Moneyhub is a money management app that uses open banking to combine information from all of your bank accounts, savings accounts, credit cards and investments. Moneyhub Enterprise, the fintech firm behind the Moneyhub app was launched in 2013 and provides financial management solutions to individuals, financial professionals and enterprises.
Moneyhub key features
- See all of your accounts in one place - including credit cards, bank accounts, investments, savings and borrowing
- Spending analysis - see where your money goes each month with detailed spending categorisation and comparisons to previous months
- Spending goals - set spending budgets and track your progress so you don't overspend
- Custom categories - change any transaction to a personalised category by editing categories in the transaction inbox
- Split transactions - if a transaction fits into more than one category you can split across a number of spending categories as well as add notes to search the transaction at a later date
- Nudges - receive reminders when payments are due and tips for saving money on credit cards and mortgages
- Get advice - connect to a financial adviser through Moneyhub. If you are looking for a financial adviser you may be interested in the following article '10 tips on how to find a good financial adviser'
- Forecast - plan for the bigger picture with the forecast feature. Add a big payment such as a holiday and see how it might affect your finances going forward
How does Moneyhub work?
Moneyhub enables you to see all of your money in one place, giving powerful insights into your spending habits as well as providing reminders ensuring you keep on top of your goals and make payments on time. Moneyhub works on a subscription basis with an initial one-month free trial when you sign up. We break down the subscription fees later on in this review.
Moneyhub connects to your bank accounts via open banking which, in short, means that apps like Moneyhub can have access to your account data and transactions to help you regain control of your finances without seeing 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 does not see your personal bank details.
Moneyhub supports most UK bank accounts via Open Banking, including popular app-only banks such as Monzo and Starling Bank. A full list of the banks supported by Moneyhub can be found on the Moneyhub website.
How much does Moneyhub cost?
There are two ways that you can subscribe to Moneyhub and they are:
- Log into the desktop version of Moneyhub and navigate to 'Settings' and then 'Subscription'. You can elect to pay £0.99 monthly or you can select the annual option which is £9.99.
- Alternatively, you can subscribe via the App Store at a cost of £1.49 a month or £14.99 a year (Moneyhub will receive the same payment, Apple keeps the extra money).
If you sign up to Moneyhub you will automatically get 6 months free and the subscription will start once the 6 month free period has ended
Why isn't Moneyhub free like other budgeting apps?
Moneyhub says it charges a subscription fee because it does not sell your data to third parties. It states that 'Some other financial management apps might be free but they might be selling your data on to make a profit. We refuse to do this as we don't think it's fair to our customers and therefore will charge a subscription fee in order for our services to be used and developed'.
Interestingly, Moneyhub does not offer any insight into additional features and make it quite clear that the fee you pay guarantees that your data is secure. With that in mind, I decided to look at 2 other free budgeting apps to check how they treat customer data. From my research, only Money Dashboard (out of the 2 that I looked at) uses customer data in order to make money, however, it is anonymised.
Does Emma sell customer data?
Emma (taken from its FAQ section): Emma is free to use! There are no ads and we don't and never will sell our users' data.
Does Money Dashboard sell customer data?
Money Dashboard (taken from its FAQ section): We identify shifts in consumer preferences using anonymised spending information from Money Dashboard users.
Is the Moneyhub subscription worth it?
The subscription fee is relatively low (less than £0.84 a month if you choose the annual option) and so for some, it represents good value, especially as it guarantees that your data will never be sold. Also when you sign up you automatically get the first 6 months free. That said, many free apps offer similar functionality while also ensuring that your data is secure and never sold to third parties.
Is Moneyhub safe?
Moneyhub is a read-only service and so even if your phone is stolen, nobody can make any transactions from your Moneyhub account. In addition to this, to access your Moneyhub account you must provide a pin-code, password or Touch ID to log in each and every time.
Moneyhub encrypts all of your credentials and separates them from your personally identifiable information. In order to retrieve your transaction history, your details are automatically unencrypted and used to retrieve your transaction history, then immediately re-encrypted.
Moneyhub does not store any of your login credentials, including passwords. They have certified ISO-27001 information security procedures which is the same certification used by Google, Microsoft and Amazon. Moneyhub's security processes are on par with similar apps such as Emma.
Moneyhub Security Summary
- Fully encrypted
- FCA registered
- Read-only access
- Does not store any login credentials
- Data is not shared with 3rd parties
Moneyhub vs Money Dashboard vs Emma
There are a variety of apps to help you budget and manage your money, so how does Moneyhub compare to the others?
Moneyhub vs Money Dashboard
Money Dashboard can be used on both the web and via a smartphone app. It was voted best personal finance app in 2017, 2018 & 2020. Money Dashboard allows users to analyse spending and track budgets over a series of months. Money Dashboard also allows users to set savings goals within the app, and plan for future events such as weddings or buying a property.
For more information, you can read our full Money Dashboard review.
Moneyhub vs Emma
Emma is slightly more user-friendly than Moneyhub and the gamification of budgeting can make it more appealing. Emma notifies you of payments leaving and entering your account and also notifies you if you are about to go overdrawn.
Emma allows you to connect all of your accounts but a drawback of connecting to a credit card is that your balance always shows as negative. This is because there is not yet an app that is able to separate the money you owe from the money in your account.
For more information, you can read our full Emma review.
Moneyhub Customer Reviews
Moneyhub is rated 3.9 out of 5.0 stars on Trustpilot from just over 10 reviews. Moneyhub has 4.3 stars on iTunes and 4.3 out of 5.0 on Google Play from just over 100 reviews on each. Those who rated it as 'good' cited Moneyhub as being really easy to use with great customer service. Those who rated it as 'bad' noted problems with connectivity within the app and problems re-authenticating bank accounts.
Moneyhub pros and cons
- Easy sign-up process
- Alerts and reminders
- Easy navigation
- Comprehensive analysis and budgeting
- Powerful planning tool
- Lack of information and clarity in the 'Find Adviser' function
- No free option
- Not all providers supported so it is difficult to get a picture of your overall wealth
Moneyhub is a good solution for those who want to see all of their accounts in one place and who want clarity over how their personal data is used. That said, some free money management apps such as Emma do not sell your personal data to third parties; whether Moneyhub is worth the subscription fee ultimately comes down to personal preference.
If you are looking to budget with your phone via an app you may be interested in our article the Best budgeting apps in the UK.