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This Moneyhub App review tells you all about this money-saving app Moneyhub. If you have difficulty keeping track of your spending, this budgeting can help. But does it really work? And can you trust Moneyhub with your data?
- Moneyhub
- Overview
- What Is Moneyhub App?
- Who Is Eligible to Use Moneyhub App?
- Is Moneyhub App Legit?
- Is Moneyhub Safe to Use?
- How Does Moneyhub Work?
- What Banks Does Moneyhub App Work With?
- How Much Does Moneyhub App Cost?
- Moneyhub Features
- Is Moneyhub App Worth It?
- How Can You Sign up to Moneyhub App?
- Pros and Cons of Moneyhub
- Alternatives to the Moneyhub App
- Moneyhub Review Summary
Overview
| App | Moneyhub |
|---|---|
| Trustpilot rating | 3.8/5.0 |
| Cost | £1.49 per month £14.99 per year |
| Connect to bank account | Yes |
| Platform | Desktop and app Android and iPhone |
| Savings account available | No |
What Is Moneyhub App?
Moneyhub is a spending tracker and budgeting app. Users can connect their bank accounts to the app to analyse their spending behaviour. Founded in 2014, Moneyhub belongs to Moneyhub Financial Technology Limited and is based in Bristol, UK.
The company provides financial management solutions. It is known for its data and intelligence Application Programming Interfaces (APIs).
Who Is Eligible to Use Moneyhub App?
Anyone can download and use Moneyhub as long as they are at least 18 years old. The only condition is that you have a bank account. If you do not want to use your smartphone, you can sign up to the Moneyhub web platform.
Is Moneyhub App Legit?
Moneyhub is legit and not a scam. Moneyhub Financial Technology Limited is registered with the company number 06909772.
Moneyhub Customer Reviews
Moneyhub is also on Trustpilot, with an average score of 3.8 out of 5.0. Over there, 79% of users gave the app the highest ratings, great or excellent. There are only a few negative reviews. These are mostly users complaining about the connection between Moneyhub and bank accounts.
What Is Trustpilot?
Overall, there are over 150 million reviews on Trustpilot. You can generally get a good understanding of the legitimacy and customer-friendliness of a company.
Is Moneyhub Safe to Use?
Moneyhub is safe to use. The company is regulated by the Financial Conduct Authority (FCA). The FCA aims to ensure honest and fair markets by protecting consumers and financial markets.
Moneyhub states that it makes data security a priority. To ensure security:
- All credentials, personal details, and financial data are encrypted. They are stored separately for extra protection.
- Encrypted channels protect user data. This prevents hackers from viewing or tampering with your information.
- Connections to the bank are read only. The app can’t make payments without your consent.
Moneyhub further states that it does not sell your data to third parties. It also does not store your login credentials, including passwords.
How Does Moneyhub Work?
Moneyhub connects to your current accounts, credit cards, and investment accounts. Then, it displays all data in one place, your Moneyhub account. You can then monitor your spending, set savings goals, and make a budget to take control of your finances. The spending analysis helps you find out where you overspend.
To achieve this, Moneyhub uses open banking technology. Open banking is a secure way for third parties to read bank details, including statements. Open banking is widely used in the financial world. Seven million businesses and consumers in the UK already use it.
What Banks Does Moneyhub App Work With?
Moneyhub supports all banks that support open banking. This includes all major high-street banks and challenger banks. You can also add investment accounts and credit cards to Moneyhub. If a provider cannot connect with Moneyhub, you can manually add your account to the app.
How Much Does Moneyhub App Cost?
When you first sign up to Moneyhub, you can use the app for free for six months. Afterwards, you need to pay a subscription fee. A monthly subscription to Moneyhub costs £1.49. If you want to pay annually, the fee is £14.99.
If you plan to use Moneyhub long term, the yearly subscription will be cheaper. You can save £2.89 per year compared to paying monthly. There is no free version.
Moneyhub Features
The main feature of Moneyhub is that it enables you to see all your accounts in one place. But Moneyhub can do more than that. With the app, you can:
- Analyse your spending with spending categorisation and comparisons
- Set spending goals by setting budgets and tracking your progress
- Create custom categories for your spending
- Split transactions if they fit into more than one category
- Receive reminders for upcoming payments and tips to save money
- Make payments to transfer money between accounts linked by the app
- See all your regular payments
- Create a forecast to envision your future spending
- Get advice by contacting a financial advisor through the app
Is Moneyhub App Worth It?
Moneyhub does not have a free version. If you want to use it, you must pay £1.49 per month or £14.99 per year. But does the price justify the benefit of the app?
Whether Moneyhub will be worth it depends on you. If you do not have good control over your finances, the app can help you save more than £1.49 per month. Thus, it would be worth it.
Yet, if you are already on top of your finances, you won’t benefit from Moneyhub. In this case, it would not be worth paying for the app. If you want a budgeting app, a free app is enough for someone with a good understanding of their financial situation.
How Can You Sign up to Moneyhub App?
You can download the App from the Google Play Store or the Apple App Store. You can also use the web platform by signing up through the Moneyhub homepage.
To create an account, enter your name and email address. Moneyhub will guide you through the process. Signing up is quick and easy.
Pros and Cons of Moneyhub
Pros
- Helps you to understand your spending
- Can link different types of accounts
- No limit to how many accounts you can link
- Available as an app and on desktop
Cons
- Not free
- Users report unstable connections to their linked accounts
Alternatives to the Moneyhub App
If you want another spending tracker or budgeting app, there are alternatives to Moneyhub:
- Emma. Emma is a budgeting app like Moneyhub. The main difference is that Emma has a free version with which you can link up to two bank accounts. Read more in my Emma review.
- Snoop. Snoop is another budgeting app that probably offers the most value for users who do not want to pay. Read more in my Snoop review.
You can also look at the best budgeting apps in the UK.
Moneyhub Review Summary
Moneyhub is a money management app. The app lets you see your net worth at a glance. The aim is to put you in control of your finances and understand your spending better. This will help you save money.
The downside of Moneyhub is that there is no free version. If you understand your finances well, paying for Moneyhub would likely not be worth it.
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