Open Banking is how we securely connect to your bank account. Here's what it is and how we use it.
What is Open Banking?
Open Banking is a secure, regulated way for you to share access to your bank account information with trusted third parties like Chest. It's overseen by the FCA and the Open Banking Implementation Entity, and all major UK banks support it.
You control which accounts you connect and what access you grant.
How Chest uses Open Banking
We use Open Banking for two purposes:
Account Information Services (AIS) This gives us read-only access to view your transactions. We use this to power saving rules like round-ups, pound-ups, and the no-spend challenge – we need to see your spending to calculate your savings.
Payment Initiation Services (PIS) This allows us to initiate payments from your bank account with your approval – for example, when you purchase a Chest Code. You authenticate each payment directly with your bank.
What we can and can't do
With Open Banking, we:
Can view your transactions (to calculate saving rules)
Can initiate payments you've approved (for Chest Code purchases)
Cannot move money without your explicit approval
Cannot change anything in your bank account
Cannot see your bank login details
Why it's safe
Your bank credentials are never shared with Chest – you log in directly with your bank
All connections are encrypted and secure
You can revoke access at any time through the app or your bank
Open Banking providers are regulated by the FCA
Re-linking every 90 days
For security reasons, Open Banking connections expire after 90 days. This is a regulatory requirement. When your connection expires, we'll prompt you to reconnect your bank in the app. Until you do, saving rules that rely on transaction data won't be able to run.
How to manage your connection
You can view and manage your Open Banking connection in the app. If you want to disconnect your bank, you can do so at any time – though this will affect saving rules and your ability to make contributions.
Still need help?
If you have questions about Open Banking, contact us at hello@joinchest.com.