Bank Tree

Author: Kaitlyn Short

BankTree provides personal finance software that can be downloaded on a number of devices. This software helps users better manage their finances while reaching their monetary goals. Upon purchasing, users can immediately download the software and begin tracking their financial situation. 

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The Good

• Track finances
• Manage all financial accounts
• Free trial

BankTree is a top-performing personal finance management software for users located in the United Kingdom. For years, BankTree has helped their customers find ways to keep their finances on track while increasing their savings and watching their money "grow." The BankTree platform offers a number of software "levels" which allows users to find the best service for their financial situation. The BankTree platform allows users to manage all of their financial accounts in one application. Additionally, users can set up cash or investment accounts and then from their assign bank details. Users can also set opening balances and close accounts to help with the overall year end. Import bank statements or manually key in payment and receipt details. From there, users can add income, expenditure, and transfers between accounts, split transactions between different categories and transfers. Schedule payments, add payment types, and merge payee details. To better analyze financial data, choose from 10 reports, that show how the finances are doing. Add filters, grouping, currency and charting features. Basically, users can control the following aspect of their finances:

• Accounts: Our personal finance software allows you to track your bank, checking, savings and credit card accounts.
• Investments: Our personal finance software allows you to manage your investment portfolio, download latest stock prices and, get up-to date market values
• Reports: Our personal finance software has easy to understand reports with interactive charts give you a clearer picture of where to budget better.

As mentioned previously, there are three forms of software available to BankTree users. Each software system is compatible with varying devices, so it is important to identify on what device a user will most likely access their finances on. The options available through BankTree include: BankTree Personal Finance 3.0, BankTree Mobile, and BankTree 2.0. For informational purposes, BankTree Personal Finance 3.0 and Mobile will be analyzed here:

• BankTree Personal Finance 3.0: compatible with all Windows operating systems including Windows XP, Windows Vista, Windows 7, Windows 8, and Windows 10. The latest version of the BankTree Personal Finance software costs only £35.00. An "Early Bird" discount of 5% will apply if you purchase within 3-Days of your trial (new purchases only). For existing users the cost of upgrading from version 2.0 is now £30.00 (you must use the same previously registered email address when you purchase, to receive the discount).
• BankTree Mobile: compatible with the Android and iOS operating system. It works with the desktop application or can be used standalone, and is available free of charge. It includes a number of the same functions as the 3.0 software (but not all of them).

Prior to purchasing BankTree personal management software, the platform allows for a free 30-day trial period. Users can download the software on their desktop computer or on a mobile device to try out the features before committing to it through payment.

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The Bad

• Limited investing tools/resources
• Limited syncing capabilities

The BankTree platform is for U.K. users and is not available for those in the United States. Since the service is available for only users in the United Kingdom, the accessibility aspect of the platform is a major drawback. It is not necessarily that the software would not be compatible for users in the U.S., but the currency to purchase the software must be done in pounds. For those hoping to have a SaaS compatible personal management software, BankTree is not right fit. SaaS services allow users to login directly to their account online without having to download any sort of software, app, or system. However, BankTree does not provide that option at this time.

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The Bottom Line

BankTree is a comprehensive personal finance software tool. It allows users to manage several aspects of their finances. However, those looking for a simple budgeting tool may find the BankTree platform to be more advanced than desired. Those that use BankTree can expect the following from the overall software platform:

1. Maximize control in all financial areas
2. Set up bank details, budgets, filters, payment info, etc.
3. Choose from two compatibility options
4. Not available for U.S. users
5. One-time software download cost