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Money Dashboard Review UK

Money Dashboard review UK

This platform is one of the first personal finance platforms that provide a comprehensive overview of your finances.

With Money Dashboard, you can categorise your spending and analyse your habits to create a more efficient budget.

If you’re struggling to start budgeting and need a financial overhaul, Money Dashboard might be for you.

Read on and find out how it can assist you in managing your money.

Introduction to Money Dashboard

Money Dashboard is a personal financial management platform founded in 2010 in Edinburgh.

The founder wanted a platform that makes the often-confusing personal finance more accessible.

It was one of the first platforms that provide finance and budgeting tools for its users free of charge, and it’s still one of the top contenders today.

The company has received funding from Calculus Capital and crowdfunding from the public to improve its services. It was recently acquired by ClearScore in 2022. The app has won several awards, including the UK’s Best Personal Finance App in 2017, 2018, and 2020. 

Money Dashboard review UK.

The app works by connecting to all your bank accounts and online financial accounts to give you a report on the status of your finances.

That way, you can track and effectively budget your spending. 

How to Set Up Your Account at Money Dashboard

You will link all your financial accounts to Money Dashboard at the beginning of your sign-up process.

That means your setup process will depend mainly on how many accounts you have.

Here’s the breakdown of the setup process:

  • Connect your financial accounts; it can be your bank accounts, credit card accounts, investment accounts, pension accounts, or store card accounts. The integration is easy and secure via open banking without handing over your login details. You will have to re-authenticate this connection every 90 days for security reasons. 
  • After importing the transaction data, Money Dashboard will start categorising your spending to analyse patterns. With the newest version of the app or Money Dashboard Neon, the app will automatically categorise your spending with about 95% accuracy. You can manually edit the category by clicking the edit icon on the transaction and move it to another category that fits better. After everything is accounted for, you can click the overview icon to see your spending pattern. 
  • Set up your pay cycle by adjusting the first day into your payday. The default in the platform is from the 1st to the 31st. So if you’re paid on the 28th of every month, you can edit your “payday” on your overview. It will then adjust your calendar accordingly. 
  • Set up your scheduled payments for regular spending, such as rent, mortgage, utilities, tax, memberships, or subscriptions. This will allow you to see how much money is available for monthly discretionary spending. You can do this by choosing the plus sign on your home dashboard, then “add scheduled payments.” Then choose transactions you want to categorise as scheduled payments and select how often the payments are. 
  • Set up a budget by clicking Add Budget on your home dashboard. Then click on categories and select continue. The platform will suggest the budget according to your previous transactions, but you can also edit the amount. This is an excellent feature for those who want to reduce spending.  

Supported Providers

Money Dashboard is not an online bank, and it has no savings account, so you will need to connect your Money Dashboard to your financial accounts instead.

The platform supports well-known financial institutions such as American Express, HSBC, Lloyds Bank, Starling Bank, Tesco Bank, Yorkshire Bank, Monzo, Coinbase, Nutmeg, and Wealthify. 

It also allows connections to certain retail store cards such as Debenhams, Dorothy Perkins, Marks and Spencer, and Miss Selfridge.

For the full breakdown of their supported provider, go to their website and click supported accounts. 

Money Dashboard Features

Here are some of the features available on the Money Dashboard:

  • Custom categories: You can choose 14 personalised categories to monitor your spending.
  • Pay cycle: Customise your pay cycle to help you stay within your budget in between monthly paychecks.
  • Budgeting: After a month of monitoring, Money Dashboard can automatically suggest a reasonable budget. The system will track your spending and help you stay within your budget.
  • Analysis of spending history: By analysing your spending, you can adjust it accordingly to save money.
  • Manage bills and subscriptions: The platform also tracks these spending via scheduled payments.
  • Balance notifications: If you have overdue scheduled payments, the system can give you a warning so you can adjust your transactions to avoid overspending.
  • Transfer money between accounts: You can transfer your money by using the Add/Withdraw feature.
  • Predict balance: The system can predict your balance at the end of the pay cycle according to your spending habit.
  • Weekly spend report: An analysis of your weekly spending.

Money Dashboard Fees

The platform is entirely free, with no hidden charges or subscriptions.

Instead of charging subscription fees, it makes money by offering you products or services that might appeal to you and selling customer preferences data to third parties for market research. 

How to Transfer in Your Money Dashboard Account

You can transfer between your connected bank accounts with Money Dashboard on the mobile application.

