All accounts in one place: The revolution is called multibanking

Credit card, computer | © /dedivan1923

These apps are revolutionizing your finances: so-called multibanking apps display all account information in one app, making it easier for smartphone owners to keep track of their financial lives.

Want to see every penny you earn or spend in real time? For this purpose, there are now the so-called multibanking apps. In today's financial market, you may have a checking account with one provider, a business account with another, a credit card with a third account and a mortgage from your local savings and loan association – not to mention a prepaid card for daily purchases. Keeping track of your finances across providers can be difficult, but that could change. We've taken a look around and give you an overview of the best multibanking apps in Germany.

All the details at a glance

A good multibanking app doesn't just provide an overview of everything you earn, owe or spend in one place. A fully integrated app can theoretically track accounts from thousands of different providers. You can add details about your current accounts, savings products, credit cards, personal loans and mortgages from participating lenders or banks, if they are visible through online banking. A good app will also provide you with a "safe balance" that shows you how much disposable income you have until your next payday, minus any upcoming bills.

Make transfers on the go

With a multibanking app, you can not only check the total account balance of all the financial products you use at any time while on the go, but also make transfers from any of the integrated accounts. This way, there's no need to tediously log in to each individual online banking account. You also get a clear view of your total available balance in a simple way.

Our tip: We took a look around and compared the performance of different multibanking apps. To cut a long story short, the best multibanking app for our needs is one that meets the highest security standards set by the German TUV. On the linked page, a comparison was made between Zuper, Outbank and Numbrs. Very worth reading and really recommended!

When you set "savings rules," the app lists amounts you spend and contributes the excess to your savings. You can also analyze how you spend your money and get tips from a "digital coach" for potential savings. Not only can you consolidate your bank accounts, credit cards, savings and loan accounts in one place, but you can also add mutual funds. The app allows you to set spending goals and analyze your spending so you can see where your money is going.

Personal financial coach

Learn to save with multibanking | © /Andriy Popov

Learn to save with multibanking | © /Andriy Popov

Based on your personal settings, you can also use the services of a personalized financial coach. You'll receive alerts when a payment is due, or you'll be alerted by the financial coach to the availability of a better deal on one of your products. If you want professional advice, this also offers the "Find an advisor" option, which connects you to an advisor – and if you agree, you automatically share the data you have connected to the app.

You can see in the app how much credit is currently running, how much you have already paid, and any related transactions. If you're looking for a better deal, Financial Assistant also offers a comparison service.

Digital budget book

Integrated budget planner shows at a glance what you're spending your money on. Create the appropriate spending categories in your personal digital budget book and set spending limits. Your financial wizard automatically categorizes your spending and matches it to the right budget.

Each month you can use the Budget Planner to set your limits based on previous months' spending. Get insight into how you spend your money and what your main expenses are. The platform also allows you to manage your bills and subscriptions.

Safety first

When you share your credentials, the app uses them to access your accounts on your behalf – a process known as "screen scraping". Essentially, the app displays how you see your information. This can lead to liability if money is lost and violate the terms and conditions of the bank. The bank is not necessarily obligated to return your money if you gave a third-party provider your credentials.

Sharing your login information can also leave you vulnerable to malicious actors posing as legitimate companies to obtain your sensitive information. So trust only tested apps that are approved in Germany resp. Are certified to German standards. This is the only way to get protection if unauthorized payments are made, even if they were initiated by a third-party vendor.