Open Money review

Find out what we thought of Open Money, a new money management app for saving and investing.


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Open Money can help you keep track of all of your accounts in one place. Find out about what you can do with it, what’s coming soon and some pros and cons of Open Money.

What is Open Money?

Open Money is a money management app which aims to help you keep track of your spending and improve your investments. It offers financial advice personalised especially for you at an affordable cost. With a sleek design and handy features, Open Money can help you boost your cash through your smartphone!

Is Open Money good?

Fairly good! The app itself is free and has no hidden charges or fees lurking around. But if you choose to use the investment feature then you may be charged fees for the management of those investments. Unlike other investment services, Open Money makes personal recommendations to you based on your individual circumstances and how much risk you are willing to take.

How does Open Money work?

Once you’ve created your Open Money app account you will be asked to link your financial accounts, including things such as current accounts, saving accounts and credit cards. Open Money uses a provider called Yodlee who will then pull through your account information. This enables you to view your transactions on the app and allows Open Money to make personalised recommendations to you based on your finances.

Open Money features and products

The Open Money app includes cool features such as:

  • The ability to link all your financial accounts including current accounts, saving accounts and credit cards, so you can view them all in one place.
  • The ability to categorise payments and group together transactions to obtain a bigger picture of where you’re spending your money.
  • The ability to set smart budgets across a number of categories to help manage your spending and curb those shopping addictions.
  • A feature allowing you to set savings goals for everything from a new kitchen appliance to a new car, whilst tracking your progress.

Does Open Money have any upcoming features?

Yes! Open Money will soon be introducing a mortgages feature, so keep your eyes peeled for more details in the near future.

Compare investment services

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Data indicated here is updated regularly
Name Product Price per trade Frequent trader rate Platform fees Brand description
Zero platform fee
Your first 100 trades are free with Fineco, T&Cs apply.
Fineco Bank is good for share traders and investors looking for a complete platform and wide offer. Capital at risk.
eToro Free Stocks
0% commission, no markup, no ticket fee, no management fee
Withdrawal fee & GDP to USD deposit conversion
Capital at risk. 0% commission but other fees may apply.
0% commission on US shares, and £3 on UK shares
From £5
£0 - £24 per quarter
IG is good for experienced traders, and offers learning resources for beginners, all with wide access to shares, ETFs and funds. Capital at risk.
Hargreaves Lansdown Fund and Share Account
No fees
Hargreaves Lansdown is the UK's number one platform for private investors, with the depth of features you'd expect from an established platform. Capital at risk.
Degiro Share Dealing
£1.75 + 0.022% (max £5.00)
£1.75 + 0.022% (max £5.00)
Portfolio transfer fees (in & out)
Degiro is widely seen as one of the best low-cost share brokers, for people who are looking to trade regularly. Capital at risk.
Interactive Investor
From £7.99 on the Investor Service Plan
From £7.99 on the Investor Service Plan
No transfer fees or exit fees. £9.99 a month on the Investor Service Plan
Open an ISA, Trading Account or SIPP you will get £100 of free trades to buy or sell any investment (new customers only).
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.

Compare up to 4 providers

Data indicated here is updated regularly
Name Product Minimum deposit Maximum annual fee Price per trade Brand description
Interactive Investor stocks and shares ISA
Any lump sum or £25 a month
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
Moneyfarm stocks and shares ISA
Moneyfarm helps you meet your investment goals with fully-managed portfolios designed around you. Capital at risk.
Hargreaves Lansdown stocks and shares ISA
Hargreaves Lansdown is the UK's biggest wealth manager. It's got everything you'll need, from beginners to experienced investors. Capital at risk.
Nutmeg stocks and shares ISA
Nutmeg offers three types of portfolios. Choose the one that goes with your investment style. Capital at risk.
Saxo Markets stocks and shares ISA
No minimum deposit requirement
Saxo Markets offers a wide access to a range of stocks, ETFs and funds. Capital at risk.
AJ Bell stocks and shares ISA
AJ Bell is a good all-rounder for people who to choose between shares, funds, ISAs and pensions. Capital at risk.
Fidelity stocks and shares ISA
£1000 or a regular savings plan from £50
Fidelity is another good all-rounder, offering a good package at a decent price. Not suited for trading shares. Capital at risk.
Legal & General stocks and shares ISA
Legal & General stocks and shares ISA
£100 or £20 a month
Legal & General is a big financial services company which offers insurance, lifetime mortgage, pensions and stocks and shares ISAs. Capital at risk.

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Data indicated here is updated regularly
Name Product Minimum investment Choose from Annual fee Brand description
Interactive Investor Pension
Any lump sum or £25 a month
Over 3,000 funds
interactive investor is a flat-fee platform, which makes it cost effective for larger portfolios. Capital at risk.
Moneyfarm Pension
£1,500 (initial investment)
7 funds
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
AJ Bell Pension
Over 2,000 funds
AJ Bell has two different pension options, a self managed pension and one that is managed for you. Capital at risk.
PensionBee Pension
No minimum
7 funds
0.5% - 0.95%
Pension Bee is a newbie in the pension market. It helps consolidate your pension plans into one place. Capital at risk.
Hargreaves Lansdown Pension
£100 or £25 a month
2,500 funds
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
Saxo Markets Pension
Saxo Markets Pension
Over 11,000 funds
No annual fee
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
No minimum
4 portfolios
Moneybox Pension
3 funds
0.15% - 0.45% charged monthly
Manage your money with an easy-to-use Moneybox app. Capital at risk.

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All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

Open Money app review

Open Money has a fairly poor App Store rating of 2.6 from 26 customers, who appeared to experience some technical difficulties with the app.

Open Money customer reviews

Open Money gained a 3.6 rating on Trustpilot, with 50% of those customers rating the service as “excellent”.

Open Money fees and charges

The Open Money app is almost completely free to use. The only service with a small charge is the management of any investments you make with Open Money.

Is Open Money safe?

The privacy and security of customers is really important at Open Money. All personal data is stored using 256 bit SSL encryption – the same level used by most banks. A two-step verification is also in place when setting up your account to ensure maximum security.

How does Open Money make money?

Open Money makes money by charging a small fee for the management of investments you hold with it.

Pros and cons


  • The app is free to download with no hidden costs for the basic features.
  • The app is sleek and packed with handy features.


  • No 24-hour customer support – phone lines and live web chat do not run on weekends or in the evenings past 8pm.

Our verdict

Overall, Open Money appears to be a fairly useful app with a number of handy features, most of which are accessible for free from your smartphone. Although its App Store ratings have been low due to difficulty navigating around the app, a large proportion of Trustpilot users rated the app highly and found the personalised advice to be extremely helpful for saving them money.

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