Open Banking Apps – Money Management Apps
A number of Open Banking Apps and services have been released that link to customers bank accounts via Open Banking to help them manage their money.
A list of some of the new Open Banking Apps that have launched
- Bud – https://thisisbud.com
This apps trawls through thousands of deals from third party providers to recommend the best offers on savings, mortgages, broadband and energy deals among many others. It allows customers and businesses to manage their finances in a single place. By analysing the spending and saving patterns of customers the app can also decide whether a certain cash-back credit card deal would be suitable for the customer. Furthermore the app can determine whether the customer might be better off with another relevant product.
- Yolt – https://www.yolt.com
This app allows customers to view their credit card and savings accounts in a single place. It is backed by the ING Bank.
- Plum – https://withplum.com
This app analyses your income and spending habits to determine how much you can afford to save. Furthermore, it can then transfer this amount to a separate savings account on a periodic basis.
- Bean – https://usebean.com/
This is an online account that connects to the customers savings and credit card accounts to track payments. Tracked payments include subscriptions and household bills in order to alert users to new opportunities to switch or cancel. Planned featues for the future also include a feature predicting overdraft days in advance of the actual event.
- Coconut – https://getcoconut.com/
This is a business current account that allows freelancers to track the tax they owe in real time thereby avoiding any surprises at year end. In addition it also helps them manage client payments and expenses
- Chip – https://getchip.uk/
This is a free savings app that links to your main current account. It then analyses your spending and saving habits to calculate how much you can save every month.
- Trussle – https://trussle.com/
This online account alerts users as to when they should re-mortgage to get a better deal. In addition it monitors factors such as the value of the home, fees for an early exit and new deal in order to identify when the time is right to switch. (usually towards the end of the term).
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