HSBC Connected Money app review

See all your accounts in one place with HSBC's new app.

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HSBC is rolling out Connected Money, a new app which lets you see all of your accounts in one place. Even those you hold with other banks and building societies.

It’s one of the first high street banks to offer an integrated banking app, as legacy banks look to keep step with emerging digital banking services. Both Yolt and Money Dashboard offer apps like this already.

While still in its testing phase, HSBC is working to add new features to Connected Money. Here’s what you need to know about what the app currently offers.

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What is HSBC Connected Money?

Taking advantage of new Open Banking regulations, HSBC have launched an app that lets you see all your current accounts in one place.

With Connected Money you can view account information such as balances and transactions all in the mobile-app, as long as the account is with any of the the 21 financial institutions it’s currently linked to. These include Barclays, Santander, Lloyds, Natwest and Nationwide.

It also works with some savings accounts, credit cards, mortgages or loans.

It’s more than just a comprehensive bank statement though. Below we’ll go through some of the smart money features it offers.

How does Connected Money work?

Currently only HSBC customers with online banking and an iPhone can sign up to the app.

Once downloaded, you will have to give the app your login details for your various accounts.

By doing this you give the app permission to draw together your accounts, so you’ll be able to see all your balances and transactions in the app.

Given it’s still in its “beta” testing phase, HSBC may well add new features to the app. For now, this is what you get:

  • Spending insights. The Discover feature lets you see what you’re spending by category or by merchant. You can see your transactions broken down into categories like travel or shopping, or by shops like Starbucks or ASOS.
  • Balance after bills. The app lets you see how much money you have left to spend once your bills are taken into account.
  • iPhone. For now the app is only available on iPhones and to HSBC online customers. It’s working to branch out to Android users and other banks soon.
  • Savings. It’s currently working on adding a savings feature that would automatically round up transactions and pocket the difference into a linked savings account.

What is Open Banking?

Open Banking is a set of regulations that let third party apps access your basic banking data. Of course, this is only with your express permission and it’s protected by UK law.

Apps like Yolt, Chip and Plum are a few examples of these third party apps that say they can help you manage your money or get better deals on services.

Is Connected Money safe?

You might have reservations about handing over your account details and passwords to the app.

However, to use the app, it will ask for your login details to your accounts with other banks, building societies and other payment providers.

HSBC notes that when it collects data, it may well collect information about transactions of a sensitive nature. Payments to trade unions and political parties, for instance.

HSBC does promise the same high levels of security with Connected Money as it offers with its bank account services, though.

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Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
★★★★★
You say
★★★★★
0%
39.9% EAR variable
£125 when you switch
Go to site
Current account switch service guarantee badge
Plus earn 2.75% AER / gross interest with the linked HSBC Regular Sever
To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. To be eligible for the £125 switching offer, customers must switch from a non-HSBC Group current account product. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).
We say
★★★★★
You say
★★★★★
0%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
We say
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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