Today (13 January) marks the one year anniversary of Open Banking, an initiative introduced to help make managing our financial lives easier. But how much have things changed?
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The Competitions and Markets Authority (CMA) forced the nine largest banks (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group, Santander) to open up their data by 13th January 2018.
This was so that approved third parties, such as budgeting and savings apps, could access this data, in a secure and standardised way, to help you manage your finances better.
Despite having to grant an extension to six of the nine big banks, the Open Banking rollout was completed by 17 April 2018.
Here, take a look at how far Open Banking has come and round up the best budgeting apps that could help you save money.
Five budgeting apps to try in 2019
If you want help taking control of your finances in 2019, the following apps let you view all of your income, outgoings and spending habits in one place to identify the best ways to save.
The apps mentioned are registered with the FCA. Most are already on the Open Banking directory and others plan to join in the future.
Here, take a look at how far Open Banking has come and round up the best budgeting apps that could help you save money. Five budgeting apps to try in 2019 If you want help taking control of your finances in 2019, the following apps let you view all of your income, outgoings and spending habits in one place to identify the best ways to save. I have upgraded my mid 2009 MacBook Pro to an iMac and am looking for a good personal finance software. I have quicken but the version I use is not compatible with the OS. While I use personal capital for investing, I cannot import my years worth of data (I have finance records since 2003).
We’ve highlighted the unique selling point (USP), fee charges and operating systems (OS) of each one, to help you see if they’re right for you.
- Find out more: Open Banking: sharing your financial data
Money Dashboard
- USP: See all of your accounts in one place
- Fee: Free
- OS: Android, iOS, Web
Edinburgh-based app, Money Dashboard, lets you view all of your accounts and assets in one place. This includes current accounts, savings accounts and credit cards. It allows you to analyse your income and outgoings to see where your money is being spent and understand how much progress you’ve made towards your goals.
![Best personal finance software Best personal finance software](/uploads/1/3/4/1/134119384/741800508.jpg)
Each month, you can use the budget planner feature to set your limits, based on your previous months’ spending.
The platform currently supports 60 financial providers including major high-street banks like Lloyds, HSBC, Halifax and Santander.
Money Dashboard is free to use and available for download on Android, iOS and desktop.
2) Moneyhub
- USP: Get professional advice over the phone
- Fee: Monthly: £0.99, Annual: £9.99 (Android users) or £14.99 (Apple users)
- OS: Android, iOS, Web
Similar to Money Dashboard, Moneyhub brings all of your financial accounts together in one place including bank accounts, credit cards, savings and borrowings. It also allows you to add investment funds too.
The app lets you set spending goals and analyses your purchasing habits to help you see where your money goes. If you have any regular payments or subscriptions, for example, a monthly direct debit for home insurance, Moneyhub will send you an alert if there are any better deals available on the market.
One of Moneyhub’s standout features is the ‘Find Adviser’ option which puts you in touch with professional advisers over the phone. If you consent, MoneyHub will automatically share all of the data you’ve connected to the app with them too.
Moneyhub is a subscription service and you can choose to pay a monthly fee of £0.99 or an annual fee of £9.99 (£14.99 from the App Store).
3) Squirrel
- USP: Helping you stretch to payday
- Fee: Free for 8 weeks, £9.99 a month thereafter
- OS: Android, iOS, Web
If you struggle to make your money stretch to payday, app-based budgeting account, Squirrel, could be for you.
Squirrel separates your bill money from your spending money, so you can budget effectively and set clear savings goals.
All you have to do is add your monthly expenses and savings goals and using this information, the app will release the money you need for bills when they’re due as well as spending money for the week.
You can sign up for a free 8 week trial of Squirrel but after that, you’ll have to pay a monthly subscription of £9.99.
4) Yolt
- USP: Helping you get a better deal
- Fee: Free
- OS: Android, iOS, Web
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Yolt allows you to view your current account, savings accounts and credit cards in one place. It sends you insights into your spending habits and identifies what your major expenses are.
You can manage your bills and subscriptions through the app and it also offers a comparison service to help you find a better deal.
