Terms & Conditions for using the OpenMoney App.

This agreement sets out the terms under which we’ll provide our services to you, so it’s important that you read it fully. If there’s something you don’t understand please ask us to explain it.

If you have a question or concern about any aspect of our service please contact us at:

1. Our obligations

1.1 the OpenMoney account and the OpenMoney services

We will provide services (the “OpenMoney Services”) to you in connection with the set up and operation of your OpenMoney Account including the provision of the App. We will provide the OpenMoney Services to you in accordance with the Terms of the OpenMoney Agreement, all applicable laws and the Financial Conduct Authority (FCA) Rules.

We will do our best to ensure the App and your OpenMoney Account is available and up and running for you to use at any time however, this is not something we can guarantee. There may be times where the App may not be available and where we may not be able to facilitate your instructions. There may be interruptions and/or delays to our services. If this happens we will do our best to contact you to let you know what you should do. You can also contact us using the web chat function on the website. If this is not available, please email .

We may suspend the operation of our services where we consider it necessary, including (but not limited to) where we have to suspend operations for technical problems, emergencies, maintenance, regulatory reasons, where we decide it is sensible for your protection.  If this happens, we will do our best to contact you to let you know.

Your Information and data

We will base our recommendations on the information you provide us with via the OpenMoney app.

We are registered with the Information Commissioner for the handling and processing of personal information and shall comply at all times with applicable data protection legislation.

We will take all reasonable steps to ensure the database containing this information is constantly updated and is securely protected against unauthorised entry and that personal information is kept strictly confidential.

We may disclose your personal information if we are required to do so by law or we are requested to do so by the FCA, or any other relevant regulatory authority in any country.

You are entitled to see all personal data relating to you, which is held on any database controlled by us. Please contact us via hello@open-money.co.uk if you wish to request this information.

Protecting personal information

To provide our services properly we’ll need to collect information on your personal and financial circumstances. We take your privacy seriously and will only use personal information to deliver our services. For further details on how we process personal data, please refer to the Data Collection Notice at the foot of this document.

2. Your obligations

This section sets out your obligations in agreeing to receive our services.

2.1 Your use of our app

In addition to the Terms set out here, you acknowledge and confirm your continuing agreement to our Privacy Policy and the Portal & App Terms relating to the use of our App (together, the “Data Terms“). If there are any terms contained in the Data Terms that are inconsistent with or conflict with the terms, conditions and provisions set out in these Terms then, the relevant term, condition or provision set out in these Terms shall prevail.

OpenMoney will provide you with security details to access your OpenMoney Account. You must keep these details safe and confidential and notify OpenMoney immediately if you think that someone else may know these details and/or may have unauthorised access to your Account (otherwise in accordance with these terms).

You must not undertake any action that could compromise the security or effective working of the OpenMoney Services. Any such action will be considered a material breach of these Terms.

You are responsible for monitoring your OpenMoney Account, ensuring you read all messages which have been sent to you (whether through the notifications and messaging centres in the App, via the email address you have provided to us, or via any other means as agreed between us) and informing us if there is something wrong on your OpenMoney Account or you suspect that it has been subject to unauthorised use.

You may download or print information and documents that we provide to you strictly for personal use, provided that you keep all copyright and proprietary notices intact. You must not otherwise reproduce or distribute any material without our written consent.

You acknowledge and agree all intellectual property rights in the App,  all documents and related technology anywhere in the world belong to us or our licensors - you have no rights in or to the App, the documents and related technology other than the right to use each of them in accordance with these Terms and the Data Terms.

3.0 Account aggregation specific terms

3.1 Outline of service

OpenMoney provides a personal finance information service that allows customers to combine financial information for their various service providers. By combining this information, we want customers to see exactly how much they have, how much they owe and how much they are spending – and on what. We use a company called MoneyHub Financial Technology Limited (MoneyHub) to obtain the necessary information from your financial institutions; this includes your balance and transaction data. Once you have setup your external account(s), your account information is updated each time you login. The processing time for this process is almost instant, and you will be able to be see up-to-date balance and transaction information every time you access your account.

