At the moment, only the nine largest banks are required to implement the Open Banking API and they are phasing the roll out of connected accounts. This means you might still need to use an authorised credential sharing connection (like the way you currently connect your accounts in Money Dashboard). We will continue to provide connections to as many accounts as possible, opening up new Open Banking API connections as soon as they are available.
You will only see a "Switch to Open Banking” button against providers with connections available.
When you select to connect your account your bank will show you which accounts you can connect via API.
Not all savings accounts come under PSD2 (the legislation requiring banks to make your account information more accessible to you) so you might not be able to migrate all your accounts to an Open Banking API just yet. With savings accounts a good rule of thumb as to whether your bank will provide an Open Banking API connection is if you can currently make payments directly from your savings account to another third party account. Note, ISAs are not currently available to connect via Open Banking.
Banks with Open Banking Connections available are:
- Bank of Scotland
- Royal Bank of Scotland
- Halifax Personal Banking
- Lloyds Bank
- First Direct