BetterMoney - a better way to manage your money life.

 

Frequently-Asked Questions

 

BetterMoney

What is BetterMoney?

BetterMoney is an account aggregation tool created by AMP. It is designed to give you a little help with decisions about your money.

How does it work?

BetterMoney helps you make better decisions about your money. This starts by getting the whole picture - connecting your bank accounts, credit cards, loans, superannuation and investments.
We do this by asking you to link each account using the password details for that account.
The connection to your bank is managed by Yodlee, an online banking solution provider that connects to thousands of online banking websites and financial institutions worldwide.
Yodlee uses your details to log into financial institutions on your behalf, retrieve your transactions and import these into BetterMoney. Once retrieved, we quickly and automatically categorise your transactions, giving you a complete financial picture.

How do I change my password?

You will need to change your password in MyAMP.
Go to MyAMP and log in.
Go to ‘My Details’ in the menu, choose ‘Change password’. You’ll need to complete your Current and New password and save the changes.

What is Yodlee?

Yodlee is the industry leader in account aggregation services. Founded in 1999, the US company provides digital financial solutions for over 20 million users and over 850 financial institutions and financial technology innovators, including Xero, Billguard and Personal Capital.

Can I use my My AMP login?

Yes. In fact, you’ll need to register for MyAMP to use BetterMoney. If you already have a MyAMP user name and password, use this to login and access BetterMoney. The first time you open BetterMoney you’ll be asked to tick to say you accept the terms and conditions. Every time after that you just log-in with your MyAMP user name and password. Easy!

I don’t have a MyAMP account - can I still get BetterMoney?

You’ll need to register for MyAMP first. It’s easy to do. Complete your details and we’ll open your account, you’ll then have access to AMP.
There is just one additional step to open BetterMoney: you will just need to accept the BetterMoney terms and conditions once you’ve logged in.
Register for MyAMP

Read our BetterMoney user guide for a quick overview of BetterMoney features and how to use them.

Security

Why do I need to provide my login details (username and password)?

We require these details just once so we can establish a secure connection with your financial institution. Whether it’s a bank, credit union, mortgage account or super fund, these details allow us to retrieve your balances and transaction history.

Is it safe to enter my bank account details?

The connection to your bank is managed by Yodlee. They provide digital financial solutions for over 20 million users and over 850 financial institutions and financial technology innovators, including Xero, Billguard and Personal Capital.
Yodlee adheres to industry leading practices for data security, regulatory compliance, and privacy. More details can be found here.
You may also want to double check your online banking terms to make sure they allow you to share your credentials for this type of service.

Why do you store my bank login details?

BetterMoney does not store details of your bank accounts and credentials. Yodlee needs to store your login details so we can regularly connect with your bank account. This helps to keep your budget up to date with your most recent transactional data.
If Yodlee didn't store your details, you'd have to manually upload transactions every time you use BetterMoney and you won’t be able to get the most out of the features in BetterMoney like budgeting and cash flows.
If you delete a bank account from BetterMoney, Yodlee will also delete your login details for that specific account so any personalisation of categories or budgets you have set up will be lost for that specific account. We let you know this when you delete your account just so you can be sure you want to!

What about Open Banking standards?

When the new API standards are finalised and published, we will work with Yodlee to best integrate with these new standards.

What information do you access?

When you enter your bank account login details Yodlee communicates with your bank and exports your transactional data. Yodlee delivers us your transactional data omitting any account or credit card numbers so you can view your data in our tools.

Is my information secure?

When you connect and provide your log-in credentials these are passed directly, over a secure, encrypted connection, to a company called Yodlee. AMP does not store or use your banking or financial institution credentials.
Yodlee stores these details using highly secure technology in separate databases using multi-layered hardware and software encryption.
Yodlee is the industry leader in account aggregation services. Founded in 1999, the US company provides digital financial solutions for over 20 million users and over 850 financial institutions and financial technology innovators, including Xero, Billguard and Personal Capital.
Yodlee is contractually obliged to comply with New Zealand privacy law with respect to your personal information.

How does BetterMoney look after my data and who has access to it?

When you link your accounts, AMP and Yodlee have access to various components of your transactional banking data.
Yodlee is the only party that has any access to the login credentials you may have supplied when linking your accounts. These credentials are encrypted and stored in Yodlee's secure system.
AMP and Yodlee have access to your transaction banking data. AMP can only see anonymised data.
Yodlee does not have access to any of the other personal data you might have supplied to AMP.
AMP and Yodlee do not sell or pass on any of this data to any other parties (unless required to by law or to provide features of the service).

Find out more about Yodlee's security standards:
https://www.yodlee.com/legal/yodlee-security
https://developer.yodlee.com/FAQs_to_Security

Accounts

How do I add an account?

