They have similar spending analytics and budgeting features to Monzo. If Monzo was my only account I wouldn’t bother with an aggregator. But if you also also use other accounts you may find it useful to have an overview of all accounts in a single app and have features such as spending tracking and budgeting encompassing all your accounts collectively.
Some use freemium models, charging for additional features not available in free version. Some have in-app referrals and utility switching and earn commission on these.
I’ve taken a look at Emma, Yolt, MoneyHub, Money Dashboard, Bankin, Spendee and Snoop. Of these Emma is my favourite and its the only one I’ve used continuosly since I started looking at account aggregation apps in mid 2018. I occasionally go back and look at the others but have stuck with Emma.
Most of the companies that provide account aggregation services would be registered with the FCA as account information service providers (AISPs). I don’t know what rules they need to do abide by to gain and retain this status, but there’s some basic information about AISPs here
Perhaps some more detailed information can be found with a deeper search of the FCA website.
Yes, I’ve seen that! I think it wiill being as our banking infrastructure should be quite well set up for it!
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I’ve hardly used Monzo at all since the middle of March. There are a few reasons, as I’ve said elsewhere in the forum.
But I have three other current accounts, one for the interest (which I’ll be reviewing soon with a view to getting a switching bonus from), one for interest and cashback on bills, and a packaged account for insurance etc. My day to day spending is on a credit card for cashback.
I manually update a spreadsheet at the start of each month with a snapshot of balances across all my accounts. This is for my long-term monitoring and projections and have my calculations and graphs for this setup just how I like it. Am hoping ‘Money in Excel’ will add some automation to fetching my data.
But also use an aggregator app to keep an eye on day to day transactions across all my accounts and within-month spending tracking and budgeting. Budgeting for me is just limited to knowing how much money is left form my target spend and what committed spends I still have upcoming.
The aggregator app I use is Emma. I would say I use it mainly as an overview/monitoring tool. My typical usage is as follows:
Every day or two I will take a look at the recent transactions list to check I recognize all recent transactions across my accounts. I will also add notes to any recent transactions I think I might want to have a future recollection of (e.g. out of the ordinary purchases).
Every few days I will also glance at the spending analytics so I am mindful of how much I have been spending in each category. I’ll also correct any categorization mistakes. I’ll also look at upcoming committed spending list and my account balances to remind myself what committed spending I still have in the month and to ensure I have money in the appropriate accounts to cover it.
I set an overall spending budget but I don’t set category spending budgets.
I do my long term balances/wealth monitoring via spreadsheet.