Tully MyBudget uses the latest in financial technology to make sure the information shared with your lender or provider is fair and accurate.
Connecting your bank account to Tully is done through Open Banking, a safe and secure technology built by banks to power personalised products and services like Tully, helping you get the support you need.
It has been developed by the UK’s largest banks so that you can get access to more personalised financial services and experiences such as Tully.
To help you understand your current financial circumstances and so that you can get the right support for you, we’ll work with you to build a budget online.
Our budgets are created using Open Banking and we refer to it simply as ‘sharing your online bank statements’.
Tully uses Open Banking, a technology built by the UK's biggest banks, to plug the information from your bank statements into the budget you build with us. Open Banking can only ever be used with your explicit consent, and you can revoke it at any time.
By giving your consent it allows you to get more personalised money management tools and in Tully’s case build an accurate budget to get the right support for you.
Sharing your bank statements through Open Banking helps you build a budget quickly and easily online. Usually, you'd have to track down old bank statements and payslips, do some mental math, and spend over 45 minutes on the phone with an agent. More often than not some of your spending or income gets missed, and this can have a big knock-on effect on the kind of support you get offered.
We use Open Banking to do all that hard work for you. All you have to do is tell us if anything doesn't look right. This results in a more accurate, less stressful budget experience that you get the final say on.
Once you’ve told us a little bit about you and your current circumstances, we’ll ask you to ‘share you online bank statements’. This is where Open Banking comes in.
Our parent company OpenWrks facilitate the Open Banking consent where you’ll need to select your bank provider, then you’ll be taken to your bank’s own secure website or your mobile app will open. Once this happens simply follow the steps on screen and then your bank will send you back to us.
OpenWrks are our parent company, this means we’re part of the same company group, which you can find on the Financial Conduct Authorities (FCA) register here. OpenWrks powers our Open Banking consent journey and is authorised as an Account Information Service Provider by the FCA. Put simply, this means they have all of the right regulations to provide Open Banking services.
How much does Tully cost?
Nothing. It’s completely free to you. The businesses on our Network are compensating us for helping you.
What do Tully do with my budget?
Your budget is between you and us. We don’t judge. We don’t share it with any of your lenders or service providers until you are happy. We'll share your budget outcome with your lender or supplier so that they can provide the right support for you and your current circumstances.
How long does Open Banking consent last for?
Open Banking consent lasts for 90 days. To continue to access support that’s powered by Open Banking after 90 days, you’ll need to re-consent - we’ll let you know if and when this needs to happen.
Can OpenWrks or Tully move my money?
No. We cannot move money. All we do is send a copy your online bank statements to our system so it can understand how much money you have coming in and going out each month so we can help you build a budget that gets you the support you need.
If you have any questions, you can get in touch with our support team by emailing [email protected] or by clicking the webchat icon in the bottom right hand of your screen. The team is available from 9am to 5pm, Monday to Friday (excluding Bank Holidays).
