HSBC ‘Connected Money’

A shame that it’s only open to HSBC current account customers (at the moment). Maybe they’ll allow their credit card customers to opt in at a later date.

1 Like

Interesting. Well I’d be certain that the younger demographics would use it. As with all the major banks, they acquire longlasting customers with their student accounts. Young adults and students of today and tomorrow utilise digital services more than physical branches. I personally think it’s a great idea to see all accounts in one place I use both my RBS and Monzo apps in conjunction with each other as compliments rather than competitors.

1 Like

If it’s only open to current account customers, then people like me with a Basic bank account will probably never be able to access it.

1 Like

Can you @drthanwho aborate on the distinction between a HSBC current account versus its “basic account”? I imagine current account are the standard accounts for major banks’ customers.

Basic account is for non-residents and newcomers, main difference to the standard account being it allows 0 credit (no overdraft, no contactless, etc)

1 Like

What does everyone think of this new app?!

Looks like just another aggregator

1 Like

It does look quite nice but the way it displays a number of my accounts is not correct, I have raised this to them though and they were interested in how they could resolve it.

The updates seem to take an awfully long time though so it’s not very ‘instant’ as I’ve come to expect. HSBC doesn’t provide access to pending debit or credit card transactions so it’s a little annoying in that aspect too.

1 Like

@Georgia1996 Hey Georgia, I’ve just merged your topic into this one, so we can all discuss this in one place. Thanks!

2 Likes

More importantly, what do you think of this app? Are you a HSBC customer?

My legacy account is with RBS so I don’t have first hand knowledge of Connect Money’s utility but from the current 4.4/5 :star:️ rating on the iOS store it appears that for those who manage to get up & running with it they find it very useful.

It’s early days. Doesn’t have all the banks. And there’s no way to remove accounts once you’ve added them. Support have confirmed this.

Did anyone read the privacy policy? I agreed to it before actually looking at it but now I’m wondering why I’ve given HSBC details of every financial transaction I make. It could be more valuable to them than credit scoring. They might say they won’t be increasing my credit card limit anytime because I spent too much in a casino or I buy too much takeaway.

2 Likes

That’s a good shout. Is their anything specific that you’ve seen in the privacy policy that’s alarmed you? I doubt they’d prejudice you based on this app without you knowing though as the credit score is still going to be king when it comes to down to it.

2 Likes

A basic account is also the only type of account people who are insolvent are allowed to have, so there’s a real need for some banks to provide this service.

3 Likes

Has anyone downloaded and tried the app out yet?
image

I recently gave some thoughts on it in relation to some other account aggregators in a different thread

1 Like

Word of warning for anyone considering trying HSBC Connected Money. The app does not yet have a function to remove accounts, which is a pretty ridiculous omission. Not sure yet if accounts can be removed via email/phone support.

@Theodore - can I suggest you change the title of this thread to ‘HSBC Connected Money’ so its easier to find?

2 Likes

It appears someone at HSBC is a fan of Monzo Pots…

image

1 Like

Sorry to resurrect an old, old post, but had an email recently from HSBC. Apparently the Connected Money app is being discontinued and its features rolled into the main HSBC app from September. So, that should be interesting…

2 Likes

Makes sense to roll in into one app (which I think was the main feedback from the trial).