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What is Moneyhub?
The Moneyhub app is a money management app that allows you to link all of your financial connections in one place. You can add your bank accounts, your credit card accounts, and even your investments, meaning that you can easily view your complete financial picture at a glance. Moneyhub can help you keep track of your finances, making budgeting more effective.
How does Moneyhub Work?
Moneyhub connects to your banks by using open banking. This allows them to see your transactions but they will never see your bank account details. When you give access to moneyhub via open banking, you will be redirected to your bank’s login portal so Moneyhub doesn’t see your login details.
What Features does Moneyhub offer?
The Moneyhub app offers a wealth of powerful features, including:
See where your money goes each month with detailed spending categorisation and comparisons to previous months. The use of graphs makes the information easy to digest.
Users have the ability to change the categorisation of any transactions to a personalised category. simply edit the category in the transaction inbox.
For longer-term events, such as a wedding or a holiday, you can tag your transactions in order to track your progress in saving for those events.
Set your own monthly budget so that you don’t overspend. It takes a little while to set your budget up but once it’s done, it’s worth it.
You are able to see when all of your direct debits and standing orders are due, meaning that there are no more forgotten bills. This also means that you can can take action if you see that you aren’t going to have enough money in your account to cover a bill.
See where the money entering your account comes from. This is particularly useful if you have multiple income streams.
If you have any investment accounts (a S&S ISA, or pension for example), you can link them all to your Moneyhub app and view them in one place. This feature is particularly useful if you have multiple investments.
Transfer money between your linked accounts from within the Moneyhub app. This feature is great for saving you time and effort.
Is my Money Safe?
Of course it is always best to be cautious when handing over any personal information, and you may be wondering if the Moneyhub app is safe to use. The answer is yes. In order to access your account, you will be asked to enter a Pin-code, password, or touch ID. Additionally, Moneyhub is regulated by the Financial Conduct Authority and has bank-level security and authentication. None of your log-in details are stored by the app as Moneyhub encrypts all user log-in credentials and then separates them from your personal information.
Currently, Moneyhub is free for the first six months. Thereafter, it is £1.49 per month or £14.99 per year, depending on which option you choose. If, after the free trial, you decide that the app isn’t for you, no money will be taken from your account, as you need to subscribe to be able to continue to use the app.
You can sign up to Moneyhub via their website or via The App store or google play.
Moneyhub is a great app for those who want to see all of their financial accounts in one place. The ability to link your investment account(s) is a very useful feature, as this gives users an overall snapshot of their financial situation. Anyone wishing to gain a better insight into their spending habits will find Monayhub invaluable. Yes, it does take a little time to set it all up, but once you’ve done that, it’s very easy to use.