Quick review of https://www.moneydashboard.com/ - sorry for the lack of screenshots, but I don't need you seeing the state of my bank balance!
Open Banking is here! For the technical among you, it means I can use OAuth to give a read-only token to an authorised financial institution. Updates are streamed in real-time. They can then do "stuff" with my financial details.
For the non-technical, Open Banking lets me automatically send my bank statements to an aggregator. They then analyse them.
Money Dashboard lets you see all your financial details in one place. I created an account, then let it log in to my bank account, savings account, and credit card accounts.
It quickly ingested all of my transactions and automatically tagged them with pre-defined categories, so you can see how much you spend on bills, groceries, eating out, etc.
The site is free - they make money by analysing your statistics and, no doubt, selling them to advertisers.
- Quick to import transactions from cards and accounts.
- Auto-tagging mostly worked. It thinks everything purchased at Boots is healthcare (Meal Deal FTW!).
- Interface was quite intuitive - good overview of what I've spent this month.
- Android App looks nice - mostly read-only, but you can tag stuff in there.
- You can be as obsessive as you want with tags, and create your own.
- Search transactions by date, merchant name, tag, is really useful for seeing how much I spend on lunch!
- I was expecting an OAuth2 style login - being redirected to my bank's site. Instead I had to enter my login details on Money Dashboard's site. Feels a bit sketchy - but probably easier for most users.
- Instructions for linking some accounts were unclear. Especially if you don't know whether the site wants your login name, account number, or email address.
- Just didn't work with some providers. One login screen asked for my DOB three times, then failed to connect.
- Doesn't support all the banks I use, so doesn't give a complete overview.
- Joint dashboard accounts aren't possible yet. That means I have to share my login details with my partner.
- No 2FA, which feels a bit insecure.
Finally, because it doesn't always use an API for connecting, you occasionally need to re-enter your details.
I wasn't expecting to like it - but I'm pleasantly surprised. I thought I'd want more control over what it did with the data, but it was all pretty good. Certainly a great way of visualising just how much I spend on eating out!
I've only got two months' of transactions in there due to moving my current account, but I can already see how it would be useful for tracking long term spending and saving. I'm a bit wary of trusting its prediction model - but it can't be much worse than the spreadsheet I use now.
Happy to recommend it to anyone who wants to play with Open Banking and get a good overview of their finances.