Loot Banking App Launches

Loot, the latest mobile-only bank, has finally launched following a long delay, promising a “new banking experience” via its app and pre-paid MasterCard.

Loot

We first took a look at Loot last year, and at the time it appeared to be targeting the student market, hoping to help them manage their money.

Loot finally launched this week:

The day is finally here. This is not a drill. We have actually launched.
It may have taken us a little longer than we wanted (sorry ‘bout it), but we’re now ready to start opening up accounts & sending out cards.

They’re starting to send out invites to open accounts based on where users are on their waiting list. The higher up you are on the waiting list, the sooner you’ll receive an invite. If you’re not yet registered, you can download the app and get on the waiting list – you can also boost your position on the list by inviting others to join the list.

Loot features

Here’s a few of the features promised with a Loot account:

  • Set yourself a weekly budget and let Loot figure out how much you can spend daily.
  • Create goals to put aside money for an special occasion or purchase.
  • Receive instant transaction notifications every time you use your Loot MasterCard®
  • Use your card to spend abroad, just as you would at home.
  • Instantly pause your card if lost or stolen, and unpause once you find it again (hopefully you find it again).
  • Deposit money using your own account number and sort code.
  • Send money to friends and family.
  • No monthly cost and free contactless debit card.

Fees

There are currently no charges for having a Loot account, and receiving the Loot card is also free. However, after using up two free cash withdrawals a month globally, there is a £1 charge for any withdrawals after that. Cash withdrawals whilst abroad may also incur fees. Loot applies the MasterCard® wholesale exchange rate on all purchases in foreign countries, with no added commission.

The Loot app is available now for iOS, and there’s also an Android version, although at the moment this can only be used to view where you are in the waiting list.

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