Why Penny Doesn’t Need Your Bank Password

Connecting your bank account to a financial app can feel like a big step. One of the most common concerns people have is whether they need to share their bank login details.

With Penny, the answer is simple: You will never share your bank login details, passcodes and / or password with us.

Your Bank Credentials Stay With Your Bank

When you connect your bank account to Penny, you don’t log in through Penny.

Instead, you are securely redirected to your bank’s official login page where you sign in directly with your bank.

This means your credentials are entered only into your bank’s secure environment, not into Penny.

Your bank then asks if you want to give Penny permission to access certain financial information through Open Banking.

If you approve, your bank sends Penny the financial data needed to generate insights. Your password never leaves the bank.

How Open Banking Works

Penny connects to banks using Open Banking, a secure technology designed to give people more control over their financial data.

Open Banking allows you to safely grant apps like Penny read-only access to financial information without sharing your login details.

Once permission is granted, your bank shares specific financial data with Penny through secure encrypted connections.

This allows Penny to analyse your spending patterns and provide insights about your finances.

What Penny Can See

When you connect your bank account, Penny may receive certain financial information such as your account balance and transaction history.

This information helps Penny understand how money moves in and out of your account so it can generate insights about your spending patterns.

Penny only receives the information necessary to provide its financial insights.

What Penny Cannot Do

Even when your bank is connected, Penny has strict limitations on what it can access or control.

Penny cannot:

• Access your bank password

• Log in to your bank account

• Move or transfer money

• Make payments

• Change your bank settings

Access is strictly read-only.

You Stay in Control

Connecting your bank account to Penny is always your choice.

You can disconnect your account at any time within Penny or revoke access directly through your bank.

If you disconnect your account, Penny will no longer receive updated financial data from that bank.

Why This System Is Safer

Open Banking was designed to improve security across financial services.

Before Open Banking existed, many financial apps required users to enter their bank login credentials directly into third-party platforms.

Modern Open Banking removes that risk entirely by ensuring that login credentials stay within the bank’s secure authentication systems.

Because Penny uses Open Banking connections, your bank credentials remain protected inside your bank.

Built for Transparency

At Penny, we believe financial tools should make your life easier without compromising your security.

That’s why our platform is designed around three principles:

Security — Your financial data is protected using modern encryption and secure infrastructure.

Transparency — You always know what data you’re sharing and why.

Control — You can revoke access and disconnect your accounts whenever you choose.

Learn More

If you'd like to learn more about how Penny protects your financial data, you can visit:

• Security & Data Protection
• Privacy Policy
• Open Banking Data Access

If you have questions about security or privacy, contact us via WhatsApp on +44 7700 169 285