What does Open Banking actually share with a

2 min read

Read-onlyNo moving money

TransactionsSet period shared

ConsentYou approve it

RevocableYou can withdraw

What is shared

When you connect through Open Banking, the lender receives read-only access to your account information — typically balances and transaction history over a defined window, so they can verify turnover, see incomings and outgoings, and assess affordability. It replaces posting months of PDF statements with a live, tamper-proof feed.

What is not shared

Crucially, the lender never sees your online-banking login and cannot move a penny. The connection is authorised through your own bank's secure app or site — you approve it there, not by handing credentials to anyone. Access is read-only and time-limited, and you can revoke it. This is why it is generally safer than emailing statements.

Why lenders prefer it

A live feed is harder to fake and faster to assess than static documents, which is why connecting Open Banking is one of the biggest ways to speed up an application. The regime is FCA-regulated and consent-based. To understand how the data feeds the decision, see the underwriting guide.

Frequently asked questions

Can a lender take money from my account through Open Banking?

No. Account-information access is strictly read-only. Moving money requires a separate payment-initiation consent that you would authorise explicitly — verifying affordability does not grant it.

Can I turn off Open Banking access after applying?

Yes. Access is time-limited and revocable through your bank or the provider. Once the lender has what they need for the decision, you can withdraw consent.