3.2 Details of service

The Service requires you to log into any external accounts you wish to add, through the application. This will allow the Service to request balance and transaction information from MoneyHub, which will then be presented in the account aggregation application.

Once you are logged into your OpenMoney account your balance and transaction information will automatically update. Your OpenMoney account will show the balance and the most recent transaction data available from your financial service provider; depending on your provider, there may be a delay in recording transactions and updating balance information, however OpenMoney does not have any control over this. Your OpenMoney account will show you when we last updated your balance and transaction information. You will remain logged into your accounts with each service provider, however OpenMoney do not keep a record of the login details or passwords you use to access your financial service provider(s).

As part of the Service, OpenMoney may also provide information (itself or using suppliers) relating to third party products or services based on the financial information you access.

Personal information will be processed and stored in accordance with the OpenMoney Data Protection Policy, the Privacy Policy and Cookies Policy. These are reviewed annually at minimum and reflect the current requirements imposed by UK and EU regulation.

You will set up login details as part of the registration,

you must treat this, and any other piece of information as part of the Service’s security procedures, as confidential and you must not disclose this to third parties. You must not disclose your OpenMoney account login information to anyone, to help prevent unauthorised access.

3.3 Your duty to disclose information

We will base our recommendations on the information you have provided us with; whether this is via the OpenMoney system, telephone calls, or email.

You must be over 18 years of age and a resident of the United Kingdom to register for and use the service.  If you are a resident of the British Isles (Jersey, Guernsey, Isle of Man) makes you ineligible for our services.

You agree to provide true, accurate and complete information about yourself, your current circumstances and your Accounts. You are required to check the information we have recorded to ensure it is complete and accurate and update us whenever there is a change to your personal circumstances or details, or if you notice an error in the information stored.

3.3.1 Providing information about your circumstances

Our recommendations will be based on the information you give so it’s important you provide us with accurate and up to date information when we request details about your circumstances and objectives. This will allow us to provide you with suitable recommendations. If the information you provide is inaccurate or if you limit the information provided this could affect the suitability of the recommendations within the app.

3.4 Proprietary rights

You may download or print information and documents we provide to you strictly for personal use provided you keep all copyright and proprietary notices intact. You must not otherwise reproduce or distribute any material without our written consent.

You acknowledge and agree all intellectual property rights in the App, all documents and related technology anywhere in the world belong to us or our licensors - you have no rights in or to the App, the documents and related technology other than the right to use each of them in accordance with these Terms and the Data Terms.

3.5 Content you provide

You are licensing OpenMoney and its service providers, including but not limited to MoneyHub, to access, use and rely upon any information, data, passwords and other content (collectively known as ‘Content’) you provide to OpenMoney.  OpenMoney and its service providers use, modify, display, distribute and create new material using such Content to provide the Service to you. OpenMoney and its service providers may also analyse any Content to provide information about third party products or services that may be relevant to you; and use the Content to create and analyse aggregated data about their users, provided that you are not identifiable from the aggregated data.

By submitting Content, you automatically agree, or promise the owner of such Content has expressly agreed, without any particular time limit, and without the payment of any fees, OpenMoney and its Service Providers may use the Content for the purposes set out above. As between OpenMoney and its Service Provider, OpenMoney owns your Account Information.

3.6 How your data will be used

OpenMoney has to store your data in order to provide you with the ongoing service, however in line with Data Protection regulation, we will never keep more data than is absolutely necessary to provide you with our service. At any time, you can ask us what data we have stored on you, and we encourage you to keep us updated with changes in your information. Your data will be encrypted and stored electronically.

We will not keep your data for no more than 100 days after you have stopped using the app or uninstalled it from your device unless you request us to do so.

