Bank launches online money manager
Feature enables customers to track spending
UK bank Lloyds TSB has launched a new Money Manager service to enable online banking customers to budget and track their expenditure.
The latest launch comes after recent advances in the budgeting tools that are being offered to bank customers. In January the Moneydashboard.com website was launched which can gather all of a person’s online bank account and credit card account activity and display them in one place to analyse spending habits.
First Direct, M&S Money and Egg all offer customers budgeting tools for their online current accounts.
Lloyds TSB, which has 3 million UK customers who bank online, says its offering lets people group certain types of their outgoings into categories, such as household expenses, restaurants, clothes and entertainment.
It uses charts to show the customers their entire cash flows over two-year periods.
The Money Manager service also features a calendar showing all regular spending, such as direct debits and standing orders.
The Money Dashboard service supports 95% of all online current accounts and credit cards in the UK, regardless of brand, while the Lloyds TSB offering only aggregates its own credit cards and current accounts.