Yolt is licensed by the Dutch Central Bank (DNB), a scheme recognised by the FCA. The app is free to use and is available on Android and iOS.
5) Bud and First Direct
- USP: Budgeting with a high street bank
- Fee: Free
- OS: iOS
Bud is an ambitious financial services platform that connects your accounts and credit cards.
It also allows you to add rewards schemes, investment funds, insurance policies, currency exchange services and a digital mortgage broker.
The company announced it was partnering with First Direct to produce a financial management app. Around 2,000 First Direct customers participated in the initial trial from December through to mid-2018.
Open Banking: where are we now?
The way we bank and manage our finances is becoming increasingly digital. Around 4.5 million people are estimated to already have a digital-only bank and 8.5 million intend to get one over the next five years, according to new data from Finder.
Open Banking was introduced by the CMA to help make the traditional banking ecosystem become more agile and convenient for us to use.
Under the new rules, banks have to make your financial data available to approved third parties in a standardised format (known as an ‘open API’) – but must get your permission before sharing.
Apps that want to access your data through an Open Banking API must be registered with the Financial Conduct Authority (FCA) and join the Open Banking Directory.
You can use Open Banking for payment accounts that you access online or by mobile, such as personal current accounts, business current accounts and credit cards.
As of now, all of the big nine UK banks have signed up to Open Banking.
Interestingly, some smaller challenger banks have also taken up the new initiative – even though they weren’t required to by the regulator.
Starling Bank and Monzo Bank, which only received their banking licenses in 2016 and 2017 respectively, have made API’s available for authorised companies to use.
Overall there are 100 regulated Open Banking providers; made up of third-party providers like apps and account providers like banks. This number is set to increase as time goes on which, in theory, should make accessing relevant financial products easier for us in the long term.
- Find out more: Open Banking launches: what’s it all about
Open Banking vs screen-scraping
‘Screen-scraping’ is a process of handing over your bank login details to an app so it can access your transactional data directly from your account.
A few money apps like Plum and even budgeting apps like HSBC Connected, use this technique to help you save cash.
This process could open you up to liability if any of your money goes missing and may even violate your bank’s terms of service. Banks are not obliged to return any money if you’ve given a third party provider your login details either.
One key benefit of Open Banking is that you’ll be able to let apps access your data without actually having to hand over your login details to anyone.
Sharing APIs is much more secure than screen-scraping because you know exactly what information is being shared with each company and can revoke access easily.
Screen-scraping is being phased out and should eventually be banned under regulations coming into force from September 2019.
If you decide to use a third-party app that uses screen-scrapers instead of API’s it’s really important that you trust them to have access to your accounts.
For more information, check out our guide on Open Banking.
Managing finances is very important, but a time taking job which everyone has to do. The main constraint with businessmen and working professionals is time. So, to save their time and manage their finances they can use Personal Finance Management Software.
All these Personal Finance Management Software for Mac are easy to use with simple user interface. These software’s help in preparing your budget, scheduling your bill & debts payments, tracking your investments, preparing monthly and annual reports that help you in comparing your income and spending.
Another important feature of these Personal Finance Management Software for Mac is that you can manage your bank account from your desktop.
Using this Financial Management Software For Mac has many benefits prepares the budget on your behalf, pay online bills, imports data from financial institutions to keep track of your investments and savings and their current market value.
10 Personal Finance Management Software
1. Moneydance
Moneydance is a leading Personal Finance Management Software through which you can pay your bills online. This is not an end to the features of this great software that has all the features you need like online banking, investments tracking, accounts management, stock holding, and budgeting. With Moneydance, you can prepare your monthly budget and then at the end of the month after tracking all your incomes and investment it will give you a report and suggestions that will help you in tuning up with your budget.
Price: $49.99
2. Money
Money is a powerful and popular Personal Finance Management Software for Mac users. With the help of this software, you can manage all your bank accounts, investments, credit cards, cash, loans and many other works. This software is very easy to use as it has a simple and stylish interface. Moreover, with money, you can create a separate account for cash, bank account, credit card, investments, loans, and assets.
