YOLT - opinions welcome


#1

Hi all. I suppose I am asking for guidance with this post.

I came across YOLT the other day (http://www.yolt.com)

It is an app where you can link accounts together - current accounts, credit cards and savings accounts. I have a number of accounts - and from reading the posts on here, I’m not unusual in this regard - so I felt that something like this could be useful (as it is, in many respects, offering what Starling offers in terms of spending insights but across multiple accounts).

I know that this type of thing is not unique, but I quite liked YOLT’s approach and the fact they are backed by ING (which gives some confidence).

Now, getting to the point: I am lead to believe that many banks/building societies frown upon these kind of services as you are sharing your login details. I would like to use this kind of thing but I do not want to contravene T&Cs our leave myself open in some way.

Any thoughts or opinions on this, oh wise ones?

Cheers.


#2

I’m not quite sure I’m seeing the point? Yes I have multiple accounts but its hardly difficult to switch apps to check balance. Long term I plan on consolidating everything into one provider, either Starling or Monzo.


#3

Hi @hailstorm, the point is that you can have a single “dashboard” and see everything in one place. As I said, there are many people who have multiple accounts - and not just current account, savings accounts
too - so a place where everything is displayed is quite useful.


#4

What do the Ts&Cs of your various accounts say @Itsjoebowler? Maybe you could provide some helpful facts rather than gathering opinions? At the end of the day, breaking the Ts&Cs is likely to get your account closed, and you liable for any amount of fraud on your account, regardless of your ‘opinion’ on the usefulness of any aggregation apps.


#5

I hooked up to a version of this (recommended through Martin Lewis’ website. It was called ‘Ontrees’. The functionality looks to be the same as you describe.

I tried it because it seemed really neat, seeing all my various balances in one place. Truth is though, it had no other functionality, except I was storing all my financial login details in a whole new place. That felt kinda scary. I binned it - more out of ‘can’t see the point’ than because of the security concern.

Don’t know if that helps any…


#6

Thanks @Graham Yes, that’s helpful, thanks. What appealed with this was that it was offering the same insight functionality that we are all enjoying with Starling, but across multiple accounts - so that’s the point, really. I’m just trying to see what other people think as this is what this kind of forum is all about - sharing thoughts, experiences and opinions. Cheers.


#7

I just can’t bring myself to give them all of my log in details - especially for bank accounts.

Once the PSD2 API is available, I think these aggregators will be much safer


#8

I’ll politely ask once more. Do your banks’ Ts&Cs permit you entering your login info into Yolt or another third party app?


#9

Yes, @DaveTMG this is where my head is at - it does seem to go against common sense.


#10

@city_agent Thanks for taking the time. I’ve accounts with Nationwide and Santander. I can’t find anything specific with the former, but the latter:

“Account aggregation services allow you to have the details of all
your accounts, from all financial institutions, presented on one
internet webpage. We are not responsible for any loss caused as a
result of your use of any account aggregation service provided by
anyone other than us.”

…that’s pretty clear.

I suppose the general consensus is don’t go there. That’s where I was, but the purpose of my post was to see whether anyone else used such services.

It is an odd situation that a financial services company like ING is taking the time and effort to offer this kind of thing which is at odds with general terms and conditions.


#11

I’d feel pretty uncomfortable with a third party knowing my banking password; it’s one reason I felt uneasy using Moneybox with my legacy bank at first.

As for seeing all my accounts in/on one screen or app, I don’t really see a need personally? Although I only have two saving accounts, (one with Atom another with Virgin) my legacy bank’s current account and my Starling current account. I don’t find them particularly hard to track and keep tabs on.


#12

Hello!

Regardless of whether you should or shouldn’t be using it because of T&Cs I’ll share my personal experience.

I like yourself have multiple accounts! To many for some but they all have some kind of benefit, whether it’s casback or interest… I set up this app because I thought it would help me to do my morning balance check a bit quicker. Sometimes I have transactions going between accounts and it’s nice all in one place. However, the app itself takes about 2 minutes to sync the data, this makes the app redundant! I could check my various apps and be done by the time YOLT was finished syncing. I contacted them about this and I was told it auto syncs every 12 hours. This wasn’t useful as I didn’t know when the very first sync happened to then work out what times of the day the sync would happen automatically. I sent this second follow up question to YOLT but I didn’t get a response.

I was not very impressed with how they handled transfers between my linked accounts. If I move money from one account to another it counts this credit in the recievknf account as income! Basically because I shift money about to meet account criteria for cash back and interest YOLT told me my income was over £8000 in one month :hushed: I wish!!!

The one thing I like about this is that I can view my virgin credit card which is brilliant because virgin don’t have an app, they just have a website that is optimised for phones.

Starling are also not one of the accounts that are managed so a lot of the functions they offer would be missing data from starling!

Basically I removed all the accounts from YOLT apart from virgin!

Hope this helps :grinning:


#13

@avian946 Many thanks. Useful insight.


#14

Thanks @thom_horne I, like you, flick between the various apps at the moment. It was more the ability to link the spending together across my current accounts that I was interested in. Cheers.


#15

This sounds like a great idea. I have downloaded and will give it a go, as like some other comments I have an inner of different accounts and it would be useful to save the tone of switching between them.

As to the breaking t’s and c’s question. Generally it is against them. It’s called screen scraping and is very common, Tandem do it to and First Direct have been doing it for years. Many, many people ignore it and I have never heard of a case of someone complaining that they had a loss as a result of this and the bank didn’t pay out. I assume there would have been some sort of exposé if there had been a big issue?

Again, as someone mentioned earlier PSD 2 will mean banks will have to provide this information freely to anyone we give permission to anyway. I really don’t think it’s an issue.


#16

I will be trying out Yolt. It looks good.


#17

I’m using you at the moment just because I have so many accounts and need to keep track of the in YNAB. Without it I’d have to logging to lots of different apps to make sure balances haven’t moved

Now that I’ve got both a Starling and Monzo current account I’m tempted to get rid of all the others and go back to basics with a main and backup account.


#18

I connected my accounts to Yolt and spent a bit of time playing with it last night. It looks like it could work really well and replace my current finance management software. If they add the ability to set the dates of your ‘month’. For example I actually work on a 7th - 6th month rather than a 1st - 31st. Without that it is useless to me!

In any case once Starling is settled in it will become redundant anyway!


#19

Agreed. I have the same issue!


#20

I do hope Starling include this as a feature too!

As another note for future reference Starling. A useful budgeting feature I would like:

I spent £22 on lunch the other day and my friend transferred £11 for his half. If I was to use Starling as my budgeting app I would need to be able to assign the income of £11 against my eating out costs in the month.

Yolt doesn’t allow this either and not does my current solution MoneyWiz.