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

400ixl

Which Open Banking balances have you found not to be always up to date. I am yet to find any which do not update with up to the minute accuracy when refreshed.

Whether you want anyone else to see your financial business is also not related at all to Open Banking being secure or not.

Open Banking is secure (as much as it has no known exploited vulnerabilities) and given it is a read only solution there is little in the way of financial risk when compared to online or app banking. You only have to look at the Chase threads and see how many people are willing to install banking applications on old insecure operating systems which are far bigger risks.

If people don't think their financial business is not being sold by their banks to 3rd parties then they are very naive. You also have all of the loyalty schemes, cash back sites etc etc which are all aggregating your financial business on a daily basis. Every time you use your credit / debit card the purchase is aligned to you and is often sold on to 3rd parties. 

Futuristic

Moneydashboard was sold to "unknown" buyer who have yet to announce anything, very unprofessional all round from old to new so I'd avoid that for now though it is one with the easiest/clean UI and works ok.

I'd recommend Moneyhub, its free for like 6 mo then its like £10/yr, they don't sell your data. 

k_man

400ixl said:

Which Open Banking balances have you found not to be always up to date. I am yet to find any which do not update with up to the minute accuracy when refreshed.

TSB has been unreliable over last couple of months. Normally refreshes OK though.

Futuristic said:

Moneydashboard was sold to "unknown" buyer who have yet to announce anything, very unprofessional all round from old to new so I'd avoid that for now though it is one with the easiest/clean UI and works ok.

I'd recommend Moneyhub, its free for like 6 mo then its like £10/yr, they don't sell your data. 

I used to use MoneyDashboard, but the added features (budgets, scheduled payments etc) were inconsistent.

I also now recommend MoneyHub (6 months is good period to trial, albeit mine was extended further as there were sign-up problems), but advise anyone to try a few, and see what's works for them. Just don't dismiss all without trying.

Doshwaster

Wheres_My_Cashback said:

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

Personally, I trust OpenBanking but there is always a lot of public paranoia about sharing financial data. The industry as a whole hasn't done a good job of promoting OpenBanking.

Another problem is that I suspect that most people only have accounts with one bank so don't need such a service so the market may be smaller than many think.

The lack of accounts not being "up to date" doesn't really bother me as MoneyDashboard only takes a couple of minutes to update everything and I don't have that many transactions every day. A fully real time system would probably put too much strain on the APIs. A bigger annoyance is needing to reauthorise the connection every 90 days. I'd like to see a longer period.

eskbanker

Doshwaster said:
The industry as a whole hasn't done a good job of promoting OpenBanking.

It seems to me that there's little in it for the main financial institutions, who'd all prefer customers to be captive and using their own apps and websites, so anything facilitating dilution isn't really in the banks' interests, i.e. they're more likely to tolerate it rather than encourage it.  The companies who do stand to gain something from it (aggregators, etc) are naturally more enthusiastic, but represent a tiny and low-profile market, with much shallower pockets than the majors....

k_man

Doshwaster said:

Wheres_My_Cashback said:

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

Personally, I trust OpenBanking but there is always a lot of public paranoia about sharing financial data. The industry as a whole hasn't done a good job of promoting OpenBanking.

Another problem is that I suspect that most people only have accounts with one bank so don't need such a service so the market may be smaller than many think.

The lack of accounts not being "up to date" doesn't really bother me as MoneyDashboard only takes a couple of minutes to update everything and I don't have that many transactions every day. A fully real time system would probably put too much strain on the APIs. A bigger annoyance is needing to reauthorise the connection every 90 days. I'd like to see a longer period.

And it never feels as long as 90 days!
IIRC the FCA changed rules around the 90 day rule late last year, but can't find details.

Doshwaster

k_man said:

Doshwaster said:

Wheres_My_Cashback said:

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

Personally, I trust OpenBanking but there is always a lot of public paranoia about sharing financial data. The industry as a whole hasn't done a good job of promoting OpenBanking.

Another problem is that I suspect that most people only have accounts with one bank so don't need such a service so the market may be smaller than many think.

The lack of accounts not being "up to date" doesn't really bother me as MoneyDashboard only takes a couple of minutes to update everything and I don't have that many transactions every day. A fully real time system would probably put too much strain on the APIs. A bigger annoyance is needing to reauthorise the connection every 90 days. I'd like to see a longer period.

And it never feels as long as 90 days!
IIRC the FCA changed rules around the 90 day rule late last year, but can't find details.

90 day rule abolished in March according to this:
https://thefintechtimes.com/spotlight-fca-abolishes-90-day-re-authentication-rule-hindering-open-banking-adoption/