Yolt introduces new features to help customers save during Covid-19

October 20, 2020

Smart money app Yolt has announced new features to help its 1.5 million users save cash during the pandemic.

The new features include a new account and contactless card, a virtual money jar and new ways of saving.

The new Yolt Account and contactless card is set up to help keep track on daily spending and comes complete with round-ups and cashback on selected retailers.

The virtual Money Jar functionality comes with the Yolt account and is designed to get users into the habit of saving. The idea is that the Money Jar will collect all of the savings users make through their Yolt card and the app will offer handy tips and financial reminders to prompt users to add to their Money Jar each week.

Users are able to switch on automatic so-called “Jar Boosters” like the Cashback Collector and earn cashback rewards with their favourited retailers or The Set Saver, which will automatically move money from their Yolt Account to their Money Jar either daily, weekly or monthly based on user preference.

“Our relationship with money has dramatically changed in 2020,” said Pauline van Brakel, chief product officer at Yolt. “Many people are now treading a fine line between wanting to get life back on track, but also having the peace of mind that they are financially secure during these increasingly challenging times.

“Our research shows despite many of us trying to save money during the Covid-19 crisis, 65% of us were unable to. And whether it’s to free up money for a rainy-day fund, stash some cash away for Christmas or to pay off debt, saving has never been more important.

“That’s why we’ve evolved Yolt and our aim with this new launch is to help users save whilst they spend – combatting the persistent and pressing feeling that we need to save for the uncertainty that lies ahead, whilst also recognising the fact that life goes on and spending with it.

“The new Yolt account and Money Jar are designed to make saving more achievable by getting users into the habit of saving through small tweaks to their daily routines and easy automatic actions within the app.”