Where are you guys at re: adding NS&I? Considering they’ve the best interest rate these days & lots of people are switching their savings over there, seems like a no-brainer?
(And apologies if you’ve answered this above, I didn’t have the wherewithal to go hunting )
You’ll have to pester NS&I to support open banking first. They’ve been saying they will for years but there doesn’t seem to have been any progress.
Am pretty sure this webpage has been up for at least 2 years:
Good question @Redg, but unfortunately there’s still no ETA for when this is likely to happen!
Hi would be great to have NS&I as an option for the savings account link. Is that in the works?
This is one I’d find really useful too, but no plans at the moment.
Hopefully in 2021!
They seem to have abandoned the specific wording that caused me to link to this page in the first place. The wording was previously explicit in saying they will have embraced open banking by 2021. That’s now gone. Now they are using a less interesting statement:
we move quickly to adopt new established FinTech-enabled services and solutions. By 2021 we will be a true digital first business
Hmm that’s a shame that they keep changing their wording!!
Exactly! Very vague!
To be fair, open banking is costing a lot more than was expected, so I doubt anyone wants to open it up, apparently the 9 forced scheme members were asked to pay up 26m or so between them, nationwide requested smaller banks to contribute
It is interesting talking with the Open Banking teams directly. While it’s great for consumers and great for us, I often think they have to hire and pay a bunch of people to maintain a system that doesn’t bring them much benefit.
Surprisingly, for a system where they don’t benefit much, they’re quite onto any issues that come up
I wonder if that’s changing. The new Tesco Clubcard Pay account does Open Banking account topups. Whether it’s actually cheaper than faster payments and/or just helps get customers on board and keep them, there must be some benefit.
I think the idea is that it’s easier for a first time user so lowers the barrier to entry for trying something out.
Monzo’s Easy Bank Transfer is similar.
The Open Banking system actually does a Faster Payment under the hood anyway, so from a technical perspective it’s similar to a user initiated one - I therefore doubt it saves them any money, so it can’t be that.
I just spotted Nectar now use Open Banking so they can track your purchases and give you points automatically. I’m assume they’re using my data to sell which is how they make money from it but nevertheless, it is an interesting use case
The introductory rewards are quite beefy too, 10% cashback equivalent (20 points per £1 at Just Eat, same w/ Costa) personally, don’t mind if my data is sold as long as I gain some reward from it
Exactly although some of the rewards are random. Like who is spending at Coach but also wants Nectar card points?
Stagecoach? me, got a 40 minute journey to Cheltenham on the daily incoming from next academic year
I think he means the overpriced fashion retailer;
Then I reckon he’s probably correct
Another vote for this
Morning, is there any update on the ns&i integration?