Price: $38.99
3. MoneyWell
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MoneyWell is personal finance management software for Mac users. This software helps you in budgeting your finances that help you in increasing your savings and paying off your debts. MoneyWell is based on envelope budgeting system, in which you can assign estimated income then can you check your budget in spite of comparing, it will create your budget on the basis of the income. When you receive your salary fills the amount you received in the MoneyWell and all your expense it will suggest you automatically when you have to stop spending keeping a view of your saving and debts. The interface of this software is easy to use as you can refine your budget. MoneyWell creates reports on your finances that you can share with anyone.
Price: $49.99
4. You Need A Budget
You Need A budget is a great financial software, with which you can manage your finances very well even if you have accounting experience. This will not only help you in managing your current finances it can help you to plan your future spending. This will suggest you keep a fraction of your earning for infrequent and big bills so that at the time of payment of those bills you do not have to face any problem. You Need A budget has a very easy to use interface helps in to manage your finances in a quick and easy way. It works on four simple rules save for future, informed spending decision, simple and flexible management. It is available for Windows users also.
Price: $60 (You can download 34 days free trial
5. iBank
iBank helps you in staying up to date with your bank account balance, savings, investments, bill payment and borrowings. Some of the features of iBank are easy installation, all finances at a place, create instant reports on your finances, synchronize data with your iPad and iPhone, schedule your transactions and track your investments. iBank is regularly updated as the developers of this software are attentive to the needs of the customers. This software shows your data in intelligent and attractive designs.
Price: $9.99
6. iFinance
iFinance is another financial management software that will show your data in an attractive way with the help of three dimensional graph, diagrams and pie charts through which you can easily analyze as well as compare it with other month data. This software can easily fetch all your data from the last financial software you were using and can import all your data from your accounts. iFinance can monitor your insight stock activity and track all your transactions. An excellent feature of iFinance is that it supports 11 different languages and can be easily converted into the required language as per your Mac preference.
Price: $29.99
7. SEE Finance
SEE Finance is great software for managing and analyzing your stocks, bonds, ETF’s and other securities. It is connected with many famous and popular financial institutions of which it imports the stock quotes and then creates the watch list and examine the sector exposure, which is a great help for making investments in various securities. SEE Finance with managing your investment also manages your funds, bank accounts, savings and more. With this personnel management software, you can easily categorise your transactions and keep full control over all your finances. The drawback of this software is that it lacks some automatic function and mobile pp.
Price: $29.99
8. Fortora Fresh Finance
Best Personal Finance Software
Fortora Fresh Finance is financial management software, with its easy user interface you can manage your finances quickly and easily. It helps you in keeping track of your spending and income, making you aware of your current financial position. Fortora Fresh Finance has all the features that you require to manage your finances like schedule your bill payments, prepare budget, generate a report of your spending, record your credit card spending, import data from financial institutions and many more. Fortora Fresh Finance is available for both Mac and Windows.
Price: $49.99
9. quicken
Best Personal Finance App Iphone
Quicken is simple to use Personal Finance Management Software. It does almost all the work of financial management for you so that you can lead a peaceful life without any worries of finance management. Quicken connects you to your back accounts within some seconds safely and securely, makes your budget on your behalf with your past expenditure details with full customizable facility, helps you in categorizing your expenses and scheduling your bill payments. There are various versions of Quicken Available like Quicken Deluxe, Quicken Premier, Quicken Home & Business, and Quicken Rental Property Manager.
Price: $69.99
10. SplashMoney
SplashMoney is Personal Finance Management Software for all platforms like Mac, Windows, iPad, iPhone, Android and Windows Mobile. This software helps you in managing your account from anywhere and anytime. It keeps track of your spending and income and then maintains your budget. Even, you can synchronize your desktop SplashMoney software with your phone so that you are updated with your finances anytime. This also connects you wirelessly to all the banks.
Price: $19.95
Personal Finance Software For Mac
Don’t forget to share which Personal Finance Management Software you are using.