The classic problem that I (and many travel hackers) face is tracking all my finances. Getting multiple cards and opening multiple bank accounts to maximise your miles, sign up bonuses and bonus interest creates a heck of a reconciliation problem at the end of the month.
I now have 4 bank accounts and many, many credit cards which I discipline myself to checking each month. Have I been charged an annual fee? Did my expense reimbursements come in on time? What is my total net worth now, and how has that changed from last month? Am I meeting my savings and investment targets?
My current solution is an Excel spreadsheet into which I plug numbers each month. It’s an intensely manual chore for me, involving visits to numerous bank websites, downloading/copy pasting the transactions to Excel (I cannot believe that DBS does not offer a download to Excel button) and generally takes up a lot of time. I call this my “time of month”.
I’ve been looking for an app ala Mint in the US, which integrates seamlessly with banks to get your latest transaction data so you can see all your accounts in one place.
Thanks to reader Moritz, I’ve now learned about Seedly.
Seedly is a personal finance app, one of way too many on the market. But what sets Seedly apart from the rest is its integration with the banks. Seedly allows you to port your bank and credit card transactions + balances into one interface where you can do aggregate analysis.
Seedly currently supports
- American Express
That’s a great list, but HSBC is the obvious missing big fish so fingers crossed they get around to adding that soon.
Using Seedly is extremely simple. After installing it, simply go to the add bank account option
You’ll be brought to an in-app page that will prompt you for your userid and pin, after which you’ll get an OTP to login. Once that’s done, the app will take a few minutes to download your transaction history.
Currently, the app is read-only. What’s more, there’s no real-time sync, so every time you want to update your account you’ll need to re-enter your userid and pin, get another OTP and wait for the sync to finish. That’s obviously far from ideal, but Seedly says that they are “working with banks towards a real-time sync to create a more seamless process”. I suppose banks will be cagey about giving a great level of access to a third party app, so let’s hope all parties are able to work together to resolve security issues because that’d be a major win.
Here’s what it looks like when everything’s synced. I’ve obviously redacted all my non-zero account balances (analytics tells me that many of my readers are gold digging chiobus) but in the app you’ll see your account balances summarized at the top in SGD
You’ll also see individual breakdowns by bank with your savings plus credit card balances. Where you have investment accounts, you’ll be able to see the balances (although this is slightly less useful if you don’t have real time sync, given the value of your securities trading account will fluctuate day to day)
Another useful feature of Seedly is transaction breakdown and analysis, so you know where your money is going. They call this “magic”, automatic categorization via intelligence.
But it’s far from magic and where the app stumbles somewhat. Seedly doesn’t always classify transactions properly (you’d think this would be easy to do based on MCC). For example, Papermarket (an arts and crafts store) was classified as groceries, a purchase from an electronics store in HK was classified as insurance, purchases of shares were classified as shopping and a Linkedin subscription was classified as shopping.
Obviously there are bugs to be worked out and I imagine they’ll refine the classifications over time. Until they do, however, I wouldn’t put too much weight in this feature.
One thing I’m hoping they can add is a way of seeing all your rewards points in one place. I currently have many different rewards currencies (DBS Points, UOB UNI$, Citibank ThankYou points + Premiermiles (thanks Citibank), HSBC points) and it’d be nice if I had a centralized dashboard that let me bask in the warm glow of my accumulated points balances on a cold winter’s night. That said, I doubt such a feature will be very high on Seedly’s priorities. They’re probably going to focus on working out the banking integration aspects before looking at rewards.
Overall, Seedly is still very much a work in progress, but if they bring onboard real-time sync it can provide a major convenience to those of us in the miles game. Here’s hoping they bring on board HSBC soon and look at ways of adding rewards points to the platform too.