Before going into the detail, please note that 'linking' an external account to Marygold is not a requirement to use Marygold. The Marygold app works perfectly well without linking, it just reduces the number of services available as some services require 'linking' to work.
We use the term 'linking' to describe the process of you granting temporary view-access of specific external accounts to the Marygold app. This process of sharing is made possible by Open Banking which has now been used by over 10 million UK consumers and small businesses.
Open Banking was introduced by the regulators in order to encourage competition in banking to help UK customers get better banking services. It has very strict security standards and customers are always in control, and can withdraw consent at any time. In addition, it is a requirement of Open Banking that even where consent is granted, businesses must get customers to re-consent (every 90-days) to ongoing access in order to ensure consent remains proactive.
If you choose to 'link' one (or more) accounts to Marygold then:
- The Marygold app will have access to specific information in your chosen external account(s), most notably balance and transaction information.
- Marygold do not use this information for any other purpose other than providing you the services that you are requesting. Nor do we share this information with any other party.
- By linking accounts with Marygold, we are able to help customer get an overview of all their finances in one place.
- By linking accounts, customers are able to use some of the free advanced features of the Marygold app such as tax reserve and excess balances nudges, as well as low balance alerts.
- By linking accounts, customers are able to use me2me transfers between the linked external accounts, as well as between the Primary Account and Marygold account.
Marygold use Moneyhub Financial Technology Limited ('Moneyhub') as our Open Banking partner. Moneyhub is used by many 'household' businesses (such as Nationwide, Scottish Widows, Standard Life, and more) to help these businesses better service their customers.
Moneyhub is authorised and regulated by the Financial Conduct Authority (Reference no. 809360 at fca.org.uk/register). Moneyhub is a registered AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider).