Once you're ready to start saving you'll be asked to choose how much you want to save automatically each week. The minimum amount when you're setting up is £5, but don’t worry you can decrease or increase the weekly amount from £0-£5,000 as you require after set up.
Next you'll need to set up a Direct Debit to allow for your weekly deposits to be taken. You'll need to provide your bank account holder name, number, sort code and address to set it up.
Please note we currently do not allow joint accounts to be used with Yomo.
Once your Direct Debit mandate is set up your rewarding saving account will have started!
Our rewarding saving account exists to help people create a good saving habit. To do this we're encouraging people to save by rewarding them for progress. As you save you will unlock rewards at each saving milestone.
Want to know more about something savings related?
- How do I make a one-off deposit?
- How do I change how much is saved this week?
- How do I change my automatic weekly deposit?
- How do I cancel my automatic weekly deposit?
- How do I view my past transactions?
- How do I collect rewards?
- When is my weekly deposit taken from my bank account?
- How do I withdraw some of my savings?
- How do I withdraw all of my savings?
- How long does it take for withdrawn savings to reach my bank account?
- What happens to my rewards if I withdraw savings after hitting milestones?
- What happens when I reach a milestone?
- Why do I need to setup an automatic deposit to start saving?
- Can I withdraw my savings to a different bank account?