What is Open Banking?

Open Banking is secure, built by banks and powers our personalised budgets so that we can quickly and easily build a budget online to help you get the support you need.

Hammock Mobile

Open Banking is a secure way to share the information from your online bank statements (such as income and spending).

It has been developed by the UK’s largest banks so that you can get access to more personalised financial services and experiences such as MyBudget.

To help you understand your current financial circumstances and so that you can get the right support for you, we’ll work with you to build a budget online.

Our budgets are created using Open Banking and we refer to it simply as ‘sharing your online bank statements’.

What is Open Banking?

Open Banking is a secure way to get access to financial service tools, products and providers and has been developed by the UK's largest banks. It is only ever used if you give your explicit consent.

By giving your consent it allows you to get more personalised money management tools and in MyBudget’s case build an accurate budget to get the right support for you.

Why does MyBudget use Open Banking?

We use Open Banking to help you build a budget quickly and easily online. Usually, to build a budget, you would need to search through your bank statements, do the math and more than likely miss some of your spending or income. We use Open Banking to do all that work for you. We only ask you to fill in the gaps.

This results in a more accurate budget that represents your money left over during the Coronavirus crisis.

How do I use Open Banking with MyBudget?

Once you’ve told us a little bit about you and your current circumstances, we’ll ask you to ‘share you online bank statements’ this is where Open Banking comes in.

Our parent company OpenWrks facilitate the Open Banking consent where you’ll need to select your bank provider, then you’ll be taken to your bank’s own secure website or your mobile app will open. Once this happens simply follow the steps on screen and then your bank will send you back to us.

Who are OpenWrks?

You can find us on the Financial Conduct Authorities (FCA) register here and we're authorised as an Account Information Service Provider by the FCA. Put simply, this means we have all of the right regulations to provide Open Banking services.

We've answered some of our most asked questions...

How much does MyBudget cost?

Nothing. It’s completely free to you. The businesses on our Network are compensating us for helping you.

What does MyBudget do with my budget?

Your budget is between you and us. We don’t judge. We don’t share it with any of your lenders or service providers until you are happy. We'll share your budget outcome with your lender or supplier so that they can provide the right support for you and your current circumstances.

How long does Open Banking consent last for?

Open Banking consent lasts for 90 days. To continue to access support that’s powered by Open Banking after 90 days, you’ll need to re-consent - we’ll let you know if and when this needs to happen.

Can OpenWrks or MyBudget move my money?

No. We never move money. All we do is read your online bank statements to understand how much money you have in income and how much is spending so that we can help you build your budget to get the right support for you.

Who can I contact?

If you have any questions, you can get in touch with our support team by emailing [email protected].