Moneyhub brings all of your banking information (accounts, investments, assets and borrowing) into one place so you can see where you are spending and on what, therefore helping you to budget better.
It’s part of a new wave of budgeting apps that use Open Banking (where banks must share a customer’s information if they ask it to).
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Moneyhub’s main draw is that it’s easy to use and saves you time and effort when it comes to handling your money. Rather than logging into separate accounts, and trying to keep track of your spending and saving across different providers manually, Moneyhub lets you view all of your finances instantly in one app.
Personalised graphs let you see exactly where you are spending and on what, making budgeting and reaching saving goals a lot easier.
Is it safe?
Yes, it is as safe as any bank. Moneyhub is regulated by the Financial Conduct Authority (FCA). It has bank level authentication and security and uses encryption technology. This means it doesn’t actually store any of your login details such as passwords.
As it’s a read-only service, should your phone get stolen or hacked it wouldn’t be possible to buy anything using your Moneyhub app.
Moneyhub brings all of your existing financial accounts into one place, and therefore doesn’t have its own sustainable option for your money. When it comes to the feature that connects you to a financial advisor, it would be good if customers could see their ethical credentials (currently only a name and very brief information is offered).
Unique selling points
- Accounts and assets. Connect and view any number of accounts so you can see all of your finances in one place. Moneyhub currently connects to current accounts, credit cards, savings accounts, mortgages, pensions and investments. You can also manually add assets that contribute to your net worth, but might not be part of an online banking institution.
- Spending analysis. Graphs show you how much you’re spending compared to previous months and where most of your money is going. You can also get a breakdown of your monthly spending in various categories and see how it compares to previous months.
- Spending goals. Moneyhub allows you to set budgets for your spending in different categories such as eating out or buying groceries. It will send you “nudges” telling you how you’re doing on each budget.
- Forecast spending. Smart technology lets you forecast how your finances will look in the future.
- Speak to a financial advisor. You can connect to an adviser through the app for advice on managing your money.
The plus points
- Seeing all of your accounts in one place can help you to reach your budgeting and saving goals more quickly.
- Smart technology shows you how much you are spending in various categories and lets you set budgets so you don’t overdo it.
- Moneyhub will not share your data with third parties, although this does come at a cost – a monthly subscription fee (Moneyhub is offering six months free to new customers)
- There is the option to speak to a real-life advisor if you need help with making decisions about your money.
- Some consumers will be put off by the monthly subscription fee (see below).
- While connecting you with a financial advisor local to you could be useful, there is little information on the app about who they are, how they have been approved by Moneyhub, and exactly what they can offer you.
Cost of use
Moneyhub charges a subscription fee of £0.99 per month (if you subscribe through its website) but is currently offering six months free due to the coronavirus crisis.
It says it charges for its services because it doesn’t sell your data to third parties. While some of its rivals are free to use, they do have to make money somehow and this could be from selling your data on to make a profit. However, they may anonymise the data first which means you could not be identified in any way. It is always worth looking into what a provider does with your information and how comfortable you are with that compared with having to pay a subscription fee.
There are two ways to subscribe to Moneyhub. The cheapest option is to sign in online and go to ‘Settings’ > ‘Subscription’. This will cost £0.99 if you pay monthly, or £9.99 for one year. Alternatively, you can subscribe via the App Store at a cost of £1.49 a month or £14.99 a year (Apple keeps the extra).
How do these costs compare to competitors?
Moneyhub’s main competitors – Snoop, Emma, Yolt and Money Dashboard, are all free to use. Instead of asking for a subscription fee they make money from commissions and providing anonymous data to market research companies.
Emma does offer a paid subscription service – Emma Pro – which give you a slightly more tailored service for £6.99 a month or £41.99 a year.
Similar digital banks worth considering are:
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