At OpenMoney, we may share your data with companies we have third party agreements with or companies which we outsource to, for example MoneyHub, however we will never sell your data or pass it onto third parties with whom we do not hold a current and valid agreement. We may also use aggregated data, which does not contain personal information, for marketing and research purposes.

OpenMoney uses the data we collect to provide you with rich, interactive experiences.  We use also use data to: -

We also use the data to operate our business, which includes analysing our performance, developing our workforce and doing research.

In carrying out these purposes, we combine data we collect from different contexts or obtained from third parties to give you a more seamless, consistent and personalised experience.

3.6.1 - Automated and Manual methods of Processing

This app performs automated processing of your personal data to provide relevant recommendations to you. This decision-making is based on assessment of the personal data we hold about you and information we gather on your income and expenditure patterns.

The GDPR places specific restrictions on the use of solely automated decision-making and limits the lawful bases on which the data controller can rely for processing personal data in this way. The lawful basis we have already defined above takes into account the automated processing performed by this app.

3.7 How we’ll obtain your consent

We will ask you to positively consent to these terms and conditions, this will be the fair and lawful bases we will use.  By doing this you are agreeing with our policies on how we use and store your data. If you do not agree to any of these terms and conditions or any other conditions listed in policies of either OpenMoney Adviser Services Limited or it’s group company; OpenMoney Limited, then please contact us.  

When you open your account we will ask whether you consent to receiving marketing communications. By consenting to receiving these communications, you will only be contacted by OpenMoney, or its sister companies, never by third parties. You can withdraw your consent at any time, either by unsubscribing via an email received from us, contacting us via webchat or emailing us at hello@open-money.co.uk

When you access the app, you will be asked to consent to the use of cookies. If you do not consent to the use of cookies this may affect the content which appears on the app.

3.8 Access to your OpenMoney account

OpenMoney will provide you with security details to access your OpenMoney Account. You must keep these details safe and confidential and notify OpenMoney immediately if you think that someone else may know these details and/or may have unauthorised access to your Account (otherwise in accordance with these terms). You must not undertake any action that could compromise the security or effective working of the OpenMoney Services. Any such action will be considered a material breach of these Terms.

You are responsible for monitoring your OpenMoney Account, ensuring you read all messages that have been sent to you (whether through the notifications and messaging centres in the App and the Portal, via the email address you have provided to us, or via any other means as agreed between us) and informing us if there is something wrong on your OpenMoney Account or you suspect that it has been subject to unauthorised use.

3.9 Access to your financial services accounts

By agreeing to these Terms and Conditions, you are agreeing to allow OpenMoney and its Service Providers to access any accounts designated by you, on your behalf, to retrieve data requested by you, and to register for access to the accounts requested by you. You are granting OpenMoney and its Service Providers with full power of substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve data and use this information, all as described in these Terms and Conditions, with full power and authority to do and perform each act necessary to fulfil the Service, foregoing authorisation, agency and power of attorney granted by you. You understand and agree the Service is not endorsed or sponsored by any third-party account providers accessible through the Service.

By agreeing to these Terms and Conditions you are confirming you understand OpenMoney and its Service Provider is acting only as your Agent, and not the Agent or on behalf of the third party, when accessing and retrieving information from third party sites.

3.10 Encryption

The Service uses a very high level of encryption. The use of such levels of encryption, or this Service, may be illegal in jurisdictions outside the UK. We only accept customers who are based in the UK, and so any use of the application outside of the UK is entirely at your own risk; it is your responsibility to ensure that, if outside the UK, your ability to use the Service is permitted by local law. Neither OpenMoney or its Service Provider will be liable for any loss or damage suffered by you as a result of not being able to use or not being permitted to use the Service in jurisdictions outside the UK.

