Overview
One of the most advantageous aspects of Microsoft Money is its ability to interact with the online banking facilities of many UK banks. The benefits of online banking are numerous, particularly to Money users. There is no need to spend hours entering in your transactions when, in just a few seconds, Money will download and automatically import an up to date statement directly from your bank. However, if you’d rather enter the information yourself, a downloaded statement will be matched to the entries already in your account register, enabling you to reconcile and see which transactions have yet to be processed. Using online banking with Money is quick, easy and extremely useful; taking only a few minutes to keep your accounts up to date and you in complete control.
Money is the only personal finance product which has Background banking support from a UK bank. Background banking means that, depending on which services your bank chooses to implement, Money can automatically connect to your bank to download statements, pay bills and transfer funds so your Money file is completely up to date when you open it.
Microsoft takes the security of your financial information very seriously and Money complies with industry standards for sending and receiving sensitive information over the internet by providing 128 bit encryption of your data.
To help you use online banking, Money comes pre-configured with information on which banks support online banking along with links to their websites. This information is updated by Microsoft on a regular basis and is automatically downloaded to your PC every time you use SmartConnect.
How do I apply the updates to my Money file?
If you would like to find out if your bank supports Money, go to the Financial Institutions page, where we publish a table showing many of the UK’s banks and their level of support for Money. All the information in Money and on this web site is gathered by Microsoft with the help of the banks. If you’re interested in using Money with a particular bank you should always check with the bank concerned to confirm their level of support for Money, as they rarely inform us when they make changes to their services. Although a financial institution may say they support Money, you should also confirm that this applies to the types of accounts you’re interested in and the version of Money you have.
If your bank is not in Money’s list, don’t worry, as you can manually add or change bank information in Money with ease.
If you want to know more about Money and online banking, click the link below to go to an article that explains it in more depth. If you’ve already purchased Money or are thinking of buying it to help keep your finances in order, we have several articles that show you step-by-step how to use online banking with the latest version of Money, so you can see for yourself how easy it is.