Lloyds online money manager

coolesticeking

To be honest, I am looking forward to using it (When it lets me) but I have a spreadsheet anyways so I know what goes in and what goes out..

Must get out more!

coolesticeking

ChiefGrasscutter wrote: »

Unless you have ALL your finances and in particular your credit cards with Lloyds bank I can't see how its going to work.
It's only going to be able to categorise expenditures leaving your lloyds accounts as individual items. A credit card payment say to egg which might be for various different categories (petrol, food, clothes for example) could not be correctly allocated.
Likewise you might buy lots of some things with cash, but all that the bank knows is a list of cashpoint withdrawals - it has no way of categorising the withdrawls.

Actually its not unlike the various money manager programs such as the defunct quicken (which I use)...unless you enter up EVERYTHING it becomes worse than useless.

Perhaps that's the idea, lloyds want you to move all your stuff to them...then they can get an even better idea of your finances..which will enable them to categorise their customers even more finely and then cross sell even more products to those customers.

They already know that, it's what the statement is for everytime money goes in or out... To my understanding from other posts it's how they work out if they are willing to give customer credit by using a neutral credit scoring system. Tells them if customers under the same bracket are doing good or bad, and they set this as the lending criteria for others.

And of course, although they might not be able to see what you are spending or is going in as such don't forget they can see the data each month from credit reference agencies from other places where you may or may not have credit which gives them an rough idea..

So might not be in full detail, but like any bank they do have a good understanding on how well you do with your accounts with Lloyds and do have a good understanding from anywhere else that reporting to your credit files..

Red_Ant

They seem to be advertising the product on TV as if any customer can get their hands on it straight away - yet I'm still waiting to get access despite registering an interest several months ago.

I smell a "glitch" or ten in their roll out.

[Deleted User]

have it today

Cmdr_Bond

I registered my interest a couple of days ago, and got a message saying that I would be in the first wave. Hardly seems fair, really I should be at the bottom of the list.

Saints2011

Evening, its not been fully rolled out, has been to staff, yes still has some bugs but these are being ironed out before being rolled out to general public, and its quite helpful

Rupert_Bear

Well tried it. However I know exactly where my money is going without any fancey graphs. Just a gimmick!

Tupperware_Queen

I've been using it a few days, I love it! It automatically categorised most of my spending, and my cashpoint withdrawals I was able to split so the right amount is allocated to each category.

I especially like the calendar bit, showing when all the DD's and SO's are due ( I have 2 random ones that I sometimes I almost forget about)

good idea, and very interesting, thanks LTSB