Moneyhub App Review – Fuss Free Budgeting

If you find budgeting time-consuming or confusing, or perhaps you struggle to keep track of your spending – then you might benefit from using an app like Moneyhub.

What is the Moneyhub App?

Moneyhub is an app that allows you to connect all your financial accounts into one place giving you easier visibility and helping you to improve your money management.

It intuitively categorises all your transactions and analyses your spending showing you exactly where your money goes each month.

Is Moneyhub free?

When you download Moneyhub, you will get six months of free premium access.

After the free trial, it costs £14.99 a year or £1.49 a month – you can subscribe via the App Store / Google Play.

Does Moneyhub sell data?

Taken directly from their website, Moneyhub say the following;

The reason we charge a subscription fee for Moneyhub is simple – we do not sell your data to third parties!

We do not feel this is fair on our customers and so the subscription fee is used to help power and develop Moneyhub.

When you first sign up to Moneyhub, you get six months free.

How does the Moneyhub App work?

When you’ve registered and connected your accounts, Moneyhub will categorise your transactions – you’re able to approve the category it has chosen or recategorise to something else.

This means you can easily see where your money is going and can really analyse your spending habits.

You’re also able to set goals and receive reminders to help you keep on top of your money.

Is Moneyhub safe?

Moneyhub connects to your accounts securely via open banking. This means that it has read-only access to your accounts. Essentially it can view your transactions but it cannot make payments or transfers.

The app is also regulated by the FCA.

Moneyhub App Features

With the Moneyhub app, you can link all your accounts including credit cards and loans, bank accounts, savings and investments – meaning you get complete visibility over your finances in one place.

Home

Under the home tab, there are two options.

Dashboard

The dashboard shows you:

• A snapshot of your month so far (Income, Expenditure, Remaining)
• Your Net worth
• An overview of your account types
• An income vs spending graph
• Your spending budgets
• Helpful articles

Inbox

Inbox is where you’ll find notifications including payment prediction and balance notifications which will warn you if you account is going to go overdrawn. You’ll also be able to review and categorise new transactions.It’ll also notify you when you need to reauthorise your accounts.

My Money

Accounts and Assets

Accounts and assets gives you an overview of your net worth and lists out your connected accounts and their balances.

Payments

The payments hub allows you to pay friends, family and businesses and to move money between your accounts.

Transactions

Transactions shows you all the transaction that have gone through your accounts.

There is a dropdown menu so you can filter a specific account.

Transaction Inbox

The transaction inbox allows you to approve an assigned category or reassign a different category to a new transaction.

Regular Payments

Regular payments lists out your upcoming regular expenses and regular expenses that have already been paid this month.

Connections

Connections details the accounts you currently have connected and how long left before they require reauthorisation.

Insights

Content Hub

The content hub is where you’ll find useful videos and articles as well as the help centre where you can find guidance and answers from the Moneyhub team

Projects

Projects is where you can add any accounts and assets related to a specific ‘project’ (e.g planning a wedding) and tag relevant transactions so you can see how you’re getting on.

Spending Analysis

Spending analysis gives you an overview of how you are spending compared with this time last month with a green-red rating.

You can get more detailed analysis and see how the spending compares in specific categories which you can drill right down into to see the specific transactions which make up the totals alongside a graph showing the spend over time.

Income Analysis

Income analysis works in the same way as spending analysis only it analyses your incoming money (obviously!).

Investment Analysis

As previous – you get the idea.

Planning

Spending Budgets

Create budgets for each spending category by setting an amount and the app will tell you how much you are over/under-spending by.

Forecast

Get insights into the future and see how long it’ll take to save for a goal or pay off debt based on your spending habits.

Retirement Modeller

See your pension values and get an idea of your potential future based on how you spend right now.

Connect Advisors

If you have a financial advisor you can connect with them in Moneyhub to share data.

Rent Recognition

A really useful tool that allows you to use your rent payments to boost your credit score.

Pension Finder

Link all your pensions in one place and link them to your employment history.

Benefits Calculator

Determine your eligibility for any benefits.

Moneyhub Reviews

• Moneyhub is rated excellent by Trust Pilot with 4.3/5 and 30 reviews (67% of which rated it 5 star). Open banking legislation requires accounts to be reauthenticated every 90 days and the negative reviews seem to report problems reconnecting their accounts.
• It is also rated 4.3/5 on the App Store with over 280 ratings. Recent complaints include problems connecting specific accounts – but this seems to be an issue with the bank concerned rather than an issue with Moneyhub itself.
• On Google Play it is rated 4.2/5 with over 280 ratings. Again, complaints concern connectivity issues with specific accounts.

Conclusion

Personally, I think the Moneyhub app can be extremely beneficial to users who struggle to manage their money.

Advantages

• Detailed spending analysis
• Helpful planning tools
• Easy to navigate and user-friendly
• Monthly fee is very affordable and your data is protected

Disadvantages

• There are free budgeting apps out there which provide similar information
• Some users report connectivity issues
• Not all providers are supported yet so you may not be able to add all your accounts

Overall, I like it and think for the small annual fee it’s worthwhile.