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Open Money review
Find out what we thought of Open Money, a new money management app for saving and investing.
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.
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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
Pros
- The app is free to download with no hidden costs for the basic features.
- The app is sleek and packed with handy features.
Cons
- 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.
Frequently asked questions
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