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Savings accounts on Open Banking

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  • Beddie
    Beddie Posts: 1,019 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
     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.
    I have always found this to be rather pointless and a result of onerous regulation. We should be allowed to choose whether to renew manually or have it switched on permanently until we say otherwise, to save unnecessary admin.
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