Savings accounts on Open Banking

steven141

I just have a question, why do all savings accounts not appear on Open Banking when linking bank accounts from other providers?
It affects apps like ClearScore where it looks like you have less money than you actually have. 

Also, the bank accounts where it shows how much you spend and it takes into account all accounts from all providers sometimes show that you have spend more than you actually have as it counts transfers between your other accounts which is annoying. 

boingy

It's up to each bank which accounts support Open Banking. It does seem to be the norm that they only allow current accounts.
It makes Open Banking so much less useful. I'd love a single app that could show balances from all my current and savings accounts on one page.

steven141

It would make things much easier. 

dieselglider

My Halifax banking app shows current, savings, and credit card accounts, depending on what info the other bank involved will supply.

glennevis

I use a money management app which highlights the patchy support for OB.
Of the five banks I have current and savings accounts with, one doesn't support OB at all, one only supports current accounts in OB and the other three support OB with current and savings accounts and credit cards.

friolento

Open Banking is quite costly to implement and to run, not least because it is heavily regulated, in a large part in the interest of account holders. It also comes in various guises - e.g. reading your balances only, or requesting money transfers, or both.  Many of the smaller players won't be able to justify the initial and ongoing cost of Open Banking. All the good account aggregators will allow you to add accounts manually if the bank/building society has not enabled Open Banking.

Have a read of this, from one of the few companies which provides the technical solution for Open Banking: https://truelayer.com/reports/open-banking-guide/open-banking-regulation-in-the-uk/

Bigwheels1111

First Direct used to do it, Had all my banks, credit cards, savings accounts and PayPal added.
Shame they stopped it.

friolento

Bigwheels1111 said:

First Direct used to do it, Had all my banks, credit cards, savings accounts and PayPal added.
Shame they stopped it.

I had this, too. I think it was the predecessor to Open Banking,albeit with totally different technology and without any Regulation or reliable data protection, and Open Banking actually killed it. It's called #progress

DebtSurfer

I use MoneyDashboard, it is free, and uses Open Banking for automatically downloading the balances and transactions from all Current and CreditCard accounts -- allowing for some few others like PensionBee and investments.

The accounts not supported by OpenBanking can be updated manually. For me that's my bank's savings accounts, loans and mortgage account.

Shame it doesn't allow to enter manual transactions on the unsupported (manual) accounts. So e.g. paying the mortgage I classify it as Bills, while updating balance manually on a regular basis (data come from my bank's Online Banking)

DebtSurfer

friolento said:

Bigwheels1111 said:

First Direct used to do it, Had all my banks, credit cards, savings accounts and PayPal added.
Shame they stopped it.

I had this, too. I think it was the predecessor to Open Banking, albeit with totally different technology and without any Regulation or reliable data protection, and Open Banking actually killed it. It's called #progress

Yes, and previously Money Dashboard used to store bank details and every bank interface had to store credentials their way.
If only Open Banking project developers would be more consistent in their implementation, and requested that all accounts, not just "Payment" accounts (current and card), supported it -- it would be great as the new way is more progressive: your actual bank credentials are not shared with Open Banking now -- your bank implements Open Banking page, you authorise its use for 90 days and the fintech apps use Open Banking. The control stays on your bank's side, meaning if the fintech app goes rogue, all you have to do is to block OB to this particular provider and it's deprived of data. It's more secure.

ele5510

I think the government mandates supporting Open Banking for current accounts but not savings accounts (via PSD2 which dates from when we were in the EU)