What is Open Banking
11 August 2026 · MoneyAngel Academy
When you connect a bank account to MoneyAngel, you are using Open Banking.
Open Banking is the UK’s regulated way for you to securely share financial information held by your bank with another approved service. It is not a separate bank account and it does not mean handing another company unrestricted access to your money. You choose whether to connect, which account to connect and what information can be shared.
Open Banking is used by many different financial services. Some use it to show accounts from several banks in one place, some use it to help confirm income and spending, and some allow payments to be made directly from a bank account. MoneyAngel uses Open Banking differently. Its access is read-only, so the connection is there to help build a clearer picture of your finances rather than move or spend your money.
What happens when you connect an account?
The important part is that you do not give MoneyAngel your bank login details.
When you choose to connect an account, you select your bank and are taken to your bank’s normal app or website. You sign in there and approve the connection using the security process you already use with your bank.
Your bank then shares the information covered by that permission. MoneyAngel does not receive your password, cannot see accounts you have not selected and cannot use the connection to make payments or move money.
That distinction is easy to miss when an app asks you to “connect your bank”. You are not handing over control of the account. You are giving permission for specific financial information to be shared.
Why would you connect more than one account?
Your finances rarely live in one place.
You might be paid into one current account, have another account for bills, savings somewhere else and a credit card with a different provider. Looking at any one of those accounts can give you an incomplete picture of what is happening.
Open Banking makes it possible to bring information from connected accounts together without repeatedly copying figures or downloading statements yourself. In MoneyAngel, that information can then help you understand things such as where your money is going, regular payments and patterns in your spending.
The value is not simply having more information on one screen. It is being able to understand one part of your finances in the context of everything else.
A £60 monthly payment might not look particularly important when you see it in isolation. When it sits alongside your other regular spending, savings and financial goals, you have more context for deciding whether that payment is still worth keeping.
Are you giving MoneyAngel access permanently?
No. The connection remains under your control.
You can withdraw your permission later, which stops new information being received from that account. The information shared through the connection is limited to what you approved in the first place.
Open Banking providers are also subject to regulation, and regulated providers can be checked through official registers. You still need to take the usual precautions with any financial service, including making sure you are using the genuine app or website and only entering bank login details through your bank’s own sign-in process.
What does Open Banking change in MoneyAngel?
Without a connection, building a picture of your finances means entering and maintaining more of that information yourself.
Open Banking reduces that admin by allowing eligible account information to be brought into MoneyAngel automatically. From there, MoneyAngel can use the information to help you understand your spending and wider financial position.
It still does not make decisions for you or take control of your accounts. The purpose of the connection is to give you a clearer picture to work from.
Important information
This article is for general information only and is not financial advice. It does not take account of your individual needs, objectives or circumstances. If you need advice about your own situation, speak to a suitably qualified professional.