By Holly Thomas in SAGA Magazine.
Open banking was introduced on 13 January this year – find out more about what it is, and how it could help you save money.
Open banking was introduced this month for current accounts – but what exactly is it?
Put simply, it will allow companies to access current accounts to gather information about how people can improve how they run their money.
Banks and other registered financial services companies – known as Third Party Providers (TPP) – that may launch as a result of this new scheme will be able to offer tailored money saving services.
What are the benefits of open banking?
By analysing people’s transactional behaviour, they could help recommend a different bank account that might save them money in bank charges or gain them more interest by finding an account with more generous terms.
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