We’ve reviewed Mint to help you find out whether it could help you manage your money, when it arrives in the UK.
Mint is a free personal finance management service, functioning in the US and Canada. It aims to help users keep track of their budgets, create and achieve goals, and aggregate financial accounts on one user-friendly dashboard. The service can be accessed with any browser or mobile device.
Currently, Mint only supports banks and financial institutions in the US and Canada. While it says it may expand to other countries in the future, it doesn’t have a timeline for when that may be.
Mint is about helping you manage your money through a single app:
Mint has recently introduced its Bill Pay feature, enabling you to track and pay all your bills in one place. It will monitor your bills, bank accounts and credit cards so you don’t miss a payment or lose track of your finances:
Mint is free to download and free to use.
It makes money by recommending financial products to its users – when they sign up for “sponsored” accounts on the Ways To Save feature on Mint’s website, it gets a fee from the providers.
Mint doesn’t actually hold your money, so you don’t have to worry about the company going bust. However, it does hold a whole lot of your personal and financial data.
Unlike in the UK, Open Banking isn’t a thing in the US yet, so what you’re doing when using Mint is basically giving it your bank account’s details and granting Mint access to it. However, Mint is still not allowed to move money – it accesses your data in read-only mode.
Moreover, Mint uses a variety of systems to keep your data safe – it’s all encrypted and is also monitored by third-parties services like VeriSign.
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