Innovation in financial technology has revolutionised many aspects of money management services: from online banking to mobile payments to foreign currency transactions. One of the more exciting and useful developments in Fintech has been the introduction of money management apps.
These apps are targeted at consumers who want access to better financial management tools. They work by linking in to your bank account which enable users to set up budgets to create basic controls over their finances. This allows users to track and monitor their personal expenditure on a weekly, monthly or annual basis.
Authorisation and security of money management apps
A proliferation of money management apps has emerged following the Opening Banking (OB) initiative which was launched in January 2018.
OB means that banks and other financial services providers can share customers’ financial data with third-party providers (TPP) of Money Management Apps.
Data can only be shared with the TPP once the customer has given permission to its bank to do so; and the TPP must be registered on the Open Banking Directory.
In order for a TPP to be registered on this directory, it must be regulated by an appropriate UK financial regulator (for example, the Financial Conduct Authority).
To check if a TPP has been registered on the OB directory you can search by company name or brand by clicking here.
Before downloading one of these apps, users should check that the provider is registered on the directory.
Money management apps
We have identified a selection of money management apps currently available for download with links to independent review sites so you can see what users are saying:
Emma-app
The Emma-app is owned by Emma Technologies Limited and is regulated by the Financial Conduct Authority (FCA) for the provision of payments services.
The Emma-app claims to help you avoid overdrafts, cancel wasteful subscriptions, track debt and ultimately save you money.
The app also supports connections to a wide range of cryptocurrency exchanges including Coinbase, Kraken and Bitfinex so that you can manage all your digital money from one location.
The basic version of the app is free and a paid-for subscription service is also available.
The Emma-app can be downloaded via the App Store and Google Play and to see what users on Trust Pilot think, please click here.
Moneyhub
The Moneyhub app is owned by Moneyhub Financial Technology Limited and is regulated by the (FCA) for the provision of payments services.
Moneyhub works by consolidating all your investments, loans, bank accounts, mortgages and pensions in one place. This allows you to see your net worth and develop an understanding of your overall spending and behaviour
The Moneyhub app is a paid-for subscription and costs from £0.99 per month or from £9.99 per annum.
The Moneyhub app can be downloaded via the App Store and Google Play and to see what users on Trust Pilot think, please click here.
Money dashboard
The money dashboard app was established in 2010 and is owned by Money Dashboard Limited which is regulated by the (FCA) for the provision of payments services.
The app analyses your account information and allows you to see all your online banking accounts on a single dashboard. It claims to help users spend, save and borrow more efficiently.
It was awarded the best personal finance app 2017 & 2018 at The British Bank Awards.
The money dashboard app can be downloaded via the App Store and Google Play and to see what users on Trust Pilot think, please click here.
Moneybox
Digital Moneybox Limited (DML) was founded in August 2015 and is authorised by the FCA for payment services activities. The moneybox app is a registered trademark and was awarded the Best for Beginners in the 2019 Consumer Investment awards.
The app works by linking in to users bank accounts and allowing all payment transactions to be rounded up to the nearest pound. The difference is then ‘swept’ into an investment account.
For example, if you spend say £58.22 on petrol for your car, then Moneybox will effectively round the transaction up to £60.00 and the difference of 78p will be transferred to your investment account.
Moneybox offers cash savings products and long terms investment products. Retail investors have three investment options: “Cautious”, “Balanced” and “Adventurous“.
Moneybox does not charge a monthly subscription fee but it does take an annual management fee of 0.45% for balances up to £100,000 and 0.15% for balances over £100,000.
The Moneybox app is available to download through the Apple store and Google Play and the latest Trust Pilot reviews for the app can be seen here.
Venmo
Venmo is a payment services application offered by PayPal.
The Venmo app links in to users bank accounts and allows you to track all your payments in one place and to top up your Venmo account. This allows users to transfer small payments between friends and family for transactions such as splitting a restaurant bill.
Venmo is free for basic services such as sending or receiving money but there are charges for ATM withdrawals that are outside the app’s network.
The Venmo app can be downloaded via the App Store and Google Play and to see what users on Trust Pilot think, please click here.
Other financial apps
There are so many financial apps to help with pension tracking , personal finance and investment which are available to download for free or for a small one-off or monthly fee. To learn more about these apps, please follow the links.