3.11 Disclaimer

By consenting to these Terms and Conditions you are confirming you understand the use of the Service and information, products and content (including that of third parties) in or accessible from the service is at your sole risk. OpenMoney makes no warranty that this Service will meet your requirements or that the service will be uninterrupted, timely, secure and error-free. We cannot guarantee that the results obtained from the use of the service will be accurate or that any products or services made available to you through the Service will meet your requirements or expectations. Any information obtained from the Service is done at your own discretion and you are solely responsible for any damage or loss of data that results from the downloading of such material. Any products or services made available through the Service may not meet your requirements, and you are confirming you understand that this is not an advised service.

3.12 Risk warning – your providers

The use of an account aggregation app, including the Service provided by OpenMoney, may breach the Terms and Conditions of your financial service provider (i.e. Bank or Building Society). The use of the Service is at your own risk and OpenMoney will not accept any liability, in any circumstances, in the event that your financial service provider refuses to compensate for any fraud associated with your account with them. This includes instances where the fraud is suspected or known to be connected in any way with use of the Service. OpenMoney takes no responsibility for the use of the service beyond its statutory responsibilities.

3.13 Liability

Nothing in these Terms and Conditions shall limit the liability for death or personal injury resulting from the negligence of either party or for fraud or any other liability that cannot be excluded or limited by law. By agreeing to the Terms and Conditions, you confirm that neither OpenMoney or its Service Providers, or any affiliates will be liable for damages for loss of profits, goodwill, data or other intangible losses. OpenMoney and its Service Providers cannot be liable for any losses incurred due to inability to use the Service for any reason including, but not limited to; suspension, technical difficulties or a disaster situation.

3.14 Indemnification

You agree to protect and fully compensate OpenMoney and its Service Provider and their affiliates from any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable attorney’s fees) caused by or arising from any misuse by you of the Service, your violation of these Service Terms and Conditions or your infringement of any intellectual property or other right of anyone.

3.15 Suspension of the service

OpenMoney may at any time suspend your use of the Service if it has reasonable grounds to believe your use of the Service is in contravention of these Terms and Conditions or any reasonable instruction provided to you by OpenMoney or its Service Provider. It may be necessary to suspend your use of the Service if we have reason to believe that it may be imposing risk to the security of the Service, including suspected unauthorised or fraudulent use of the Service. Where possible, you may be given advance notice of the suspension via email. Please note that there may circumstances where we are unable to provide notice or details of why the action is being taken.

3.16 Variation of service

OpenMoney reserves the right to change or continue; temporarily or permanently, the Service at any time without notice. By accepting these Terms and Conditions, you are agreeing you understand  OpenMoney cannot be held liable to you or any third party for any modification or discontinuation of the Service.

3.17 Rights of service provider

You acknowledge that OpenMoney’s Service Providers are third party beneficiaries of the above provisions, with all rights to ensure such provision as if they were a party to this agreement.

3.18 Precedence

In addition to the Terms and Conditions set out here, you acknowledge and confirm your continuing agreement to our Privacy Policy and the Portal & App Terms relating to the use of our App (together, the “Data Terms”). If there are any terms contained in the Data Terms that are inconsistent with or conflict with the terms, conditions and provisions set out in these Terms then, the relevant term, condition or provision set out in these Terms and Conditions shall prevail.

4. Cancellation and amendments

4.1 Ending this agreement

You may terminate this agreement at any time, without penalty.

4.2 Amendments

From time to time it may be necessary to amend the terms set out in this agreement where it’s not necessary to issue a new agreement. We will notify you through the app when changes are to be made.

5. Useful information about our services

Who authorises us?

What if things go wrong?

If you are unhappy with any aspect of our services, we encourage you to contact us as soon as possible. We’ll do our best to resolve your concerns.

- Telephone: 0161 204 3200

- Email: hello@open-money.co.uk

- In writing: Kevin Morrissey, Compliance Officer, OpenMoney Adviser Services Ltd, WeWork, 1 St. Peter’s Square, Manchester, M2 3DE

Additional peace of mind

Data Collection Notice - protecting your personal information