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What is Open Banking?

Have you heard of Open Banking? If so, do you really know what it is or how it can help you manage your cash?


Did you know that Open Banking means that you can see all of your finances in one place, which makes it easier to budget, find the best deals, and shop for the products and services that suit your needs?

What’s more, Open Banking will change the way that you use price comparison websites: if you grant these websites access to the information on your utility bills, credit card and bank accounts, for instance, they will be able to highlight where you can make savings and easily switch products and providers.

But, even though more than two million of us use Open Banking regularly, some consumers are still wary about the safety of sharing financial information, while others think that the money saving benefits are simply too good to be true and are looking for the catch.

Meet the experts

We invited two award-winning money bloggers, Lynn Beattie (www.mrsmummypenny.co.uk) and Faith Archer (www.muchmorewithless.co.uk)  to test their knowledge about Open Banking and asked them about how it works, whether it is really safe and what it can mean for consumers.

Test your knowledge:

Do you think that if you share your data with a third party and become a victim of fraud, that you will be held responsible?

Not sure? Watch the videos below.

Don’t forget that while you may think that this article is brilliant, it is intended for information purposes only and should not be mistaken for financial advice or recommendations.

3 things to do
right now

1

Make a list of all the financial accounts that you have right now so you can see them all in one place. Include everything such as your current account, savings accounts, ISAs and pensions.

2

Research open banking apps and download one for a trial. You can always try them out before you hand over any financial details.

3

Check with your bank to see what Open Banking options that they have on offer.

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