Any questions about Hammock

What is Hammock?

Hammock is a the first current account designed specifically for landlords and property managers. We combine property management with financial services to automate your rent collection, simplify your bookkeeping and save you time and money.

Who are Hammock?

Hammock is a UK based prop-tech company born out of Founders Factory

What is your main goal or mission?

Landlords are currently getting squeezed on all sides, with both property laws and tax changes increasing the cost of being a landlord. Hammock’s goal is to save landlords time and money managing their portfolio and make their rental income work harder by offering investment opportunities that will increase their returns.

Who can use Hammock?

Anyone who manages property, collects rent and pays taxes can use and benefit from a Hammock current account.

How do I sign up?

To sign up and take advantage of our free trial simply contact: hello@usehammock.com

What is open banking?

Open Banking is designed to bring more competition and innovation to financial services. It was set up by the Competition and Markets Authority on behalf of the UK Government, allowing you to securely and electronically share your financial information with companies like Hammock in order to make your life easier.

Why do I need to connect my existing bank account?

The Hammock current account will allow you to collect rent and track expenses going forward, but in order to complete your tax return, you’ll also need to include income and expenses that have already been paid. 

With Hammock you can use open banking technology to connect your existing bank account(s) in order to be able to recognise and track your rent and any associated property expenses like mortgage payments and insurance premiums. By connecting your bank account, you allow Hammock read-only access so that we can automatically keep track of your property finances, so you don’t need to waste any more time checking your accounts and updating spreadsheets.

Once your tenants start paying their rent into your Hammock current account, the tracking will seamlessly continue, moving from your old to your new account.

How do I connect my existing account using open banking?

We connect your account using Truelayer, our open banking provider. Truelayer are regulated and authorised by the Financial Conduct Authority (FCA Register No. 793171).

Is it safe ?

Security is of paramount importance to us and we take the following steps to ensure the safety of your financial data

  • With Open banking, you’re never asked to share your password or login details with anyone other than your own bank or building society. Hammock does not store (or have access to) this information.
  • Your user credentials and login details are encrypted with a uniquely generated key, enciphered with AES-256 and the encryption key is embedded in the Access token that is sent to the application and never stored by TrueLayer or Hammock.
  • We have read-only access to your data so even in a breach there is no way to access your funds
  • We use a FCA regulated open banking provider, Truelayer, to ensure the safety of your data

If you would like to learn more about our security processes or have any further questions then please contact us: security@usehammock.com

Can I add more than one bank account?

Yes, you can add as many accounts as you need to, so if you get rent paid into multiple accounts, or have a mortgage coming out of a different account you can still track them all.

Which bank accounts is Hammock compatible with:

  • Bank of Scotland
  • Barclays
  • Coop
  • Danske
  • First Direct
  • Halifax
  • HSBC
  • Lloyds
  • Metro
  • M&S Bank
  • Monzo
  • Nationwide
  • Natwest
  • Revolut
  • RBS
  • Santander
  • Starling
  • TSB
  • Ulster Bank

How can I contact you?

The quickest way to contact us is to use the purple chat button in the bottom right corner of the screen. You can also reach us via social media on both Facebook and Twitter. Finally, you can always email us on hello@usehammock.com.

How can I make a complaint?

Send an email to support@usehammock.com. Make sure to include your full name and describe the subject matter. We’ll get back to you within three business days. Should we require more time to investigate the situation, we’ll let you know via email as well. We’ll try to resolve the issue as fast as we can, however, please be informed that we have up to seven weeks to provide you with the final response. If we haven’t given you a resolution within seven weeks, or you’re unhappy with our decision to close your complaint, the Financial Ombudsman Serviceis at hand.