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BankTree review

We put BankTree through our intensive lab tests and rated how easy it is to get started, generate reports, access support and use its mobile app. Find out how it stacks up.

In this article
What is BankTree?  How BankTree works BankTree review: at a glance How do I get started? How easy is BankTree to use? What help and support is on offer?
What's BankTree's mobile app like? How secure is it? Open Banking and BankTree Which? verdict on BankTree BankTree: FAQs Get top money-saving tips from Which?

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

3.18.5

 Price

£35 

Free trial?

34 days

Compatibility

Windows, Mac, Android, iOS

Investment tracking

Yes

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.

Members can log in to see the results of our analysis. If you’re not already a member, you can sign up to a one month trial for Which? Money for just £1 to access this review and enjoy the benefits of a Which? membership.

BankTree review Score

 

Performance
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Support
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Mobile app
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Test score
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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.

BankTree: data input Score
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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.

BankTree: dashboard Score
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Members can log in to see the results of our analysis. If you’re not already a member, you can sign up to a one-month trial for Which? Money for just £1 to access this review and enjoy the benefits of a Which? membership.

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.

BankTree: support  Score
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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.

BankTree: mobile app Score
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Ease of syncing  Logged out padlock
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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: security  Score
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Open Banking and BankTree

BankTree can link to UK bank accounts to automatically sync data, but you may be taking a risk if you agree to this.

You will have to give BankTree permission to collect your transaction data and hand over your login details, including sensitive information like your memorable words - essentially, the platform poses as you to access your accounts. If money goes missing or your details are used improperly, you may not have recourse to your bank’s fraud protection.

The firm uses Salt Edge to protect your information, which has high-level banking security with 2048 but encryption.

However, BankTree is not set up for the Open Banking scheme, which allows you to share current account data via a secure application programming interface (API) without handing over your 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.

Members can log in to see the results of our analysis. If you’re not already a member, you can sign up to a one-month trial for Which? Money for just £1 to access this review and enjoy the benefits of a Which? membership.

BankTree: verdict Results
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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

BankTree: FAQs

 

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, but you will need to pay for a subscription to use this service. 

It also requires you to share your login information in order to get the information, which may be risky.  If money goes missing or your details are used improperly, you may not be able to rely on your bank’s fraud protection.

 

Does BankTree work on Apple Watch?

 

BankTree is compatible with the Apple Watch.

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