Budgeting app Yolt is closing down from December – what it means for you

Budgeting app Yolt is closing down from December – what it means for you

YOLT is closing down on Saturday December 4 with all accounts, profiles and prepaid cards automatically stopping.

If you have a Yolt account you need to withdraw any funds and delete your account ahead of the deadline.

There are about 1.6million Yolt users across the UK, who use the app for budgeting and also for prepaid cards and accounts.

The app is saying that users need to clear out their Yolt Top-Up Account, including Savings Goals and Money Jars before the December deadline.

If you miss that date, you won't be able to access the cash in your account, and you'll have to ring up the helpline to get it back.

The helpline will stay open indefinitely past the deadline, even though the app is being discontinued.

The fastest way to transfer your funds is through the app. You need to:

  • log into the app on your phone
  • head to the Wallet tab
  • press "transfer"
  • select the account you want to transfer your funds to

Yolt says you can also head to your nearest ATM where you’ll be able to withdraw any money in your account as cash.

But it warns that withdrawal fees may apply, so this might not be the most cost-effective way to access your money.

If you don’t have the app or it's not working, you can contact Yolt at [email protected] or call the support line on 0800 130 3060.

A member of the team will help you get your balance transferred to another bank account.

Yolt says it might ask for a bank statement to confirm where your remaining balance will be transferred to.

The statement you share must be in your name, have your current address listed and be dated within three months.

If you don't have an alternative account, you can spend the cash, withdraw it at a cashpoint or transfer it to friends or family.

If you have any Direct debits set up, you should urgently cancel or transfer them to avoid penalties for late payments.

Yolt is also telling customers to delete their account by Saturday December 4.

Your balance needs to be at zero before you can delete the account. Next, you need to follow these steps:

  • Open your Yolt app.
  • Head to the 'Wallet' tab.
  • Click 'Profile'.
  • Then click 'Delete Profile'.

Once you’ve successfully deleted your Yolt App, your bank card will be deactivated.

You can dispose of it, but you need to make sure you chop it up, including cutting through the middle of the chip. You should do the same with inactive cards.

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