Frequently asked questions

+    What is Open Banking and what does it mean for me?

In short, Open Banking is a series of reforms that means all UK-regulated banks will have to let you share your financial data such as your spending habits, regular payments and companies you use (basically, for the moment, your current account information) with authorised providers offering budgeting apps (like Moneyhub!), or other banks – as long as you give your permission.

The idea behind these changes is that they'll bring more competition and innovation to financial services which, in turn, will lead to more and better products to help manage your money. Open Banking puts you in control of your data and lets you find the best deal and the best services easily and safely.

Open Banking is all well and good, but it doesn't mean you can automatically share you data with just anyone. You can only safely share your financial information with people who are Financial Conduct Authority regulated. In addition to this, if you want to share your data via an API and not screen scraping the company has to be AISP regulated by the FCA.

+    What does is mean when you connect via Open Banking in Moneyhub, and what are banking APIs?

Banks have now begun their managed roll out, or ‘beta’ period, to test their APIs with FCA regulated third parties who have permissions as Account Information Services Providers (AISPs).

Application Programming Interfaces will appear to you as a redirect from the third party app (like Moneyhub) where you'll go to your banking app, it will ask if you want Moneyhub to have access to your finances and be able to show your your data for the next 3 months, and once you say yes you'll get redirected back to Moneyhub.

It's a bit like when you sign in to another app via Facebook or Google, it doesn't change or allow unlimited access to your actual account, and you can stop access at any time from your banking app. You'll get prompted every 3 months to reconnect, so you can never accidentally leave the connection running.

+    Why do I still sometimes have to put in my login credentials to connect my account?

Open Banking sets standards for banking APIs. But the legislation only covers banks, and specifically only current accounts. It doesn’t cover providers like mortgage providers or even other account types at the same bank. Also, not every bank has their API ready. We know that Moneyhub is most useful when you can connect every account you want to see – that’s why we use another method to allow you to add your accounts that aren’t ready for APIs.

This method is called ‘screen-scraping’. A programme logs into your account on your behalf, captures the data from the screen and translates it into data we can add to your Moneyhub dashboard. The company we work with to do this is called Yodlee. Yodlee’s technology is trusted by many of the biggest financial institutions in the world, including Bank of America and Amex.

All your data is encrypted, so no one could see it even if they wanted to. And most importantly, no matter what, your bank is still responsible for your money and accounts in the highly unlikely event that things go wrong with Moneyhub, as the FCA has given us AISP permissions. No matter what method is used to bring together your financial data.

Every day, more banks and financial providers are getting their APIs ready. Soon, screen-scraping will fade away. If you’d like to know what your bank is doing to get ready for Open Banking, just call them directly.

+    What are AISP regulations and and what has that got to do with Moneyhub?

Account Information Services Providers have an extra layer of special regulation from the FCA, which means a company can use a bank's APIs rather than just simply screen scraping.

All banks must provide their APIs by September 2019, and the UK’s nine biggest banks and building societies – the CMA9 – must have their APIs ready to go by April 2018. Meanwhile, until an API is available for AISP third parties, banks must allow screen-scraping by ‘grandfathered’ third parties only.

And since APIs only currently apply to current accounts in the CMA9, AISP regulated third parties are allowed to screen scrape other data for accounts such as loans, mortgages, credit cards or savings accounts with the same level of security and coverage in the unlikely event that things go wrong, the same as if the third party uses an API. This means, that no matter what, your bank is still responsible for your money and accounts in the highly unlikely event that things go wrong with Moneyhub, as the FCA has given us AISP permissions.

Bear in mind, too, that not everyone who applies to be AISP regulated gets approved. Third parties need to have strict internal and external security procedures and frameworks in place, and to meet the very latest customer authentication models. For instance, at Moneyhub we had to provide extensive detail of our security protocols, such as our compliance with ISO-27001 information security procedures, and our use of the OAuth 2.0 and OpenID Connect standards to enable token based authorisation for all our internal services, ensuring that we don’t rely on perimeter security alone. These are just two examples of the lengths required to become AISP approved, and what is needed to have a realistic opportunity of gaining AISP regulatory approval. Some third parties in the market today that are screen-scraping accounts have already been rejected, and the FCA has said it only expects to see 15-20 companies with AISP regulations in the UK.

