What is the Yomo interest rate?
Our interest rate is 2.75%. The only easy access rate on the market that beats inflation. With Yomo your hard earned savings will no longer be losing value.
How can Yomo pay 2.75% interest?
Banks collect savings and put them to work to earn a return. They make money by earning more on the loans they provide than they pay to the people whose savings they hold.
But there is another type of financial institution called a prime broker that many people don’t know about. Prime brokers are similar to banks in that they earn money by providing loans, amongst other things. However, they typically operate in a higher return end of the market and usually work with high net worth individuals and hedge funds. Essentially they are able to do what the banks do but without the overhead.
We have partnered with an experienced prime broker to provide our financial products. They are able to earn higher returns on the funds they hold, and we pass those on to our users. Since your money is being put to work, it is at risk. Learn more about how we protect your money.
By taking a revolutionary approach, Yomo is bringing the financial products of the wealthy to the everyday saver for the first time ever.
Is the 2.75% interest rate likely to change?
Yomo’s 2.75% interest is a variable rate made up of 2% from putting your money to work, plus the Bank of England Base Rate — currently 0.75%.
We reserve the right to change the 2% rate, but we do not anticipate any change in the near future. Please note this is not an introductory rate and we will be doing everything we can to ensure it does not change for Yomo customers.
If the Bank of England Base Rate changes this will change your total Yomo interest rate. That means it could go up or down. We expect that at the next Bank of England MPC (Monetary Policy Committee) the rate will be increased to 1%, meaning the Yomo interest rate will increase to 3%. 🎉
How do you compare to competitors?
We’re glad you asked :) Our interest rate is almost double the current best interest rate for an easy access account in the UK. We recommend checking the MoneySavingExpert’s Top Savings Accounts article to learn more.
What happens if Yomo goes out of business?
In the event that Yomo went out of business, there would be no risk to your money. This is because Yomo isn’t providing the saving product directly. It is provided by our fully authorised and regulated prime broker partner.
In addition, Yomo ensures that they hold a portfolio of cash equivalent investments worth more than the total value of Yomo savings. This means that whenever you want to withdraw your funds, they are always there waiting for you.
Is my money protected?
Since our Prime Broker is based in the EU, we’re working to ensure all client assets are covered a European financial compensation scheme. We expect this to be confirmed shortly, and will update everyone signed up ahead of launch.
How do you approach security?
We’re a team of experienced engineers who take security seriously when working on any level of our system. That means we take the following steps to ensure your funds and data are protected:
- We use 256-bit SSL/TLS encryption (the same as banks)
- VPN protection on our backend systems
- Bank-level secure office location
- Internal usage of two-factor authentication
- Strong password requirements
- Our servers run on AWS (Amazon’s cloud= services). They’re trusted by some of the biggest financial institutions in the world
We constantly monitor the security of customer funds and are working on adding further fund security measures in the near future.
If you’d like to know anything else about our approach to security and privacy you’re welcome to contact us at firstname.lastname@example.org.
How does Yomo make money?
The prime broker pays us a fee, which allows us to make money to cover our costs and reinvest to improve Yomo.
Are there any limits on how much I can save?
There are no limits, you can start saving with £1 and deposit as much as you like, as frequently as you like.
Are there any limits on how much I can withdraw?
Nope! You can withdraw as much of your cash as you like from Yomo at any time.
How often is interest paid?
Interest is paid daily after 5 pm apart from weekends and bank holidays. Interest payments from those dates will be paid on the next business day.
Will I be saving into a Yomo ISA?
At launch, we will not be offering an ISA. We’re working to offer Yomo customers an ISA in the future.
Will there be a Yomo iPhone or Android app?
When we launch, Yomo will be web-based and accessible via getyomo.com. We will be launching an iPhone and Android app at a later date.
Where will Yomo be available?
Initially, Yomo will only be available to UK residents with UK bank accounts.
Is Yomo free to use?
Yes. Yomo is completely free to use.
How old do I need to be to open an account?
You need to be at least 18 years old to open an account with Yomo.
What is the private beta and how long will it last?
We’ll be launching with a Private Beta period. During this period access to Yomo will be limited to the top 1,000 people in our waiting list. Access may also be rolled out to these users gradually.
The purpose of the Private Beta is to give you an opportunity to feedback on your experience and help us iterate in improvements before a full UK launch. You can already start sharing your ideas in our Beta Community.
We expect the Private Beta period to last for at least 1 month.
How do I get in touch with the Yomo team?
We’d love to hear from you! Send us an email to email@example.com.
What is your mission?
For too long now we’ve had to accept poor interest rates that didn’t even beat inflation. Yomo is here to change that.
We’re starting with the Yomo 2.75% product but don’t plan to stop there. In the future, we’ll offer exciting new ways to grow your money even further.
We want to help everyone make the most of their money. Sign up now to be one of the first to earn 2.75% on your money with Yomo.