BankTree version 3.19.5 was tested in May 2019. The software has not changed significantly enough to require further lab testing. This review has been updated with information on BankTree now offering support for Open Banking.
What is BankTree?
BankTree is a personal finance software package that aims to help you make your money stretch further, whatever your financial situation.
We've made it easy to compare BankTree to other personal finance software by putting it through intensive product tests, analysing and providing star ratings for each of the features we know are important to help you make a decision.
Our review includes the full results of our lab tests with ratings on data input, the dashboard, transactions, goal-tracking, report-generation, mobile app, security and an overall verdict from our personal finance software experts.
|BankTree product review||Specifications|
|Version tested|| |
|Free trial?|| |
Windows, Mac, Android, iOS
|Investment tracking|| |
How BankTree works
BankTree allows you to record income and expenditure, import statements, balance accounts, budget and much more.
We once labelled it as 'software to avoid', but it has made improvements over the past couple of years.
We like the addition of its Banking Subscription Service, which allows you to view and categorise live transactions from your bank, although this add-on does cost an extra £3.50 per month.
BankTree review: at a glance
Find out how BankTree scored in our lab review on performance (including data input, set up, dashboard, reports, transactions and tracking), support and its mobile app.
How do I get started?
We reveal how easy it is to set-up and start using BankTree.
We asked our lab testers to manually input two sets of fictitious financial data, and imported CSV and QIF files from various sources, in order to rate the software for both ease and speed of data input.
How easy is BankTree to use?
Our lab testers tried out dozens of BankTree's features and issued star ratings for a range of performance indicators, including dashboard navigation, transaction-grouping, report-generating, goal-setting and reminder-scheduling functions.
You can select the score table you want to see using the drop-down menu.
What help and support is on offer?
When using personal finance software, you may need some help to get the most out of the package.
We tested every element of BankTree's customer support and gave it an overall star rating based on the range and quality of the services on offer.
What's BankTree's mobile app like?
The BankTree mobile app is available for IOS and Android devices and acts as a companion app to the desktop software.
Here's how the BankTree mobile app was rated in our lab tests.
How secure is it?
When entering your financial information, you want to be sure it's safe.
Here's how BankTree scored for security in our lab review across its desktop programme and mobile app.
BankTree can link to UK bank accounts to automatically sync data, but it costs £3.50 a month/ £35 a year.
When we tested the software in May 2019 Bank Tree used a third-party provider called Salt Edge to harness the power of Open Banking to help users share their information without sharing sensitive details.
Since August 2020, users can share current account data via a secure application programming interface (API) provided by Truelayer without handing over login details. Firms using Open Banking are regulated, and security protocols protect your data.
Alternatively, you can upload information from statements and manually input information.
Find out more: Open banking: sharing your financial data explained
Which? verdict on BankTree
We reveal how useful HomeBank is for beginners who struggle with computers or finances, as well as how suitable it is for advanced users with more experience.
BankTree is a powerful tool when you are used to it. However, it's looking outdated and could do with being simplified, plus the support it offers isn’t as good as the likes of Moneydance or You Need A Budget.
The smartphone app is very useful but you have to pay to unlock it, which isn’t the case with rival personal finance software programmes.
BankTree takes some getting used to, but its unique features make it an interesting accounts package that's at least worth trying out.
Find out more: Best personal finance software - see how BankTree compares
Is BankTree compatible with Microsoft Money and Quicken?
BankTree is compatible with Microsoft Money or Quicken.
Can you import information automatically by linking to your bank account?
BankTree allows you to sync data from a UK bank account using Open Banking, but you will need to pay for a subscription to use this service.
Does BankTree work on Apple Watch?
BankTree is compatible with the Apple Watch.
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