HSBC is rolling out the biggest overhaul of its mobile banking app since 2012, The Sun can reveal.
The bank, which serves over 15million UK customers, has revamped the app’s interface and introduced new money management tools in a bid to better compete with digital-first challenger banks.
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The updated app now includes spending categorisation and insights, akin to the tools offered by digital-first banks like Monzo and Starling.
This functionality is designed to help users better understand their spending patterns and pinpoint opportunities to save money.
HSBC is also set to launch a new open banking feature in the coming months, letting customers see a clear breakdown of their financial products held with other providers, such as rival banks and lenders.
Savvy savers will also be able to set savings goals within the app.
Much like Monzo’s “Savings Jars” and Starling’s “Spaces”, the update introduces the ability for users to set up dedicated “pots” tailored to specific savings goals, such as a holiday or a house deposit.
For now, customers will need to manually transfer funds into these pots.
However, HSBC told The Sun that future updates will enable automatic transfers, making saving even easier.
A “round-up” feature, like those offered by Monzo and Starling, is also expected to be introduced in the coming months.
This automatically rounds up every transaction to the nearest pound and transfers the spare change to a savings pot, helping users save money passively.
New and improved bill management tools allow users to pay bills and set up Direct Debits, similar to Starling’s Bills Manager.
Some customers have already had the opportunity to explore the updated app through a beta programme, while others been randomly selected to take part in its gradual roll-out.
George Charalambous, head of digital at HSBC UK, told The Sun that the revamped app will be made available to all seven million of the bank’s registered mobile banking customers by the end of May.
He added: “Customers have logged onto our mobile banking app almost 1.7billion times in the last year and it is an integral way our customers bank with
us.
“Feedback we have received from early users of the new design is extremely positive.
“In the coming months there will be much greater functionality to provide our customers with an even greater experience.”
Customers won’t need to manually request the update, as it will be rolled out automatically over the coming weeks.
What are the most popular money management apps?
THERE are plenty of other money management apps available to help you budget and save effectively.
While most apps are free to use, some may offer optional subscription upgrades for additional features.
Here, we have outlined several money-saving apps on offer:
Emma
The Emma app is a free financial management tool available on iOS and Android.
It allows you to view all your accounts, including current accounts, savings, credit cards, loans, investments, and even pensions, in one place.
Emma automatically categorises your spending, and you can also set your own budgets to track progress and identify potential savings.
The app provides regular updates on your bills and spending, giving you a comprehensive overview of your finances.
Alternatively, the app’s Plus plan, priced at £4.99 per month or £41.99 annually, provides customers with greater flexibility.
This includes the ability to link more than two bank or credit card accounts, alongside the option to set regular bill reminders.
Monzo
Monzo’s app provides real-time spending updates, automatically categorises transactions, and allows custom categories.
The ‘Trends’ feature helps visualise spending habits and track progress against monthly targets.
‘Pots’ are sub-accounts for specific savings goals, with options for scheduled transfers and interest.
Monzo Plus and Premium accounts also offer personalised spending targets and additional features
The app also allows for transaction round-ups to boost savings.
Snoop
Snoop allows you to link your bank accounts and credit cards, providing you with a personalised digital assistant to help you manage your budget more effectively.
The app highlights potential savings opportunities, such as switching to a cheaper utility provider, and offers tailored insights to optimise your spending.
You can also set up alerts to help you stay on track and avoid overspending.
Snoop is free to download on smartphones via the Apple App Store or Google Play Store.
For those seeking enhanced functionality, Snoop Plus offers additional features through a subscription priced at £4.99 per month or £39.99 a year.
What else is changing?
The revamped app introduces a streamlined interface, making it significantly easier for customers to navigate and manage their various financial products and accounts.
Previously, customers had to scroll through a lengthy list to locate the account they needed.
Now, the updated design features dedicated tabs at the top of the page, allowing quick access to different financial products, including current accounts, credit cards, mortgages, and savings and investments.
Additionally, users can personalise their home page, which appears upon login.
For instance, they can prioritise their most frequently used account or credit card by placing it at the top, while hiding less frequently accessed accounts for a cleaner overview.
HSBC customers who invest through ISAs, general investment accounts, or share trading accounts will now be able to buy and sell directly within the app, eliminating the need to log in to online banking via a computer.
Additionally, HSBC has introduced a chat icon on every page, providing customers with instant access to 24/7 support.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
