Chances are you have more than one bank account, a current account and a savings account perhaps. Maybe a joint account with your partner. The problem is that the best deals come from separate banks, making it a bit of a chore to keep on top of it all. Especially in the age of mobile banking when every bank and building society has their own app. Well HSBC is looking to change that.
It's starting a service called HSBC Beta for something it calls 'open banking', which basically means it's launching an app that lets you look at all your accounts in one place. Even if those accounts aren't with HSBC. 21 banks will be supported at launch, including Santander, Lloyds, and (amazingly) Barclays.
At launch users will only be able to see all their bank accounts, but HSBC plans to add more features in the coming months including:
- Safe Balance - showing how much disposable money you have before payda
- Spend Analysis - categorises spending, adds tags, notes and photos to transactions and analyse patterns for more informed decision making
- Digital Coach - provides insights into spending and allows users to learn how to spend and save better
- Goals - helps create savings goals and provides tips on how to reach your goals sooner
- Savings Rules - building on the successful SmartSave trial, it helps you to save as you spend by rounding up amounts and sending the extra to a savings account
It's not limited to bank accounts either, and if you have loans or mortgages that are visible through online banking they should show up as well.
HSBC Beta builds on the bank's SmartSave app, which apparently saved customers an average of £126 over the two month trial. The best parts of that trial are being transferred to HSBC Beta, which is set for general release in early 2018. 10,000 HSBC customers will also have the chance to trial the app from the end of October.
The app seems to be for HSBC customer initially, but the bank hopes it will be made available to non-HSBC customers in the near future.