+    What about my banking terms and conditions?

The Financial Conduct Authority (FCA) has released some information on your rights as a consumer who shares your information with a third party application, such as Moneyhub. The following is an excerpt from this information:

"Your banking terms and conditions should not prevent you from sharing your credentials with regulated AIS or PIS providers. Your bank cannot hold you responsible for unauthorised transactions just because you have shared your credentials with AIS and PIS providers."

To see more please visit the FCA website here.

Moneyhub Financial Technology is a registered AIS (Account Information Service) provider, reference no. 796087.

This means, that no matter what, your bank is still responsible for your money and accounts in the highly unlikely event that things go wrong with Moneyhub, as the FCA has given us AISP permissions.

+ What is Moneyhub’s approach to GDPR?

At Moneyhub we’ve always taken your privacy and the protection of your personal data seriously. GDPR (The EU’s General Data Protection Regulation) comes into effect on the 25th of May and makes your individual rights as a user clearer. The way in which we fulfil some of your rights under GDPR are detailed below:

Right of access

For the Moneyhub service, the vast majority of the information that we hold, is information that you have added yourself via our app. This information is available in the Moneyhub app, however you can also write to us to ask us to share with you the personal data that we hold about you.

Right to be forgotten

If you no longer want to use the Moneyhub service you can write to us and we will delete your account. Our deletion process ensures that we remove all data (apart from the emails that you’ve sent to us) that we hold about you from our systems and the third parties that we use.

Right to data portability

All of your transaction data is available to download in CSV format from within Moneyhub. Should you require other data that we hold on you in a machine readable format then please contact us.

Please refer to our privacy policy for more details and don’t hesitate to email us at [email protected] if you have any questions.

+    How do I get a subscription?

The subscription to Moneyhub allows for automatic account updates as well as access to a number of features. When you sign up to Moneyhub you will automatically get a month of free service, after this you will have to subscribe.

There are now two ways that you can subscribe to Moneyhub. You can either do so directly by signing in to Moneyhub and then going to ‘Settings’ > ‘Subscription’. This will cost £0.99 if you pay monthly, or if you select the annual option it's only £9.99. Alternatively, you can subscribe via the App Store at a cost of £1.49 a month or £14.99 a year (we receive the same payment, Apple keeps the extra money).

+    Why isn't Moneyhub free?

We at Moneyhub really want to take care of our customers and make sure we provide absolute clarity in how our company works.

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.

+    How do I change my payment details?

In order to change your payment details simply message us through 'Settings' > 'Support', we will cancel your current card which means you can add another card to pay for your subscription.

+    How do I unsubscribe or delete my account?

If you wish to leave Moneyhub then simply message us through 'Settings' > 'Support', confirming as to whether you would like to unsubscribe from our premium service (which means you can easily come back in the future!) or would like us to delete all your data as well as unsubscribe. We can then do this for you.

+    Why aren't my accounts automatically refreshing?

If you are experiencing problems with the automatic refresh of one of your accounts try manually refreshing your connection by going into 'Connections' > select the account that was experiencing problems > 'Refresh Connection'. If this doesn’t work please take the following steps:

  • Sign out of Moneyhub and then sign in to your respective online banking website, specifically with a PC or laptop. This is to ensure there are no issues with the account’s website, or with your login credentials. Sometimes it is simply an update in your online banking that needs to be cleared or accepted.
  • Sign out of your online banking and wait at least 10 minutes before logging back into Moneyhub.
  • Once you've signed into Moneyhub, go to 'Account and Assets' > select the account that was experiencing problems> 'Manage Connection' > 'Change Credentials'.
  • Re-enter the credentials that worked on your online banking website and then continue to re-verify your connections.

If you’re still experiencing problems then please contact support through the 'Settings' > 'Support' option in Moneyhub and we will look into this for you.

