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.
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.
- 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
- 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
- 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
Setting up a Moneyhub account
Setting up is fairly straightforward. First you will need to download the Moneyhub app either from the Apple or Play store. Once downloaded, open it, click register and enter your first and last name, email address and a secure password. Next you'll need to set up a secure 4-digit code and you can decide whether you want to set up finger-print access as well. Finally, you will need to verify your account by clicking on the 'verify email address' link in your welcome email.
Next, you will need to connect your accounts and this is done initially from the main 'hub' screen, but then subsequently through the 'My Money' tab. Search for your bank, click on it and follow the instructions. There may be a slightly different process depending on who you bank with but so long as you use online banking then the process should be fairly straightforward. You will need to repeat this process until all of your accounts are connected.
What do you get with Moneyhub?
There are five main sections to navigate, summarised below.
The main feed, where messages and reminders appear, making it easier to understand when and where you should take action. When there are no messages or reminders, 'inspirational' quotes will be displayed.
More of a detailed breakdown of your linked accounts. You can access your transactions and categorise your spending from here. With Moneyhub you can currently connect to current accounts, savings accounts, credit cards, pensions, mortgages and investments.
Here you can see a detailed analysis of your spending, broken down into various categories. You can also analyse your income and investments from this area.
The area where you can set up spending budgets, create forecasts and connect with financial professionals to help manage your money.
The area where you can edit your profile, change your preferences, see your achievements and contact the support team.
What banks are supported on Moneyhub?
March 2020 saw new legislation enforced by the FCA to ensure that banks were using secure connections via Open Banking to keep customer data safe. Most banks have met the relevant requirements however some are not quite ready yet.
Below is a list of banks that can be successfully connected via Open Banking:
|Banks successfully connected via Open Banking|
|Amazon||Lloyds Business Banking|
|Amex cards||Marbles Card|
|Aqua||MBNA Amazon Credit Card|
|ASDA credit cards||MBNA Credit Cards|
|Bank of Ireland||Miss Selfridge Card|
|Bank of Scotland||Monzo|
|Burton Card||Opus Card|
|Cater Allen||RBS Business|
|Clydesdale Bank||Sainsbury's Bank|
|Debenhams Card||Santander Business Banking|
|Dorothy Perkins Card||Starling|
|Evans Card||Tesco Bank|
|First Direct (Current account only)||The Cumberland|
|First Trust Bank||The One Account|
|Fluid Card||Topman Card|
|House of Fraser Card||TSB Business|
|HSBC (Current account only)||TUI Credit Card|
|HSBC Business (Current account only)||Ulster Bank|
|Laura Ashley Card||Virgin Money|
Open banking connections not yet active but 'coming soon' according to the Moneyhub website:
- Co-op Bank and Credit Cards
- Co-op Business Banking
- Coventry Building Society
- First Direct (Credit cards)
- HSBC (Credit Cards)
- ICICI Bank
- Intelligent Finance
- John Lewis
- Metro Bank
- Marks & Spencers
- St James Place
- Vanquis Bank
While the number of banks that are supported is impressive, the number of investment platforms is currently fairly limited.
What are Moneyhub's stand-out features?
In the planning section, you can select 'Spending Budgets' and set up a budgeted amount for all of your spending categories, such as groceries, transport, bills etc. You can edit these whenever you wish by selecting the budget you wish to amend and tapping on the pencil icon. The app will automatically tell you how long you have left in the current month and give you guidance on how best to stay on track.
The forecast feature, located in the planning section is a powerful tool that gives insight into your financial future. It predicts how much money you may have given a variety of scenarios which can be manipulated by changing future income and expenditure.
This section analyses your spending, income and investments. You are provided with bright, colourful gauges that easily display your current financial position with comparisons to previous months.
An interesting feature that enables you to share your financial information with a Moneyhub approved financial adviser. You can find out more about each adviser by clicking on the name, however, very little additional information is available. I found the lack of clarity in this area a little worrying. It was difficult to understand exactly how an adviser may be able to help you and exactly what information they require from you. Personally, I would do my own research rather than trusting an app to connect me to a financial adviser, check out our '10 tips on how to find a good financial adviser'.
How much does Moneyhub cost?
Moneyhub is running a limited offer where you can currently get 6 months of Moneyhub free before you pay a subscription fee (usually free for 30 days). 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).
Why isn't Moneyhub free like other budgeting apps?
Moneyhub explains that the reason it charges a subscription fee is because it does not sell your data onto 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 3 other free budgeting apps to check how they treat customer data. From my research, only Money Dashboard (out of the 3 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 Yolt sell customer data?
Yolt (taken from its FAQ section): We respect your privacy and do not sell your 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. That said, many free apps offer similar functionality while also ensuring that your data is secure and never sold to third parties. Ultimately, the decision is yours; perhaps the best approach is to take advantage of the current 6-month free trial and see how it compares to similar free apps such as Emma.
How safe is Moneyhub?
Moneyhub Security Summary
- Fully encrypted
- FCA registered
- Read-only access
- Does not store any login credentials
- Data is not shared with 3rd parties
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 Yolt and Emma.
Moneyhub vs Money Dashboard vs Emma vs Yolt
There are a variety of apps to help you to 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. Money Dashboard allows users analyse spending and track your budgets over a series of months. Money Dashboard also allows you 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.
Moneyhub vs Yolt
Yolt offers the same features as Moneyhub but lacks the ability to customise categories which can be frustrating. Yolt is currently trialling 'Yolt Pay' which allows you to send money between friends within the app.
Yolt is completely free to download and is regulated under the Dutch financial authorities. For more information on Yolt you can read our Yolt Review.
- Easy sign-up process
- Alerts and reminders
- Easy navigation
- Comprehensive analysis and budgeting
- Powerful planning tool
- Lack of information and clarity in '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, free money management apps such as Emma and Yolt 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.
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