You might remember that when you linked your account to Cake for the very first time, you were asked to do this with your bank card and your bank card reader. This is the safest way to ensure that you, and only you, can add your bank account to our app. 🔒
The annoying part is that we need to ask you to do this every 90 days. Even though we already know who you are, we are legally obliged to follow this process. 📋 Luckily, in some countries like the UK, the discussions have started to extend the 90 day counter to make life a bit easier.
So when you were one of our first users you will need to reconnect your account in the next few weeks. 🗓
Why should you reconnect your account?
Why is it important to keep your account connected? What’s in it for you? 🧐
👉 Once the 90 day counter drops to zero your account will be automatically disconnected. When this happens no new transactions, incoming and outgoing, from that account will be visible in Cake. And as a consequence your spending, income and cash flow insights won’t be updated.
Summarized, Cake won’t be able to analyze your financial data and give you the right insights anymore. 📉
👉 The bad news doesn’t stop here. Once your account has been disconnected, you won’t be able to receive any new Rewards with that account either.
When you shop at one of our partners, that transaction will simply not be visible in Cake and the Rewards won’t go through.
👉 At Cake we believe it’s fair to share 50% of the revenue we receive when selling anonymized statistics and insights to companies with our active users. From now on we will do this every month.
We have set 3 criteria to define an “active user” 👇
✅ Have at least one unique IBAN bank account connected to Cake
✅ Have received 1 income on that bank account for that month
✅ Have 5 shopping/payment expenses on that bank account for that month (transactions between individuals are excluded)
So the first requirement in order to receive these monthly Rewards is having a connected bank account.
How can I be sure my account is connected?
To check whether your accounts are still connected check the horizontal account bar in the home screen of the Cake app.
When you see:
- A red exclamation mark this means your account has expired and needs to get renewed.
👉 To renew this account, just click on the account and follow the process to reconnect your account.
- An orange exclamation mark this means your account is about to expire and needs to get renewed before it expires.
- No exclamation mark, that’s good news! This means you have more than 7 days before you need to renew your account.
👉 To renew your “about to expire” account or to find out how many days there are still left you need to check the bank account overview in the settings menu ⚙️
To see the exact number of days left, scroll down and just click on any of your bank accounts.
If you already want to renew your account now, you will need to disconnect your account first and then reconnect it again. This will set the counter back to 90 days. ⏲
💡So remember, it is important to keep your bank account connected in order to keep receiving the right insights and to keep earning money by receiving Rewards.
And make sure your account is connected because next week already we will start sharing our revenue with our active users! 🎉