Why do you need to access my financial info?
It’s one thing to have a bucket list and another thing altogether to turn it into reality. And while there are a heap of amazing life experiences that are priceless, the reality is that we need to save up to get many of the things on our list. In order to make it easy for Squirrellers to keep track of their savings and bucket list progress we’ve made it easy to connect your bank account info. Then you can see how much is available to allocate to different buckets, track your progress and see when you’re ready to tick off the next goal on your list.
How do you access my financial information?
Squirrel starts by connecting to your bank accounts, credit cards, and loans. It does this by asking you to link each account using the password details for that account.
The connection to your bank is managed by Yodlee
, a global leader in banking technology with over 30 million users worldwide. A bunch of Australia’s leading financial institutions use Yodlee technology to deliver online services to customers because of their exceptional credentials in bank-level security which is audited and accredited by the US government.
Once entered, any login and financial institution details you give us are immediately encrypted and stored (in encrypted form) by Yodlee in a separate database using multi-layered hardware and software encryption.
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. This connection allows us to retrieve your balances and transaction history from your bank, credit union or mortgage account. And for complete peace of mind, we’ve ensured there is no ability to do transactions on Squirrel.
What information does Squirrel access?
When you enter your bank account login details Yodlee communicates with your bank and exports your account and transactional data. You decide which accounts you want to include. Yodlee then delivers us your transactional data omitting any account or credit card numbers.
An additional benefit for Squirrel Premium customers is we automatically categorise your transactions, giving you a complete financial picture of where you’re making and spending money as well as how much you’re paying in bank fees and interest on loans. Because every dollar matters when it comes to achieving your bucket list.
How is Squirrel free?
At Squirrel we live to help people discover, plan and achieve the things on life’s bucket list. Our Basic Service is free giving you everything you need to create, plan and prioritise everything on your bucket list as well as keep track of your savings progress towards your goals.
Squirrel Premium offers you a bunch of extra features that help you get ahead with your finances such as categorising your income and expenses, account balances across all your accounts and a finger tip view of all your transactions. And that’s just for starts. We plan to keep increasing the number of features available to Premium Squirrellers over coming months. To access these features there is A$1.99 a monthly subscription charge. We’ll always be straight-up with you about what you’re paying and what you are getting for it.
Where do you store my credentials?
Once entered, any login and financial institution details you give us are immediately encrypted and stored (in encrypted form) by Yodlee
in a separate database using multi-layered hardware and software encryption. This is the same technology used by banks and audited and accredited by the US Government.
How do you keep my information safe?
To make sure all your data is safe, we follow the most rigorous industry standards for transmitting sensitive financial information. We protect all data using advanced 256-bit encryption, equivalent to that used by banks. And we don’t store any of your bank login details on our server — ever.
Can anyone at Squirrel see my financial information?
How do you protect my identity?
The cool thing about Squirrel is we don’t require you to provide any personally identifiable information to create an account, only your email. We don’t ask for your full name, physical address or date of birth which protects you from any risk of having any financial information attached to your identity or anyone accessing your personal information.
My Bank T&Cs tell me not to provide internet banking credentials to anyone
We get why the banks (quite rightly) encourage their internet banking customers to be careful to prevent fraud and to protect their passwords from misuse. Unfortunately some banks have terms which don’t make a distinction between secure services like Squirrel, who act as your data aggregation service provider, and misuse by providing your details through non-secure portals or to other people.
There’s a clear distinction between the misuse of passwords, and using them in a secure environment to allow you to better manage and understand your own money. We’re working to develop relationships within the banking industry and regulators to increase transparency and understanding in this area.
Remember the data managed by the bank is your data. The transactions are your transactions. The balances are your balances. All Squirrel does is provide a service designed to help you to get the most out of your data, by providing you with a complete financial picture, empowering your financial life and achieve everything on your bucket list.
How should I protect my Squirrel account?
Take the same actions to protect your Squirrel account as you would for any accounts with your personal financial information.
We recommend you:
- Make your password is complex, ensure to include numbers, capital letters and special characters.
- Don’t write down your Squirrel password, or share it with anyone.
- Secure your phone. Use pin or fingerprint security to open your phone when you turn it on.
- Be aware of hoax, scam or phishing attempts. We will never email you or send you messages to ask you to provide us sensitive information.
If someone ever did manage to obtain my Squirrel account details can they make any transactions on my accounts?
No. Squirrel isn’t a transactional service like a bank. No one (not even you) can move or remove money from your financial accounts via Squirrel. All you can do is use our great tools and features to get a big picture view of your finances and track how you’re progressing towards ticking off the items on your bucket list.
I have more questions, how can I contact you?
Did you crack the nut?
Come across something suspicious in our app? Maybe that button didn’t quite do it for ya, or we’re flashing our nuts in some areas.. If your squirrel senses are tingling, it could be something worth telling us about. We’d love you to share the secret so we can make Squirrel better for all! We love improvement as much as Kanye loves Kanye!