Here are the steps:

  • Tap the bank account you wish to add/withdraw funds from
  • Select “add money” to initiate the transfer into the chosen bank account
  • Select “withdraw” to initiate a transfer from the chosen bank account
  • Follow the prompt, enter the amount, and review the transfer
  • You’ll be redirected to the payment initiator Token and undergo the authentication process
  • Then monitor the transfer on your dashboard

Safety & Security

Money Dashboard is authorised and regulated by the Financial Conduct Authority (FCA).

The company uses the same security measures as banks in the UK with secure access that uses extended security certificates with encryption.

The platform also uses secure API integration to connect with banks, so users don’t have to hand over their online login details to providers. 

Customer Support Review

Their customer support is available via chatbot, email, and phone. You can also raise a complaint ticket on their website.

I emailed the support team and received an answer within a few hours.

If you’re looking for actual human contact, you must raise a ticket because contacting them via chat and phone will give automated answers. 

I also checked out their review on Trustpilot; the company is rated poor at 2.6 out of 5. Many users complained about a lack of response and difficulty navigating the platform.

Most of the customers had not used the new version of the app yet.

Hopefully, the platform will provide more information on how to use and navigate the dashboard in the future to improve their services. 

Who Should Use Money Dashboard?

This platform suits those looking for a comprehensive way to monitor their finances.

Money Dashboard will be helpful for people with multiple bank accounts and credit cards as it tracks all the spending and categorises them for you.

You can use the platform to encourage responsible spending and support your financial goals. 

Alternatives to Money Dashboard

For those who are looking for a more extensive product range and features, here are some alternatives to Money Dashboard:

  • Emma: This is a money management app that tracks your bank accounts, savings and investments, credit cards, cryptocurrencies, and pensions. Like Money Dashboard, you can categorise your spending and create budgets with Emma. Emma has a free version that is on par with Money Dashboard. Still, with the paid version, you can receive cashback, set saving targets, track progress, and create custom transactions.
  • Moneybox: This platform helps you invest by rounding up your spending to the nearest pound and putting it into an investment account. All you need to do is connect your debit or credit card to Moneybox and let the system steadily grow your wealth. It’s free for the first three months but will cost £1 afterward. Read my full Moneybox review.
  • Plum: Plum gives you access to both saving and investing. The app calculates how much you spend each month, and then suggests how much you can save. Then you can transfer this fund into different savings pockets or investment accounts. The app is free, but there are fees that you will need to pay if you choose to invest via Plum. Read my full Plum review.
  • Monzo: Monzo is a bank that lives on your smartphone; it offers personal, joint, and business accounts. You can treat it like any other bank, and it even has a loan feature. The online bank also tracks your spending and helps you to create a realistic budget.

Pros & Cons

The platform is an excellent way to monitor your spending for free, but it also has weaknesses.

Here are some of the pros and cons of Money Dashboard.


  • Free to install and use
  • Option to create custom categories
  • Option to transfer money between accounts


  • Not enough guidance is available 
  • No savings account is provided

Money Dashboard Review – Final Thoughts

The platform is an excellent way for people to track their spending, especially for those with multiple financial accounts.

On the other hand, Money Dashboard can only act as a supplementary element if your goal is to grow your wealth due to the lack of a savings account or investment feature. 

That’s why I recommend you to use this platform in addition to others that provide access to investing and saving for better results. 


Is Money Dashboard safe?

Yes, Money Dashboard is considered safe. It is regulated by the Financial Conduct Authority (FCA), which ensures that the platform meets strict financial and security standards to protect users’ data and funds. Money Dashboard uses bank-level encryption to secure sensitive information and employs read-only access, meaning it cannot move or access money in your accounts. However, as with any financial service, users should also take precautions to maintain their personal security, such as using strong passwords and keeping their account information confidential.

Do you have to pay for Money Dashboard?

No, you do not have to pay for Money Dashboard. It is a free personal finance app that allows users to manage their finances, track expenses, and set financial goals without any cost.

Is Money Dashboard any good?

Yes, Money Dashboard is generally considered a useful and effective personal finance app. It provides users with a comprehensive overview of their financial accounts, transactions, and spending habits, helping them better manage their money and track their expenses. The app’s user-friendly interface and budgeting tools make it a popular choice among individuals seeking to gain more control over their finances. However, personal preferences and needs may vary, so it’s advisable to explore the app’s features and determine if it aligns well with your specific financial goals and requirements.

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I’m Will! I recently left my job working for one of the UK’s leading financial companies in London to start Sterling Savvy, a place to empower people in the UK financially.

With my experience working with some of the biggest financial services companies in the world and my education in Economics & Finance, I want to help you be more savvy with your money.

You can read more about my mission here.

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