Open Banking question

NotRichAtAll

Fairly new to using open banking. I use the Lloyds app as i found this one supported more banks for importing balances etc, if there is a better app please tell me.

Anyway onto my question, i have an account with natwest current and savings however when i import my natwest account into the Lloyds app natwest will only import my current account balance and not my savings account balance and am just curious why?

thanks and enjoy your day.

friolento

Currently, banks have to support OB just on current accounts. Some have chosen to also implement on some or all of their savings accounts, and there's an Open Finance initiative underway which might eventually mean that data for every savings and investment can be shared.

I love OB for making payments and transfers between my own accounts as it is so much quicker and easier than Faster Payments or Standing Orders. But I don't use it for seeing all my accounts in one place - not only because it is technically impossible at present, but for a couple of other reasons, too: I don't want any one bank to know my complete financials, and I would be up the creek without a paddle if my chosen aggregator bank would for some reason no longer be accessible, on a temporary or permanent basis.

I therefore use an independent means to track all my accounts. There are many options - from pen and paper to home-made spreadsheets to older applications like AceMoney or MSMoney to fancy apps. For the same reason that banks can't currently display all your accounts, neither can any of those applications, so there's a certain amount of manual tracking required.