What is Open Banking?

Open Banking is a government-backed initiative that puts you in control of your financial data, by making it easier to manage when using apps like Money Dashboard. We’ve been working behind the scenes with the banks to ensure that the connections available to customers are robust, secure and that switching connection types is as seamless as possible.

Connect via Open Banking

What are the benefits of Open Banking?

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Better control

Link your accounts with your bank or provider and take full control on which of your accounts are connected and for how long.

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Faster access to data

With a direct connection to your bank or provider authorised by you, you'll get access to your data faster than ever.

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More reliable

With your data being pulled directly from your bank or provider, you can be sure the information is accurate.

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Enhanced security

The log in process to connect your accounts is handled by your bank so you don't have to worry about sharing your login details.

Which accounts are available?

Money Dashboard users with certain banks are able to connect to their accounts via Open Banking. For the full list of available accounts, click here.

Your Open Banking roadmap

Open Banking product roadmap
The future of Fintech

How to connect your bank via Open Banking

Connecting your bank account to Money Dashboard via Open Banking couldn't be more simple. Simply select your provider from our list of UK banks. After selecting your account you'll be redirected to your provider's own website or app to log in and confirm which accounts you want to share with Money Dashboard. And that's it! You now have full visibility of all the accounts you have with that bank and of any other provider you want to connect to Money Dashboard.

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Your questions

How do I switch my accounts to Open Banking?

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When you log in to Money Dashboard you will see a “Switch to Open Banking” button next to accounts which you can connect via Open Banking APIs. Simply click this button & you will be directed to your banks online portal. Simply follow the instructions and you will be able to select which accounts you want to connect.

Your account connection will be switched to Open Banking with all your historic data saved.

If you want to connect a new account, go to “Add Account” and select the Open Banking connection for your bank from the drop down list of account providers and follow the prompts.

Why should I switch to Open Banking?

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The potential for Open Banking to help you manage your money better is huge! It puts you in control of your data and means that the experience when using apps like Money Dashboard is much smoother as it facilitates a connection between them directly, with no reliance on third parties.

We’ve got big plans to use the technology supporting open banking to introduce great new tools and features that help you revolutionise your finances.

Why are only some accounts supported?

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As of March 14th we no longer support connections through ‘credential sharing’ and will only be supporting accounts on API. This is in line with the FCA rulings about account support for Open Banking.

As with any ambitious technical project of this scale some of the banks have encountered problems with their implementation of the new data feeds and not all of them have Open Banking APIs in place yet. If your bank doesn’t yet offer a robust solution we won’t be able to support it after this date. However, we’re working hard with the FCA and the banks to get them reconnected as soon as they make their APIs available.

Not all savings accounts come under PSD2 (the legislation requiring banks to make your account information more accessible to you) so you might not be able to migrate all your accounts to an Open Banking API just yet. With savings accounts a good rule of thumb as to whether your bank will provide an Open Banking API connection is if you can currently make payments directly from your savings account to another third party account.

What about accounts not covered by Open Banking?

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As new providers and accounts become supported under Open Banking we’ll be adding them to the app too. For an indication of the status of each unsupported or upcoming provider, click here.

Where can I get support?

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For more information and troubleshooting tips on Open Banking Connections or anything else to do with Money Dashboard visit our help site. If you need any further assistance our friendly support team are available 9am-5pm, Monday-Friday at support@moneydashboard.com.

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