Accounts with Other Banks - any apps which will add up the total?

FrankRizzo

Hello,

The "Accounts with Other Banks" feature is great for being able to see all the balances, all within one app. Do any bank apps or 3rd party apps, total up the balances of all your bank accounts?

I am sure I seen one before but can't remember the name of the app.

Any help appreciated!

Thanks

400ixl

moneydashboard.com does this, using open banking where the bank supports it or manually updating accounts where they don't.

There are other similar open banking dashboard sites as well.

k_man

Most offer other useful tools too, in addition to total balance, including aggregated transaction lists, budgeting and spending analysis across all accounts.

Moneyhub
MoneyDashboard

Emma

Snoop

Some also go further and include suggestions about where you could save, e.g. you may be able to a better deal on your mobile etc (some of which are almost sponsored links)

Doshwaster

I use MoneyDashboard for current, savings and credit cards then an ancient copy of MS Money to track pensions and investments. I like that MoneyDashboard  works on mobile and web and supports a wide range of accounts. One potential problem is that the business has recently been sold following disappointing growth figures (seems a lot of people are reluctant to trust OpenBanking) so its future is uncertain.

Thrugelmir

Doshwaster said:

 One potential problem is that the business has recently been sold following disappointing growth figures (seems a lot of people are reluctant to trust OpenBanking) so its future is uncertain.

Probably not the demand for the service nor does it generate any revenue stream for the provider.

k_man

As MoneyDashboard was/is free (and no paid for upgrade options), I think being sold was always their business plan.

Doshwaster

k_man said:

As MoneyDashboard was/is free (and no paid for upgrade options), I think being sold was always their business plan.

Their income was supposed to come from selling analytics of people's spending patterns so the more customers they have the more the data is worth. A lot of early investors lost money on the sale.

https://www.thisismoney.co.uk/money/investing/article-10589563/Money-Dashboard-investors-lose-changes-hands.html

k_man

I am not sure many thought that the user spending data was that valuable.

Apart from those early investors/crowdfunders of course....

FrankRizzo

Doshwaster said:

 (seems a lot of people are reluctant to trust OpenBanking) so its future is uncertain.

Why do people no trust OpenBanking - is it not secure?

Wheres_My_Cashback

WhFrankRizzo said:

Doshwaster said:

 (seems a lot of people are reluctant to trust OpenBanking) so its future is uncertain.

Why do people no trust OpenBanking - is it not secure?

Why would you want to give open access to other banks to know your financial business you have elsewhere.

Open banking balances are not always up to date, they take time to update so it's easy to be an inaccurate picture of your finances

k_man

As above, lack of adoption is based mainly on distrust of the use of the data, and a misunderstanding of what open banking can and can't do.
Users often get concerned when an open banking app appears to ask for banking credentials, when it is actually launching the bank app, to create the connection.

I am also less keen on using Open Banking within a banking app, but happy with it in a dedicated money management/budget app for holistic view of accounts.

While balances are not real-time in the apps (as data refreshes are scheduled) it does give a simple overview.
With aggregated transactions, this also makes budgeting, and finding transactions, easier than manual export/import into non linked apps.
And easier than logging into multiple bank apps/websites and switching between.

However, for users with few accounts, or only one used for spending, then the benefits are lesser.

As an aside, many large retailers are looking at Open banking based payment systems, which bypass the debit/credit card processors fees.