What is open banking?

Open banking is a new way to help you understand your finances, and see if there are better ways you could manage your money.

Using open banking, you can connect your bank account to another financial account, so data can be shared. For example, if you have a NatWest current account, you can connect it to your TotallyMoney account and we can use the data to offer you more services and features.

Using open banking to connect your account on TotallyMoney means you'll also get access to the following features:

• Monitor - shows your balance after bills and helps you stay on top of your bills and monthly finances

• Affordability insights - shows you how lenders may view your financial behaviour

Connecting your account to open banking could also help to unlock personalised loan offers.

It’s important to know that all your data is secure and TotallyMoney can’t see individual transactions in your bank account, nor will we know your bank details.

Here is some further information about open banking, including a useful video to explain it a bit more: https://www.openbanking.org.uk/what-is-open-banking/