Associated Newspapers has launched a free personal finance management website which links to a number of current accounts, savings products and credit cards.
OnTrees enables users to track recent transactions on their bank accounts, view a breakdown of their spending and set up budgets and spending limit alerts.
The website launched on Friday after a two-week trial period with Mumsnet and National Union of Students members.
The service is also available via ipad and smartphone apps and OnTrees says the service has ‘bank level’ security. The website has been developed using technology from American financial software provider Yodlee.
OnTrees founder Charlie Mortimer says: “In the US, personal finance managers like OnTrees are used by more than 10 million people, but no product in the UK offered consumers the level of security and range of functionality we were looking for.
“In a market where people are using a wealth of different products, it makes sense to enable them to take control of their financial lives.”
Finance and Technology Research Centre director Ian McKenna says: “This is a further demonstration that personal finance management tools are going to become a major growth area in the financial advice space and they have the potential in the UK to deliver mass market advice solutions.”
Earlier this month, Barclays launched new personal financial management software for its customers, including a range of financial management tools.