moneyhub

Moneyhub app review

Will this finance assistant really give you "clarity and peace of mind" over your money?

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Moneyhub is a budgeting app that aims to help you budget better by showing you all your accounts in one place.

It’s a personal finance assistant that uses smart technology, but it also has a human touch. You can talk to a real-life financial adviser in the app too.

We’ve highlighted the key budgeting features, explained how it works and what makes it stand out.

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What is Moneyhub?

Moneyhub is part of a wave of budget apps which use Open Banking to bring all your banking information under one roof.

Unlike its competitors, Moneyhub offers a more personalised service. It doesn’t just use technology to help you budget but gives you the option of speaking with an adviser.

However, this comes at a price.

How does Moneyhub work?

Moneyhub is a subscription service, so you have to pay either a monthly or annual fee to join. It’s cheaper to sign up and pay directly in the app than getting Moneyhub through the app store. The app costs a very reasonable £14,99 a year, or you can pay a monthly subscription fee of £1.49.

Once you’ve signed up you can then connect and see any number of accounts you have. Here are its app features in more detail:

  • View accounts. Connect your current accounts, credit cards, savings accounts, mortgages, pensions and investments.
  • Categories. Smart technology automatically categorises your transactions.
  • Spending insights. Analysis shows you which categories and shops you spend most at each month.
  • Make payments. Some banks enable you to make payments to friends and family directly from the Moneyhub app
  • Goals. Set spending goals and see how much you’ve spent towards it in the app.
  • Forecast spending. This feature lets you forecast how your finances will look in the future.
  • Real life advisers. Connect to human advisers in the app, you choose whether to share your financial data with them.

Which providers can I connect to Moneyhub with?

Using open banking, you can connect with one of the financial institutions below. If your current account provider isn’t listed, you can manually add an account to the app:

  • Bank of Scotland
  • Barclays
  • Birmingham Midshires
  • Cahoot
  • Cashplus
  • Cater Allen
  • Citibank
  • Co-operative Bank
  • Cynergy Bank
  • Danske Bank
  • First Direct
  • Halifax
  • HSBC
  • Handelsbanken
  • Lloyds
  • Mettle
  • Monzo
  • Nationwide
  • Natwest
  • RBS
  • Revolut
  • Sainsbury’s Bank
  • Santander
  • Starling
  • TSB
  • Ulster Bank
  • Virgin Money

How safe is Moneyhub?

You might be slightly worried about letting a third party app access your financial information. However, Moneyhub is FCA regulated and it doesn’t sell your data to third parties – hence the subscription fee.

In addition, it has bank level authentication and security and uses encryption technology. This means it doesn’t actually store any of your login details such as passwords, for instance.

It is, however, possible for some customers to make payments from their bank account from within the Moneyhub app. This can only work is your bank’s security procedures allow this function.

Pros and cons

Pros

  • Intelligent budgeting tools and spending insights.
  • You can share financial data and speak with an adviser.
  • Doesn’t share information with third parties.

Cons

  • Monthly or annual fee to use.
  • Some may not be comfortable giving Moneyhub access to their online banking.

The bottom line

With its useful budgeting features and spending insights, Moneyhub could be a good option for you – but only if you’re comfortable with paying a subscription for it and, more importantly, with giving it your online banking details.

Security measures are in place in case anything goes wrong, and it never sells your data to third parties (hence the subscripton), but ultimately it’s up to you. Read our guide to digital banking to ensure you’ve researched all the available apps and accounts before making a final choice.

Get started by visiting Moneyhubs’s website and download the app. If you have read this review and the app is not for you, you can also discover more budgeting apps.

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