+    Why won't my account connect to Moneyhub?

If you are experiencing problems with connecting one of your accounts to Moneyhub please take the following steps:

  • Sign out of Moneyhub and then sign in to your respective online banking website, specifically with a PC or laptop. This is to ensure there are no issues with the account’s website, or with your login credentials. Sometimes it is simply an update in your online banking that needs to be cleared or accepted.
  • Sign out of your online banking and wait at least 10 minutes before logging back into Moneyhub.
  • You can then attempt to connect your account again, using the same credentials that were successful within the online banking website.

If you’re still experiencing problems then please contact support through the 'Settings' > 'Support' option in Moneyhub and we will look into this for you.

+    How often do accounts refresh?

Your accounts should automatically update at least every 24 hours, but please note that this may not be at the same time each day/night. If this isn't the case then you can manually refresh your connection through the 'Connections' page.

If this doesn't work then you can send us a message through the 'Settings' > 'Support' option within Moneyhub. We will take a look at your account for you to see if there are any technical problems and get them resolved.

+    Why isn't my Barclays account automatically refreshing?

Your connected accounts should update automatically every 24 hours, but please note that this may not be at the same time each day/night. To enable the automatic updates to work, you must ensure that your accounts have been connected using an appropriate 'sign in' method.

If you’re connecting an account that uses multi-factor authentication (MFA), such as Barclays, then you have make sure you input certain credentials. MFA is a security systems that involves both a password and a second layer of security that involves action there and then, like a PINsentry.

If you connect it with a 'PINsentry log-in', you will not receive auto-updates for your transactions and account balances, because you'll be required to use your PINsentry each time you wish to get updates.

If you connect your accounts with a 'Memorable word and passcode log-in', you should be able to get auto-updates every 24 hours within Moneyhub.

How to connect your account with the 'Memorable word and passcode'

  • Firstly you'll need to create a 'Memorable word and passcode sign in' with Barclays, which can be set up by going into your Barclays online banking (using your PINsentry to sign in, and then choosing the option to create this log-in from within your settings). You can find out how to set this new sign in up in the Barclays website here -https://www.help.barclays.co.uk/faq/online-banking/login/setup-passcode-word.html
  • Once you've created this new login, please sign out of your Barclays online banking account and then try logging back into it using the new login details, just to check it all works.
  • Then, if you sign in to Moneyhub, you can select the Barclays account and opt to 'Manage Connection' and then 'change credentials' to re-enter your new Barclays Memorable Word and Passcode details.
  • You should then find that your transactions and account balances update automatically every 24 hours within Moneyhub. If for any reason they don't update, you can also use the manual refresh option in these rare occurrences.

+    Why isn't my HSBC account automatically refreshing?

If you’re connecting an account that uses multi-factor authentication (MFA), such as HSBC, then you have make sure you input certain credentials. MFA is a security systems that involves both a password and a second layer of security that involves action there and then, like a physical secure key.

Please note that if you connect your HSBC account using a 'physical secure key', your account will not update automatically. To update the account within Moneyhub, you will need to use the secure key each time that you wish to see up-to-date transactions and account balances.

If you connect the account using the 'digital secure key' or 'Password' instead, your account should automatically update within Moneyhub every 24 hours, saving you the task of having to manually update the account with the physical secure key.

To get this working for you as quickly as possible, we would recommend that you firstly sign in to your HSBC online banking, to check there are no issues with your login credentials, or with their website. You can then also check if you have, or are eligible to set up the digital secure key 'login'. More info on the HSBC website can be found here: –http://www.hsbc.co.uk/1/2/customer-support/online-banking-security/secure-key

Once you then have checked this, you can re-enter your login credentials within Moneyhub, using the 'change credentials' option, or by adding the account again.

Feature Explanations

 

Feature explanations

+    Automatic categorisation

Through artificial intelligence Moneyhub is able to, with 85% accuracy sliding to 95% accuracy with continued use, determine the category that a transaction might belong to. To allow for category spending analysis and the setting of budgets then click the tick if the category a transaction has been assigned is correct, or click the pencil to change the category.

