Checking account balances, setting up transfers or standing orders: All banking apps can handle the most important functions. However, if you want to manage multiple banks, you need alternatives like Outbank. Find out what else the app can do in a test by atechbook.
Keeping track of personal finances is becoming increasingly complicated. In addition to the checking account, there are often daily deposit accounts, credit cards, and a wide range of contracts, from DSL to liability insurance. Outbank is supposed to provide a remedy and bundle all personal accounts and contracts in one app. Many of these functions are indeed useful, but what about data protection?
The banking functions of Outbank
The core of Outbank are the banking functions. The app not only handles checking accounts, but also credit cards, savings accounts and securities accounts. The latter is particularly practical, since not all brokers offer a clearly arranged app themselves. In addition to standing orders, scheduled transfers and direct debits, Outbank also has some special features on board: You can initiate payments via QR code, release them via Apple Watch, and request money via Messenger or e-mail. However, not every bank is supported. However, a list of participating banks can be found on the homepage. There should not be any problems with well-known major banks, savings banks, and credit unions, but the situation is different with some neo or smartphone banks.
Another useful feature is the integrated contract management, which can be used to keep an eye on fixed costs and current contracts. Among other things, a clear balance of all expenses and income is displayed, and Outbank also reminds users of contract end dates and cancellation periods. This applies in particular to DSL and mobile phone contracts, liability insurance, loans and memberships.
When it comes to data protection, Outbank promises that all financial data is securely stored and encrypted on the user’s smartphone and that it is not passed on to third parties. However, it is difficult for users to assess how data is actually handled in the background. In principle, however, one should handle all personal information sparingly and not entrust companies with more than is absolutely necessary.
Read also: Postbank cancels TAN procedure! Many customers have to change
Evaluations and budgets
Outbank generates an overview from all transactions of the stored accounts. This can then be used, among other things, to subdivide budgets according to individual areas – such as food or shopping. It is also possible to evaluate the categories with a keyword. If a set budget is exceeded, the user can be notified. In addition, there are clear reports on all income and expenses. Similar functions are also offered by the app Finanzguru in cooperation with Deutsche Bank. Here, too, it is possible to integrate accounts from different banks. However, both apps have advantages and disadvantages in our opinion, although it is at least positive to note that data is stored locally on the device in the case of Outbank.
For whom is Outbank interesting?
Outbank is especially worthwhile if you use several accounts and securities accounts in parallel. The analysis of contract data and the creation of individual budgets is basically very practical, but the data collection leaves us with a queasy feeling. Neither the user’s own bank nor a third-party provider should have such deep insights into personal finances, especially since it is possible to create very individual profiles of users or bank customers. It becomes especially problematic when the provider even sells such data to third parties. As already mentioned, Outbank guarantees comprehensive data protection and local storage, but you should not blindly trust any provider in this regard.
In addition, Outbank is not free despite the data collection: The annual subscription costs 39.99 euros for the individual version and 79.99 euros for the business version. Both versions are also available in a monthly cancelable variant for 3.99 euros and 7.99 euros respectively. You can find out more about the different subscription models on the provider’s website .
Better to use your own bank’s app
Even if multibanking seems practical and convenient at first glance, you should always use apps from your own bank first. The reasons for this are not only data protection, because third-party providers usually cannot access all functions. Neobank Nuri, for example, not only offers classic banking functions, but also many other useful functions in its app, such as trading with cryptocurrencies. Moreover, this range of functions is constantly being expanded. Another important aspect is that Outbank focuses on smartphone use. However, many bank customers also want to manage their account on the computer or laptop in web banking. By then, at the latest, there is no way around their own bank anyway.
- Smart Finance