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Get your finances under control with the latest apps on your phone and devices
GETTING STARTED
New financial technology – known as fintech – helps you manage money online and via mobile phones and tablets, but the choice is overwhelming. Most banks, including Nationwide and First Direct, now have user-friendly mobile phone apps, and Santander has launched a voice-activated app. New bank Monzo is app-only and operated via smartphone.
Check which apps and online services your bank offers and compare them on review sites such as Trustpilot. Consumer expert Jasmine Birtles, founder of moneymagpie.com, advises you should also look at cyber-security: ‘Potentially, it’s safer to have all of your banking on a laptop or desktop, rather than on your phone. Select really difficult passwords for any apps or mobile sites, especially as phones are easily stolen.’ Remember, if you sign up to a third-party site to manage your money, it may breach terms and conditions set by your bank to keep your deposit and personal details safe. So check the small print, and browse this round-up of apps and services.
FOR JUGGLING ACCOUNTS
moneydashboard.com
On this free app, all your accounts, including credit cards, current accounts and savings, are tracked in one place, using just one login. All the information on what you spend and where is collated into handy graphs, so you can identify where to cut costs if necessary.
FOR EVERYDAY SAVING
squirrel.me
This Barclays-held account splits your monthly pay into amounts to cover your bills, savings and an allowance to spend on what you like. It works by diverting cash as soon as your pay hits your account. Your money is held in a special prepaid account, separate from your standard bank account. It’s online and app-based, free for three months, then £3.99 a month.
FOR LONG-TERM SAVING
moneyboxapp.com
On Moneybox, small everyday purchases are rounded up to an amount set by you and the excess is put into a stocks and shares ISA to help you start investing from as little as £1.
You link the app to the debit card of your choice and choose how much you want it to round up by each month. You can also opt to make monthly top-ups to boost your investment.
It’s free for the first three months, then £1 a month plus admin fees.
FOR THE BUSY usebean.com
Bean scans your online statements to find, track and manage your bills and subscriptions. It aims to save money by making sure you’re on top of recurring payments, such as gym membership, and direct debits that automatically renew. It also recommends better deals, like swapping credit card debt to a zero-interest card or switching utility suppliers at the end of contracts.