Best Moneyhub alternatives – as budgeting app announces closure

Why & when is Moneyhub closing?

Monehub's End of Service announcement stated: “We understand that this change may cause some inconvenience, and we sincerely apologise for that. We are incredibly grateful for the trust and support you've shown Moneyhub. We hope that, as we shift our focus to business channels, you'll continue to benefit from our technology through one of our financial services partners.” 

The app will remain available for existing clients for the next 18 months as long as they log in at least once every 90 days to keep their accounts active. This means that those customers who have existing subscriptions will be able to continue making use of the app's features. However, after the 18 months are up, the app will shut down to all customers. The estimated decommission date is August 14, 2026.

How to download your Moneyhub data

It is possible to download your data from Moneyhub. Once the app shuts down, all your data will be securely deleted from Moneyhub's systems in accordance with their terms and conditions. However, if you choose to delete your account before the app closes down, you can delete all your data when you do so.

Here is how to download your existing Moneyhub data before the app shuts down:

1. Open the app or web browser version of Moneyhub
2. Go to the Transactions menu located in the top left corner
3. Click the “cloud” icon
4. Your data will be downloaded into a spreadsheet (CSV) format

You can keep the spreadsheet for your own records or upload it into other budgeting software if this is supported.

Moneyhub budgeting app alternatives

There are alternative options available for existing Moneyhub customers looking for budgeting app alternatives following the announcement. Moneyhub comes with popular features including:

• Linking various financial accounts so you can see all of your balances in one place
• Custom categories that allow you to change any transaction (and even split them)
• Spending overviews including day-to-day transactions and upcoming payments
• The option to set savings and spending goals and track your progress
• A mobile app and web browser version

Moneyhub budgeting app alternatives table

In the table below, we compare some of the best Moneyhub's alternatives to help you decide which one is best suited to your needs. We've specifically only included features that you would find on Moneyhub to help with your comparison.

As you can see, some of these budgeting apps cost more than others. To provide more context around why that is, we've included overviews of each app below the table which include some of the unique features they have.

Free and low-cost budgeting apps

Two options that offer very similar features to Moneyhub and are relatively low-cost include Monzo and Snoop. Here's a quick overview of the two apps:

• Monzo Extra – Monzo's free bank account does not come with budgeting features. However, the £3 per month Extra add-on comes with custom categories, the ability to link banks and credit cards, auto-spreadsheets and credit insights from three credit referencing agencies. The advanced round-up feature can help with your savings goals. As Monzo is a bank, it also offers interest-earning savings accounts and other features like a debit card with fee-free spending abroad.
• Snoop – Snoop's free version is fairly limited. Like Moneyhub, it allows you to link all your bank accounts and set spending budgets. It also tracks your credit score and offers automatic spending categorisation as well as access to savings accounts. But, if you want custom spending categories and the ability to export your data, you'll need to go for Snoop Plus, the paid option which costs around £39.99 a year. You also get features like alerts when certain bills go up and tailored deals as well as refund tracking.

Premium budgeting apps

In some cases, there may be value in spending a little more on a budgeting app at least at the outset. Two premium budgeting app options include Emma and YNAB.

• Emma – Emma is one of the most comprehensive budgeting apps on the market right now. Like Snoop, it has a free version which comes with the option to link up to two bank accounts and track wasteful subscriptions. But the paid tiers are where the app really shines. You can connect unlimited bank accounts, set bill reminders,  and create custom categories and smart rules. The rent reporting feature helps build your credit score. If you opt for Emma Ultimate, you'll even get cashback. Paid plans range from £4.99 a month to £14.99 a month putting this app at the premium end of the budgeting apps space.
• YNAB – This US-based budgeting app with the tagline “give every dollar a job” has grown in popularity in the UK especially since it made it possible to link UK bank accounts to its feed. It offers various reporting features, as well as savings and spending goal setting. It also comes with a 34-day free trial to show you what it's all about – you don't have to cancel at the end of the trial period as your membership automatically ends unless you actively opt-in to subscribe. There's also no need to provide card details up to this point making it a stress-free way to try out the product.

Emerging alternatives

Newer budgeting apps like PocketSmith and ActualBudget are also possible contenders.

• PocketSmith – A newcomer to the UK budgeting space, PocketSmith offers a free version which supports manual imports, up to 12 budgets, and up to 2 accounts. If you opt for its paid version which starts at £9.99 a month, you'll get some unique features like tracking assets in multi-currency accounts, automatic bank feeds, and the opportunity to “see into the future” with advanced forecasting tools that show you how your financial situation might change if you make different financial decisions.
• ActualBudget – A free open-source app which allows you to “own your data” by offering you the opportunity to host the app on your server. Alternatively, you can use their partner PikaPods for $1.50 a month with optional end-to-end encryption. The app offers bank linking, a range of different reports to help you understand your financial situation and envelope-style budgeting.

Banks as budgeting apps

Some banks offer budgeting features as well. These budgeting features are often included for free as part of your account. It's worth having a look at what your bank offers to see whether it might fit your needs.

Lloyds, for example, offers budgeting features like linking your other bank accounts and credit cards through open banking, a spending insights tool that splits current account spending into categories, and a budget calculator to help you understand your finances. These are fairly basic budgeting features and may only be sufficient as a starting point. In addition, some users may not want to link their other accounts to their main bank account for privacy reasons.

Moneyhub budgeting app closure: What are your options?

While the news that Moneyhub is shutting down will be disappointing to long-time users, there are several options on the market if you're in need of a budgeting app to manage your finances.

There are low-cost options like Snoop* and Monzo, premium alternatives like Emma* and YNAB, and even newcomers like PocketSmith and ActualBudget to consider. In some cases, your own high street bank could provide the features you need to create a budget all built in as part of your current account. While many of these apps offer free tools to get you started, in many cases, you'll need to pay to get the functionality you need.

If you want to find out more about the options available to you, make sure you check out our round-up of the best budgeting apps in the UK to learn more about their features, fees, and how they stack up against the competition.

If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers – Snoop,  Emma