The popular budgeting app Yolt - boasting over 1.5 million customers in the UK, France and Italy - has announced that it is to shut down all of its accounts this December. All Yolt App Profiles, Yolt Cards and Yolt Top-Up Accounts will be automatically closed from this date.
What is happening with Yolt?
Yolt will shut all of its accounts on Saturday 4 December 2021. From this date, all Yolt profiles, accounts and cards will no longer be accessible. The decision to close the Yolt app was made so that the firm can focus on its business-to-business open banking platform, Yolt Technology Services.
What do Yolt users need to do?
Existing Yolt users should have already been contacted to remind them about the closure. Yolt has asked its users to withdraw all of their funds and delete their accounts by 4 December 2021. It also reminded users that their balances must be at zero before they can successfully delete their account. Any funds left in a Yolt account by the deadline will no longer be retrievable.
How to transfer money from your Yolt account
Yolt users have been instructed to remove or transfer the funds in their Yolt accounts before 4 December 2021. In order to do so, users should open the Yolt mobile app and follow the steps below:
- Login to your Yolt account on the mobile app.
- Click on the tab called 'Wallet'.
- Click on the button called 'Transfer'.
- Move all of the money in your Yolt app to your chosen bank account.
Alternatively, Yolt users can use an ATM to withdraw cash. However, there is a £100 per day/£1,000 per month limit, so this may not be a viable option for users that have recently withdrawn large sums from their account. In addition, there is a 95p fee to withdraw cash from an ATM in the UK (international withdrawals cost £1.65), while transferring the funds from your Yolt account to another bank account via the app is fee-free.
Users who cannot access the app or are having trouble transferring their funds can email [email protected] or call the support line on 0800 130 3060 for help from a member of Yolt’s customer services team. Users may also be asked to provide a copy of their bank statement so Yolt can confirm where their existing Yolt balance will be transferred to.
How to delete your Yolt account
Once users have removed or transferred all of the funds in their Yolt account, they should delete their account before the 4 December 2021 deadline by completing the following steps:
- Login to your Yolt account on the mobile app.
- Click on the tab called 'Wallet'.
- Click on the button called 'Profile'.
- Click on the button called 'Delete Profile'.
Yolt has explained that all connected bank account data - such as your balance, transaction history, and debt - will be removed from Yolt's system once users’ accounts are deleted.
What happens if you miss the deadline?
Users who have not removed their funds by the 4 December deadline can contact Yolt's helpdesk on 0800 130 3060. The phone line will remain open beyond the closure of the app, but users should transfer any funds beforehand, as it is not clear if they will be able to retrieve their funds after this date, even if they notify Yolt.
Alternatives to Yolt
If you are an existing Yolt user and would still like to use a budgeting app to help manage your money, check out our independent reviews of Emma, Money Dashboard, and Moneyhub. Alternatively, view our round-up of the best budgeting apps in the UK.
