These apps are revolutionizing your finances: so-called multibanking apps display all account information in one app, making it easier for smartphone owners to keep track of their financial lives.
Want to see every penny you earn or spend in real time? That's what the so-called multibanking apps are for now. In today's financial market, you may have a checking account with one provider, a business account with another, a credit card with a third account and a mortgage from your local building society – not to mention a prepaid card for daily purchases. Keeping track of your finances across providers can be difficult, but that could change. We've taken a look around and give you an overview of the best multibanking apps in Germany.
All details at a glance
A good multibanking app not only provides an overview of everything you earn, owe or spend in one place. A fully integrated app can theoretically track accounts from thousands of different providers. You can add details about your current accounts, savings products, credit cards, personal loans and mortgages from participating lenders or banks, as long as they are visible through online banking. A good app will also provide you with a "safe balance" that shows you how much disposable income you have until your next payday, minus any upcoming bills.
Make transfers on the go
With a multibanking app, you can not only check the total account balance of all the financial products you use at any time while on the go, but also make transfers from any of the integrated accounts. This eliminates the need to tediously log into each individual online banking account. In addition, it is easy to get a clear representation of the total available balance.
Our tip: We took a look around and compared the performance of various multibanking apps. To make a long story short, the best multibanking app for our needs is one that meets the highest security requirements of the German TuV. On the linked page a comparison was made between Zuper, Outbank and Numbrs. Very worth reading and really recommended!
When you set "savings rules," the app lists amounts you spend and adds the excess to your savings. You can also analyze how you spend your money and get tips from a "digital coach" for potential savings. Not only can you consolidate your bank accounts, credit cards, savings and loan accounts in one place, but you can add mutual funds as well. The app allows you to set spending goals and analyze your spending so you can see where your money is going.
Personal financial coach
Learn to save with multibanking | © panthermedia.net /Andriy Popov
Based on your personal settings, you can also engage the services of a personalized financial coach. You will receive notifications when a payment is due, or you will be alerted by the financial coach to the availability of a better offer for one of your products. If you want professional advice, this also offers the "Find an advisor" option, which connects you with an advisor – and if you agree, you automatically share the data you've connected with the app.
You can see in the app how much credit is currently running, how much you have already paid, and all related transactions. If you're looking for a better deal, the financial assistant also offers a comparison service.
Digital budget book
Integrated budget planner shows at a glance what you spend your money on. Create the appropriate spending categories in your personal digital budget book and set spending limits. Your financial assistant automatically categorizes your expenses and assigns them to the right budget.
Each month, you can use the budget planner to set your limits based on previous months' spending. You will get insight into how you spend your money and what your main expenses are. The platform also allows you to manage your bills and subscriptions.
Safety first
When you share your credentials, the app uses them to access your accounts on your behalf – a process known as "screen scraping". Essentially, this is how the app displays your information. This can lead to liability if money is lost and violate the bank's terms and conditions. The bank is not necessarily obliged to return your money if you have given your credentials to a third-party provider.
Sharing your login information can also leave you vulnerable to malicious actors posing as legitimate companies to obtain your sensitive information. So, only trust tested apps that are approved in Germany resp. Are certified according to German standards. This is the only way to get protection when unauthorized payments are made, even if they were initiated by a third-party provider.