Moneybox issue

vbl2447

I set up Moneybox account some seven months ago and it seemed to be working ok Last month HSBC changed it's login in procedure and Moneybox now has no access to collect money. Money box advise me to set up something they call "open banking" on my HSBC account. Anything called open banking does not work well for me. What should I do? I have about £1600 in an ISA set up by Moneybox.

dan958

vbl2447 wrote: »

Anything called open banking does not work well for me.

Why is that? Is it because you are not sure what it is, but because it has 'open' in the name, you think that is a large security risk? https://www.hsbc.co.uk/help/open-banking/

I'd personally just ditch the service and save the money myself, but I do not that Moneybox is extrmeley helpful for some people.

Malthusian

By definition giving your bank a licence to share information with third parties is a security risk. Albeit one the banks naturally attempt to minimise. You have to decide whether it is worth the trade-off.

@OP: Set up a direct-debit?

Use a different provider? You are paying a platform fee of 1.2% per year to Moneybox at the moment, which is absolutely obscene. (That's not including fund charges.)

dan958

Malthusian wrote: »

By definition giving your bank a licence to share information with third parties is a security risk. Albeit one the banks naturally attempt to minimise. You have to decide whether it is worth the trade-off.

I'm not familiar with moneybox, but before open banking, how did they have access to your account? Was the pervious method not a bigger security risk? (which is why open banking took over)

If they just had access to your entire account, i'd feel much safer issuing them an API that I can revoke access to.

eskbanker

vbl2447 wrote: »

I set up Moneybox account some seven months ago and it seemed to be working ok Last month HSBC changed it's login in procedure and Moneybox now has no access to collect money. Money box advise me to set up something they call "open banking" on my HSBC account. Anything called open banking does not work well for me. What should I do? I have about £1600 in an ISA set up by Moneybox.

You presumably provided Moneybox with your HSBC login details so that they could access your account there directly and do their gimmicky round-up thing?

As mentioned above, this sort of access isn't secure and going forward won't be possible once banks introduce two-factor authentication - this was supposed to have been implemented by last week but has been delayed, but some banks (including HSBC) had already made the relevant changes to improve security.

So, if you want to continue with Moneybox accessing your HSBC account regularly (to do the round-ups) then you'll need to follow their guidance to do so via open banking, which is more secure than what you've been doing up to now.

Alternatively, simply use an ISA with a more normal (and cheaper) provider, where you control how much you pay in and when, doing so via standard transactions such as faster payments, standing orders or direct debits....