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How Secure Are Personal Finance Apps?

If you’re reluctant to try a personal finance tool or app because you’re worried about security, here’s what you need to know. Apps typically have read-only access and high-level encryption, which means they can see your financial transactions, but can’t change them.

The exceptions are online bill pay services, which do make requests to move your money. This is one reason why I stick to my bank account’s bill pay instead of authorizing another service to do it.

There’s always a risk to using financial websites or buying something with a credit card. But I don’t believe the risk is high enough that it should stop you from using personal finance tools or online services. In fact, the benefits of using them to manage money, save more, and build wealth far outweigh the downsides.