How to see all your bank accounts in one place?

WayForward?

I have a few different bank accounts at various banks What is the best way to see them in one go?
Are the platforms that offer this safe?
Would you do it?

I'd love to be able to see them all in one spot!

chelseablue

I use Yolt, its an app on my phone

WayForward?

Thanks. What are the compensation factors should anything go wrong. I see some providers are FSCE approved (like Yolt) and others aren't

Does the £85,000 protection limit by each approved bank get affected by using Yolt or similar? I don't think it does impact any protection but I am not sure.

DigForVictory

I believe both Barclays & Lloyds will enable you to see other bank accounts on their mobile apps.

I've no idea what effect this has on FSCE approval - just it seems reasonable to hope there should be No ill effect.

That would be a hope, not a statement of positive fact.

RG2015

The NatWest mobile app allows you to see balances and transactions from the following banks:

Allied Irish Bank (GB)
Bank of Scotland
Barclays Bank
Danske Bank
First Direct
First Trust Bank
Halifax Bank
HSBC
Lloyds Bank
M&S Bank
Monzo Bank
Nationwide
Royal Bank of Scotland
Santander Bank
Ulster Bank

born_again

WayForward? wrote: »

Does the £85,000 protection limit by each approved bank get affected by using Yolt or similar? I don't think it does impact any protection but I am not sure.

Why would FSCS come into play?
Your money is with each bank, subject to them holding their own licence. Even if you are viewing them all in one app.
If every bank went down at the same time then we are all up the creak without a paddle.

WayForward?

Born Again "Why would FSCS come into play?
Your money is with each bank, subject to them holding their own licence. Even if you are viewing them all in one app.
If every bank went down at the same time then we are all up the creak without a paddle."

I'm asking as previously you wern't allowed to share banking details, which is obviously required to be able to do this. I believe that has changed. However I also don't understand why some platforms are FSCA approved and others aren't.

ColdIron

FSCE, FSCS, FSCA? I'm getting confused

Zanderman

WayForward? wrote: »

Born Again "Why would FSCS come into play?
Your money is with each bank, subject to them holding their own licence. Even if you are viewing them all in one app.
If every bank went down at the same time then we are all up the creak without a paddle."

I'm asking as previously you wern't allowed to share banking details, which is obviously required to be able to do this. I believe that has changed. However I also don't understand why some platforms are FSCA approved and others aren't.

Sharing bank details is unrelated to bank operating licences.

The FSCS protection relates to money held in each bank (as defined by banking licences), it has nothing to do with information held about the accounts. Open banking relates to information..

Not sure what you mean by FSCA - do you mean FCA? FCA approve financial firms.

eskbanker

WayForward? wrote: »

I'm asking as previously you wern't allowed to share banking details, which is obviously required to be able to do this. I believe that has changed.

The advent of Open Banking means that aggregator apps should now use the common APIs to access the underlying data directly (subject to consent being granted by the account holder), rather than the old screen-scraping method which required login credentials for each account being accessed.

The introduction of two-factor authentication effectively prevents the old method from working anyway, so apps using that won't be able to do so as from March 2020 (was intended to be September 2019).

So, when selecting apps for this, pick from those that use the Open Banking APIs to source data directly - if you're requested to divulge your online banking credentials for the other accounts then walk away!

sal_III

I use MoneyHub, mainly because of their promise (however flimsy it is) that they are not selling your data instead financing themselves with the yearly fee of £10 they are not selling your data.

All the free apps will sell your data for sure.

Works with Open banking for any bank that has it implemented - meaning that there is no risk of sharing logon details etc. For the remaining you can still create the accoutns in the app and manually update the balances when you wish. Same goes if you don't want to pay the £10/y fee, you can manually update the balances.