Moneyhub – In Brief
Moneyhub is a UK based fintech company that provides a budgeting app, that uses smart technology to allow users to have a complete overview of their financial lives, by giving customers a way to see all their financial accounts in one place. This gives the user a way to see their net worth and perform a detailed analysis of all of their spending.
Table Of Contents
Moneyhub Review – Pros & Cons
Pros:
- Moneyhub has excellent budgeting features
- The subscription cost is low
- They do not sell your data to third parties
- Very simple to get going and to use
Cons:
- No free version available
- Does not support as many banks as some competitors
- Less interactivity than some competitors
What is Moneyhub?
The Moneyhub mantra is ‘see everything in one place’, and that is really the key to what they offer. They use open banking technology to connect to every bank, credit card, investment platform, and other financial institution that you use. Once connected, you can see all of your transaction data within the Moneyhub app.
Once you have downloaded the Moneyhub app, simply go to their integration function, and you can follow a simple process to get all of your data to appear in the app. You can then apply their features to perform a detailed spending analysis on your finances.
What is open banking?
Open banking is a highly secure and useful process that has started to transform the financial product market in the last few years. Initially proposed by the EU, it is in the UK that open banking has really taken off. It is based around the concept that each individual’s financial transactions are their own property, and they should be able to have access to this financial data. Banks and other financial institutions now have to give access to a customer’s transaction data to third parties, upon the request of the customer. This means that hundreds of new apps have emerged that can take the data, and apply their systems to it to give the customer so they can improve their financial lives. These include money management apps like Moneyhub.
Open banking is a very safe process that uses bank level authentication and encryption.
Moneyhub Features
- Integration – get transactions from all of all your accounts that you use into the app
- Spending Analysis – the app automatically analyses your spending
- Spending Goals – set goals within the app, so you can see if you are keeping within them
- Nudges – the app will send you nudges to let you know how you are doing with your goals
- Categories – the app automatically categorises your transactions.
- Real-life Advisors – the app gives you the option to speak to a real life advisor
- Payments – make payments between your accounts via the app
Who is Moneyhub for?
Multiple bank accounts, including current accounts, savings accounts, credit card accounts and more, can be connected to Moneyhub. Therefore it is possible for individuals to integrate their accounts with the app. In addition, couples can create an account, giving them a combined overview of their joint finances.
Bank Accounts, Savings Accounts and More
Moneyhub is connected to all major banks, many smaller banks, savings accounts, credit card providers, pension providers, and investment platforms. This includes popular digital banks such as Starling Bank and Monzo. It is best to check if they support the institutions you use.
Currently they are integrated with:
| Allied Irish Banks | Citibank | Mettle | Starling Bank |
| American Express | First Direct | Monzo | The Co-operative Bank |
| Bank Of Ireland | Halifax | Nationwide | Ulster Bank |
| Bank Of Scotland | Lloyd’s Bank | NatWest | Virgin Money |
| Barclays | M&S Bank | RBS | Yorkshire Building Society |
| Capital One | MBNA | Revolut | |
| Cashplus | Metro Bank | Sainsbury’s Bank |
In general, Moneyhub is perfect for people who wish to get more clarity on their financial life, as the app allows you to see all of your money, across multiple institutions, in one place.
Moneyhub Costs & Fees
Moneyhub charge a fee for using their app, which can be paid either monthly or per year. You can download via the Apple App Store, and it costs at £1.49 per month, or £14.99 per year. However, currently they are offering a deal where new users get the app free for 6 months.
Is Moneyhub Safe?
Moneyhub is purely a money management app, and does not hold your money, so there is no risk of loss.
In terms of privacy, Moneyhub state that they have bank level authentication and encryption. They fully encrypt all data, and have read-only access to your transactions, so changes cannot be made to your bank accounts and they do cannot access your personal details.
Also, Moneyhub charges a fee for using the service. Some of the budgeting apps similar to Moneyhub are free, however, they may sell your data to make money, whereas Moneyhub state:
The reason we charge for Moneyhub is because we don’t sell your data to third parties, it’s as simple as that. Some other financial management apps might be free but they might be selling your data on to make a profit. We refuse to do this as we don’t think it’s fair to our customers and therefore will charge a subscription fee in order for our services to be used and developed.
This is unlike some other budgeting apps such as Money Dashboard and Snoop, who do sell encrypted customer data to third parties.
Moneyhub App
The Moneyhub app is simple to use, and intuitive. Firstly you will need to download the app either from the Moneyhub website or the App Store and create an account. Then, to connect your accounts to Moneyhub, you will need to connect to your banking app via the bank’s login portal. During this process all your banking information will be completely safe, and Moneyhub will not have access to your login details.
Moneyhub Spending Analysis & Spending Insights
Moneyhub is a very powerful money management app, that allows you to deeply interrogate your spending habits. Moneyhub connects to multiple financial institutions, and can bring all your transactions into your Moneyhub account. This allows you to see all regular payments and spending, and see ways to save. You can also create a spending category for each of
Over time you can easily work out the best spending budgets for you, and the best ways to save money.
Moneyhub Customer Reviews
Moneyhub have a score of 4.3 out of 5 on Trustpilot, from 30 reviews. Really this is a rather small sample size to get a good idea of what people are saying about the app, so we recommend searching a bit deeper. Reddit has some users giving their views on Moneyhub.
Moneyhub Competitors
Which is better – Moneyhub or Money Dashboard?
Read our full Moneyhub vs Money Dashboard comparison
Which is better – Moneyhub or Emma App?
Read our full Moneyhub vs Emma App comparison
Which is better – Moneyhub or Snoop App?
Read our full Moneyhub vs Snoop App comparison
Moneyhub FAQ
How does Moneyhub make money?
Moneyhub charge a small monthly or annual fee for using their app. In addition, the company behind the Moneyhub app provide other companies with open banking technology.
How much does Moneyhub cost?
The Moneyhub monthly subscription fee is very low at only £1.49 or £14.99 if you sign up for a year. There are competing free money management apps, such as Snoop and Money Dashboard, which have good features, but will sell your transaction data (which Moneyhub do not do). Other similar apps, such as Emma, have free versions, but most of their features are only available on their paid tiers, which are much more expensive than Moneyhub.
Is Moneyhub any good?
Moneyhub has entered a crowded money management app market, and does give good value, and potentially provides a more detailed analysis than some other comparable apps. The app does cost money, but the fee is quite low, so should be manageable, so it can compete agains the free budgeting apps.
Moneyhub Review – Verdict
Moneyhub is backed by an impressive technological back end, and as such is able to give a seamless integration process, and an app that is clean and clear. They are a little less gamified than some other apps out there, so whether you like the front-end of the app or not is really down to your personal preference.
For people who a keen on privacy, Moneyhub’s subscription fee allows them to operate without selling your data (unlike some other budgeting apps). The subscription fee is also a lot lower than some of the competitor paid apps. All-in-all, Moneyhub is definitely an option to consider in the world of budgeting apps.
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