gregmurch
    Yolt app
    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.
    • mrchrisbrogan
    • By mrchrisbrogan 15th Feb 18, 9:46 PM
    • 63 Posts
    • 12 Thanks
    mrchrisbrogan
    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!
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