+    Add custom categories

To put a transaction into a custom category from the transaction inbox simply click on the edit pencil, choose a main category that your custom category might go into, scroll to the bottom and choose ‘+ New Category’ and then name your new custom category.

To put a transaction that is already categorised into a new custom category simply click on the transaction, click ‘Change’, and then follow the process above to create a new category for this transaction.

+    Spending budgets

If you need to take control of your finances and want to start setting limits to your spending then set up a budget in any category you choose. To set up a budget go to: 'Planning' > 'Spending Budgets' > ‘+’ and choose a category to set a budget in. You will receive nudges if you are nearing or over your budget for each month in any category you set up a budget for.

+    Spending analysis

Head to the Spending Analysis option to see how much you’re spending in certain categories, and even be able to compare this to previous months. Toggle the graph option in the top right hand corner to choose different graph views.

+    Income analysis

Head to the Income Analysis option to see where your income is coming from and how much you’re earning compared to previous months. Toggle the graph option in the top right hand corner to choose different graph views.

+    Forecast

Forecast lets you see where you can cut back your spending, how much money you might have in the next few months and lets you see how a big spend like a holiday, house or car might affect your finances. Simply choose what accounts to include, set your expected monthly income, your expected monthly expenditure, and press start!

+    Find advisers

If you would like professional financial advice you can connect to an adviser using the ‘Find Advisers’ option. From there you can connect to a chosen adviser and then subsequently choose to share/not share your data already connected to Moneyhub. This means it’s easy to receive financial advice and your adviser can see all your data through their professional version of Moneyhub.

+    Manual bank accounts and assets

If we do not connect with your bank provider or you want to add an asset to your account, like a piece of property, boat, or a valuable item, simply go to ‘Accounts and assets’ > ‘+’ and from the dropbox under ‘Add manually’ you can choose what to manually add to your Moneyhub.

+    Export data

If you wish to put your data into a spreadsheet or would prefer to keep an easy-to-read copy of all your transactions you can export your data to a CSV file through 'My Money' > 'Transactions' > 'Cloud icon' in the top left corner.

+    Split transactions

If you click on the pencil icon on a transaction you have the option to split the value of it amongst as many categories as you want. You can also add notes to the transaction there, almost like a tag, which you can then search in the future.

To search through transactions go to your transactions page and click on the magnifying glass on the top right hand corner. You can only scroll through three months of transactions but if you’re using the search option you can search through all the transactions that have come through.

+    Edit transactions

You can edit a transaction by clicking on it, then clicking on the pencil in the top right-hand corner. From there you can change the name of the transaction, the category it has been assigned and add a note to it.

+    Edit account name

To rename an account, go to the Accounts and assets tab, then select the account. Click on the pencil icon in the top right corner and change the name of the account to whatever you like. This way transactions and any spending analysis will have the names of the accounts of whatever you designated them.

+    Hide/show account

To keep an account connected to your Moneyhub but not have any transactions come through or not have it included in your net worth, simply go to: 'connections' > click on the connection you wish to hide > click the 'hide/show' toggle.

+    Archive account

Have you recently closed an account, or simply no longer use one, and yet still want to keep all the data from it within Moneyhub? Go to Accounts and assets > Account you wish to archive > Archive. This will archive all of the data from your account within Moneyhub.

+    Net Worth contribution

To change how much an account contributes to your net worth go to the Accounts and assets tab, then select the account. Click on the pencil icon in the top right corner and change the % that this account contributes to your net worth, from 0-100%.

+    Pre-arranged overdraft limit

To add a pre-arranged overdraft limit to an account go to the Accounts and assets tab, then select the account. Scroll down to add an overdraft limit, to edit this click on the pencil icon in the top right corner and input the overdraft limit.

+    Interest rate

To add a current interest rate (AER) to an account go to the Accounts and assets tab, then select the account. Scroll down to add a current interest rate, to edit this click on the pencil icon in the top right corner and input the current interest rate. This helps Moneyhub offer better nudges because of the added information. Moneyhub.