Associated Newspapers has launched a free personal finance management website.
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 last week after a two-week trial period with Mumsnet and the National Union of Students.
The service is 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 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.