In the Accounts tab, on the right side of the screen, click ‘Link Accounts’
You’ll see 8 tiles with the most common financial providers. There will also be the option to manually add an account, add a property or search.
Select your financial institution or search if you can’t see them in the list.
Enter your login credentials (each provider has different security, so you may have to provide more information if your provider needs it). Click ‘Submit’

Why can’t I see my financial provider in the list?

We offer connections to all the major banks and financial institutions in New Zealand and most of the smaller players. Whilst we do our best to connect with everyone, there may be some institutions that do not support our service. You may also want to double check your online banking terms to make sure they allow you to share your credentials for this type of service. We will continue to add new institutions to the list.

How do I remove an account?

Click ‘Settings’, then ‘Account settings’
Select the account you want to remove on the left-hand side.
Click the ‘Remove Site’ icon. You’ll see a warning message asking if you are sure. Click ‘Remove’ to confirm.
If you remove an account, your login details will be deleted. We don’t keep them, so if you decide later you want to add your account, you’ll need to enter your details again. Removing an account does not impact that account with your financial provider.

Transactions

What are transactions?

The transactions tab shows a list of posted and pending transactions. You can tap/click any transaction row to view or edit transaction details.
Transactions can be split, re-categorized, have attachments added, and much more.
Tip: take the feature tour to find out more.

Budgeting

How do I create a budget?

Budgets are created for Account Groups. First create an Account Group, then you can add a budget.
In the Budget tab, click ‘+ Create Budget’
Select your account group. Income and recurring bill information will be automatically generated. You can edit this before moving to the next step. Add any flexible spending you want to include.
Your budget is now all done! It should show up on your dashboard and in the budget tab.

Can I have more than one budget?

Yes, you can create multiple budgets, for example one for household expenses and one for your Children.

Spending trends

What is cashflow?

Cashflow shows the changes in your cash inflows and outflows over time. The interactive chart provides a visual summary and the cashflow details can be found in the table below.

What is Income and Spending summary?

Income and Spending allows you to drill down into your monthly income and expenses by category. Use the dropdown box to select either income or spending.

How is cashflow calculated?

AVERAGE MONTHLY NET CASH FLOW is calculated based on the total cash inflow and outflows, excluding the current month.
TOTAL NET CASH FLOW is calculated based on the total cash inflow and outflows, including the current month.

How do I see spending by category?

Click or tap the bars on the spending summary chart to see the categories for that month.

Assets

How do I calculate my net worth?

The net worth feature shows the value or your assets minus your liabilities – automatically calculating your net worth! Use the interactive chart to see changes of your net worth over time and the table below to see more detail on your current balances.
Tip: improve the accuracy of your net worth by linking all your accounts.

What is the Investments feature?

The Investments feature gives you a summarised view of your investment holdings.
Tip: Filter your view by choosing all your investment accounts or select a few specific ones.

Settings

What are Account Settings?

Use Account Settings to configure basic account attributes.
You can:
• Edit credentials – e.g. if you have changed your username or password for the account, you can update it here
• Remove an account
• Go to site
• Add nickname to personalise the account
• Option to tag all transactions for this account – can be applied to past transactions
• Option to categorise all transactions for this account – can be applied to past transactions

What are Categories?

Better Money groups transactions across your accounts into categories to help you understand where your money comes from and what you are spending it on.

How do I group my Accounts?

You can group your favourite accounts to see them together.
In ‘Account Settings’, click ‘Create Group’
Give your group a name and select the accounts you want included.
Click ‘Create Group’ to confirm.
When a group is created, it will appear throughout BetterMoney.

Can I edit categories?

You can add ‘nick name’ to each category to make them more personally meaningful to you.
Select ‘Categories’ from the dropdown under ‘Account settings’ (or under ‘More’ from with the ‘Transactions’ feature) to get started.

Troubleshooting

Refreshing my feed doesn’t update my bank balances

Technical problems with your bank or Yodlee may affect your bank account balances in Better Money.
Try:
• Refreshing your BetterMoney account. To do this go to the Accounts page and click ‘Refresh All’. In a mobile device go to ‘Accounts’ page and in the top right you will see three dots. Click ‘Refresh all’.
• Logging into your online banking site to make sure it’s working and refreshing the feed after 20 minutes.

My online bank account and BetterMoney don’t match

Sometimes the balances in your online banking and BetterMoney don’t match because you may see ‘pending transactions’ in your online banking. BetterMoney only shows transactions that your bank has finished processing.
Try:
• ‘Refresh All’ your feed in BetterMoney for the most up-to-date information.
• Logging into your online banking site to check it’s working.

Important information

Your use of BetterMoney is governed by our terms of use, and any personal information you share with us will be handed in accordance with our privacy policy. We work with Yodlee, the industry leader in account aggregation services, to provide BetterMoney to you. Details on Yodlee’s practices for data security, regulatory compliance, and privacy can be found here.

This communication was authorised by AMP Wealth Management New Zealand Limited and sent by AMP Services (NZ) Limited.