Yoco Savings lets you save a percentage of your daily net earnings automatically into a Yoco Pocket, so you can achieve your business goals – whether that’s to buy new equipment, expand your store footprint, save for a marketing campaign, build reserves, or manage future expenses more effectively.
✔️ Automate your savings
Choose the percentage you’d like to save before each payout (5%, 10%, 15%, 30%) and we’ll stash it in a Pocket that you can track on the Yoco App (mobile or web).
✔️ Access your funds instantly
Withdraw your money to your linked bank account whenever you need it.
✔️ Earn interest on your savings
Grow your money as you work towards your goals.
✔️ Stay in control
Pause your savings, adjust your percentage, or close your Pocket at any time.
Creating a Yoco Pocket
Select the Money tab.
Select the Yoco Savings tile/widget.
An information pop-up will appear – read through it so that you understand everything you need to know about opening a Yoco Pocket.
Select the New Pocket button.
Set a savings goal and choose a percentage of your daily net earnings to save into your Pocket. You can choose from pre-selected percentages – 5%, 10%, 15% or 30% – or manually enter any other percentage in the provided field. This amount will be deducted from each payout before the balance is paid out.
Select the tile/widget below the savings percentage to enter your 10-digit SARS tax number.
💡 Good to know: You can create a Pocket without entering your tax number, but if you choose this route, you won't be able to earn interest on the money you save as any interest earned must be communicated to SARS.
Enter your SARS tax number, then select the Add SARS tax number button.
✨ Not sure where to find your tax number? Click here for the answer.
Select the tickbox to agree to the Terms and Conditions, then select the Create Pocket button.
Your Pocket is now ready to accept your automated savings!
✨ Why do we need your tax number? We’re required to report the interest you earn on your Pocket savings to SARS, and your tax number links this interest to your personal tax profile. We’ll issue an IT3(b) certificate every year (1 March–28/29 February) which shows how much interest you’ve earned.
Editing your Pocket information
Select the Money tab.
Select the Yoco Savings tile/widget.
Select the Edit Pocket button in the top right corner of the screen.
When the Edit Pocket screen opens up, add a name for your Pocket, e.g. Store Renovations, Staff Training, New Coffee Machine, etc.
Select the Upload file button to add your own image to your savings pocket. If you prefer to keep the existing image, simply skip this step.
💡 Good to know: The image you select will also reflect in the Yoco Pockets tile/widget in the Money tab.
Select the Savings configuration tile/widget if you want to change your savings goal or percentage.
Change your savings goal or the percentage of your daily net earnings you want to save into your Yoco Pocket.
Select the Save button once you've made the changes.
Withdrawing from your Pocket
Select the Money tab.
Select the Yoco Savings tile/widget.
Select the Withdraw button from the row of buttons at the top of the screen.
Enter the amount you’d like to withdraw from your Pocket.
Select the Withdraw button.
The amount you’ve withdrawn will be paid into the bank account linked to your Yoco profile immediately.
Pausing your Pocket
Select the Money tab.
Select the Yoco Savings tile/widget.
Select the Pause button from the row of buttons at the top of the screen.
A red banner will appear on screen confirming that your Pocket has been paused. The Pause button will have changed to Unpause. Select the Unpause button any time you like to immediately continue saving into your Pocket.
Closing your Pocket
Select the Money tab.
Select the Yoco Savings tile/widget.
Select the Close button from the row of buttons at the top of the screen.
Choose a reason for closing your Pocket.
Select the Close Pocket button.
✨ Important: The interest from your Pocket is paid out at the end of each month. If you decide to close your Pocket before month-end, you’ll miss out on your interest for that month.
Viewing your Pocket history
Select the Money tab.
Select the Yoco Savings tile/widget.
If you’re using the Yoco Web App, your Pocket history will now appear on your screen. If you’re using the Yoco Mobile App, select the Pocket history button to view a list of your Pocket savings and withdrawals.
Pocket error messages
'Request to banking service timed out'
If you see this message while trying to withdraw from your Pocket, wait to confirm that the withdrawal was completed successfully. If the withdrawal doesn't reflect in your bank account, please try again.
If you see this message will trying to create your Pocket or update it, please wait five minutes, then try again.
'Could not connect to banking service'
If you see this message while trying to create, update, or withdraw from your Pocket, please wait five minutes, then try again.
'Network error connecting to banking service'
If you see this message while trying to create, update, or withdraw from your Pocket, please wait five minutes, then try again.
💰 Yoco Savings FAQs
Can I create more than one Pocket? Currently, it’s only possible to create one Pocket at a time, but we do have plans to enable multiple Pockets in the future.
Can I deposit extra savings into my Pocket? Manual deposits are not currently available for Pocket. Only automated deposits can be made into your Pocket by selecting to save a set percentage of your daily (net) earnings.
How does interest work? Interest helps your Pocket savings grow automatically. The longer your money stays in your Pocket, the more it earns.
Interest is calculated daily on the amount in your Pocket at midnight and paid out monthly at the beginning of the new month.
Every day’s interest adds up and is shown as pending interest until it’s paid out.
Interest is paid at the beginning of the next calendar month (no later than the 5th of the month).
If you withdraw part of your balance, the remaining balance will continue earning daily interest until your next payout.
If you withdraw your full balance, you’ll earn interest up to the withdrawal date. Your ‘pending interest’ will be paid with your next monthly payout, even if your Pocket is empty after you’ve withdrawn funds.
By closing your Pocket before interest is paid out, you’ll miss out on that month’s interest.