Managing money isn’t always easy. Rising costs mean many Australians are cutting back, but sometimes it feels like no matter what you do, your savings don’t grow as fast as you’d like. That’s where money management apps powered by Open Banking, makes a real difference.
What is open banking and why is it useful to me?
Open Banking was introduced after the Australian Government passed legislation, called the Consumer Data Right Act (CDR). With your permission, Open Banking securely connects your financial accounts, transaction accounts, credit cards, loans, and even savings, into one simple dashboard in money management apps, like our very own, mymo by P&N Bank.
How much could I save?
We all know the relief of a rebate or discount that saves a few hundred dollars a year. But what if there was a way to save thousands instead? Australians using money management apps like mymo are saving an average of $330 per month (2025 State of Open Banking report, Frollo), that’s nearly $4,000 every year! In today’s world, that’s the difference between covering school costs, paying down debt, or finally being able to take a holiday.
Why using a money management app helps
When you start using apps like mymo, you’ll be able to get a complete view of your money across multiple banks, not just one, making it easier to keep track of how you’re sitting financially. This also gives you clarity on your spending patterns, so you can pinpoint exactly where your extra cash is going and what things you might need to cut back on.
The best part? You also get access to tools to make informed and confident decisions, whether that’s saving, budgeting, or tackling debt.
Proven impact on savings
Since Open Banking began, Australians using these tools have seen their average savings balances grow by 21% (2025 State of Open Banking report, Frollo). One user of Open Banking apps shared: “It’s helped me through some really difficult times, allowing me to pay off a substantial credit card debt and build up a savings buffer.” Another shared: “I think everyone should use apps like this to have a better understanding and control of their financial position.”
Why P&N Bank members love mymo
We believe in helping our members build stronger financial futures. With mymo, you don’t need complicated spreadsheets or time-consuming budgets. Instead, you get straightforward money management that makes sense. It’s simple. It’s secure. And it’s designed to help you worry less about money and feel more confident every day.
Take control today
Every dollar counts, and with apps like mymo, every dollar can work harder for you. Download the mymo app today and start your journey towards financial confidence and real savings with P&N Bank.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.