This is how you keep your bank account linked to Cake

By Benoit Billington

To continue using Cake, after every 90 days we ask you to renew the link to your bank account. Let’s explain why this is necessary and how to do it.

When you started using Cake, we asked you to link your bank account(s) to Cake. Depending on your bank, you did this with your card reader, Itsme or through your bank’s app. Each bank determines what steps are needed to set up a secure connection between your bank account and our app.🔒 

Every 90 days we have to ask you to do this again. This is a little annoying but it is a legal requirement. This legislation was created to protect you as a consumer. It ensures that your bank account does not accidentally remain linked to apps that you might no longer actively use.

If your account is about to expire or has expired you will get a notification in the app’s home screen.

You will also see an exclamation mark next to the corresponding account in the horizontal account bar in your app’s home screen.

  • An orange exclamation mark means your link is about to expire and will expire in less than 24 days. 
  • A red exclamation mark means that your link has already expired. 

To renew the link, simply click on the notification in your app and then follow the process step by step. This only requires a few clicks.

What if I don’t reconnect my account?

Once 90 days have passed since the last time you linked your bank account, your account will be automatically unlinked. 

At that time, no new transactions, incoming and outgoing, from that account will be visible in Cake. Consequently, your spending, income and cash flow insights will not be updated either. So, in short, Cake will no longer be able to analyze your financial data and provide you with accurate insights.📉

Once your account is disconnected, you will no longer be able to receive Rewards through that account. This means that if you buy from one of our partners, the transaction will not be visible in Cake and the Rewards will not be earned. 

If you no longer have any accounts linked to Cake then we can no longer share our revenue with you either.

As you may know we also share a portion of our revenue each month with all active users of the app. An active user is defined as someone who

✅ has at least 1 unique IBAN account linked to Cake.

✅ has received at least 1 income into that account during this month.

✅ has made 6 or more expenses with that account during this month. 

💡 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.

How can I check for myself how long my account is still linked?

You can do this through the app’s “control center”. You can access this by clicking on the Cake logo at the top right of your home screen.

Then go to “bank accounts”. There you will find an overview of all the bank accounts you have ever linked to Cake.

When you click on an account, you can check the number of days left before your account expires. This is shown at the top, just below your account number.

Here you can re-link, unlink or completely delete your bank accounts at any time. This is also where you can add additional accounts.

Of course, you are not required to add all your accounts to Cake, but to get a complete overview of your income and spending, we recommend that you do so. 

You can also add the number of your savings account. The transactions and balances of your savings accounts are not transmitted by your bank, but the app will detect when there are transfers to and from that account number and incorporate that into the insights in your app. Read more about it here.