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Moneyhub – In Brief
Moneyhub is a UK based Fintech company that provides a budgeting app, that is designed to allow users to have a complete overview of their financial lives.
Moneyhub Pros & Cons
- Moneyhub has excellent budgeting features
- The subscription cost is low
- They do not sell your data to third parties
- Very simple to get going and to use
- No free version available
- Does not support as many banks as some competitors
- Less interactivity than some competitors
What is Moneyhub?
Moneyhub’s mantra is ‘see everything in one place’, and that is really the key to what they offer. They use open banking technology to connect to every bank, credit card, investment platform, and other financial institution that you use. Once connected, you can see all of your transaction data within the Moneyhub app.
Once you have downloaded the Moneyhub app, simply go to their integration function, and you can follow a simple process to get all of your data to appear in the Moneyhub app. You can then apply their features to your finances.
- Integration – get transactions from all of financial platforms that you use into the app
- Spending Analysis – the app automatically analyses your spending
- Spending Goals – set goals within the app, so you can see if you are keeping within them
- Nudges – the app will send you nudges to let you know how you are doing with your goals
- Categories – the app automatically categorises your transactions.
- Real-life Advisors – the app gives you the option to speak to a real life advisor
- Payments – make payments between your accounts via the app
Who is Moneyhub for?
As an unlimited number of bank accounts can be connected to Moneyhub, it is possible for couples to both integrate their accounts with the app, giving them a combined overview of their joint finances.
Moneyhub is connected to banks, savings providers, credit card providers, pension providers, and investment platforms. It is best to check if they support the institutions you use.
Currently they are integrated with:
|Allied Irish Banks||Citibank||Mettle||Starling Bank|
|American Express||First Direct||Monzo||The Co-operative Bank|
|Bank Of Ireland||Halifax||Nationwide||Ulster Bank|
|Bank Of Scotland||Lloyd’s Bank||NatWest||Virgin Money|
|Barclays||M&S Bank||RBS||Yorkshire Building Society|
|Cashplus||Metro Bank||Sainsbury’s Bank|
In general, Moneyhub is perfect for people who wish to get more clarity on their financial life, as the app allows you to see all of your money, across multiple institutions, in one place.
Moneyhub Costs & Fees
Moneyhub charge a fee for using their app, which can be paid either monthly or per year.
If you pay Moneyhub directly via their platform, then it costs £0.99 per month, or £9.99 per year. You can also pay via the Apple App Store, and it is more expensive, at £1.49 per month, or £14.99 per year.
Moneyhub state that they receive the same amount for both, but via Apple it is more expensive due to Apple’s fees.
Is Moneyhub Safe?
Moneyhub is purely a budgeting app, and does not hold your money, so there is no risk of loss.
In terms of privacy, Moneyhub state that they have bank level security. They fully encrypt all data, and have read-only access to your transactions, so chances cannot be made.
Also, Moneyhub charge a fee for using the service. Some of the budgeting apps similar to Moneyhub are free, however, they may sell your data to make money, whereas Moneyhub state:
The reason we charge for Moneyhub is because we don’t sell your data to third parties, it’s as simple as 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.
Moneyhub Customer Reviews
Moneyhub have a score of 4.3 out of 5 on Trustpilot, from 30 reviews. Really this is a rather small sample size to get a good idea of what people are saying about the app, so we recommend searching a bit deeper. Reddit has some users giving their views on Moneyhub.
Which is better – Moneyhub or Money Dashboard?
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How does Moneyhub make money?
Moneyhub charge a small monthly or annual fee for using their app. In addition, the company behind the Moneyhub app provide other companies with open banking technology.
Moneyhub is backed by an impressive technological back end, and as such is able to give a seamless integration process, and an app that is clean and clear. They are a little less gamified than some other apps out there, so whether you like the front-end of the app or not is really down to your personal preference.
For people who a keen on privacy, Moneyhub’s subscription fee allows them to operate without selling your data (unlike some other budgeting apps). The subscription fee is also a lot lower than some of the competitor paid apps. All-in-all, Moneyhub is definitely an option to consider in the world of budgeting apps.
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