Can I connect my savings account to Woolsocks?

Whether or not you can connect your savings account to Woolsocks varies by bank.

Woolsocks uses our PSD2 licence to connect bank accounts. PSD2 legislation is specifically built to regulate payment accounts. This means that if your savings account is not considered to be a payment account, the bank will not allow the connection to be completed. 

If your bank permits connections, you'll be able to connect your bank account via the in-app "My accounts" section. There, you can select "connect your bank account" and proceed with the connection process as described in this linked article. We recommend that you try to connect your savings account to the Woolsocks app, as savings accounts that allow unrestricted fund transfers to other accounts may qualify as payment accounts.

 

Other articles you might find interesting: 

What is PSD2 and how does it relate to Woolsocks?

How do I connect my bank account to the app for the first time?

 

If you need further assistance, please click this link to send us a request.

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