Yolt has today launched a new evolution of its app, with new features designed to help users save.

The app now comes with a contactless card, which serves as a new daily spending account, helping users to save on every purchase with round ups and cashback on selected retailers. The Yolt app automatically sets those savings aside into a ‘Money Jar’.

This virtual pot is designed to get users into the habit of saving, collecting all of the savings users make via using their Yolt card, while offering tips and financial reminders to prompt users to add to their Money Jar each week.

Users are able to switch on automatic jar boosters like The Cashback Collector and earn cashback rewards with their favourite 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.

The app will also recognise refunds, a salary increase, or even a bonus, and users will be prompted to pocket these windfalls and add those to their Money Jar too.

Launched in 2017, the company aims to harness Open Banking to empower people to be smart with their money. The app’s 1.5 million registered users are currently able to see their various bank accounts in one central place, letting them track spending, set budgets and identify where they can make savings.

Most recently, functionality was added for users to switch and save on household bills, combine their pensions, invest their money and grow their savings via in-app partners such as MoneySuperMarket, PensionBee, Raisin and Wealthify.

Pauline van Brakel, chief product officer at Yolt, commented: “Our relationship with money has dramatically changed in 2020 – 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.

“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 app is available for existing users from today, with full access to all UK users on iOS coming early November. Android will follow shortly after.

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