Personal Finance

RBC MyFinance Tracker, Bank of Nova Scotia's account aggregator

  • Last Updated:
  • May 16th, 2021 5:48 pm
[OP]
Member
Jan 24, 2013
319 posts
278 upvotes
Rainy River

RBC MyFinance Tracker, Bank of Nova Scotia's account aggregator

Was looking at these earlier today. For those that use this how do you find the service. Do you have concerns about privacy/security etc. Also wonder if you link up a bunch of accounts is it viewable to all RBC employees? Do the bank employees use it as a marketing tool to try to lure you over to their products more? I suppose could use a paid subscription service as well (Quicken, YNAB), looking for pros and cons to all of these options.
2 replies
Newbie
May 19, 2006
49 posts
62 upvotes
I use RBC MyFinance Tracker. It works well as a free tool to look back and audit your past expenses. Its not that accurate though. You will need to go back and verify that every transaction is assigned to its proper category. It also tries to warn you about overspending, however, as it often does not assign expenses to the correct categories, its not much help as a way to stay on budget.

Its a little different than YNAB, which is meant to help you pro-actively stay on top of each dollar you spend before you spend it.

As far as I can tell, RBC does not use this information as a marketing tool and I have no privacy or security concerns. With YNAB, you have to link your bank account to an external website and It's likely this will expose your account information to additional risk. What risk exactly, I can not say.
Deal Guru
Dec 5, 2006
10677 posts
5682 upvotes
Markham
I wouldn't worry too much. Like if you are comfortable giving them your SIN number, others are less risky

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