Banktivity Review

What is Banktivity and is it good for budgeting and money management? Here is the ultimate Banktivity review to help you decide if you should use it.

Bottom Line

Banktivity is a native Macintosh application whose every new version consists of improvements to make users’ experiences smoother. This app outweighs a popular app like Quicken in many ways. However:
The investment functionality still requires some more improvements to favor investments enthusiasts.

4.1

The Pros:

  • Created specifically for Mac users
  • Importation of data from Quicken and other platforms
  • Supports multiple currencies
  • Private Cloud Sync in numerous devices

The Cons:

  • Extra costs for online banking integration
  • App instability at times
  • Errors requiring manual correction after account importation

For most Windows users, Quicken is the most popular and ideal personal finance software.

But the Quicken version for Mac users has several disappointments and is not as efficient as it is for Windows users.

This is where Banktivity from IGG software Inc. steps in.

What Is Banktivity?

It is a personal finance platform specifically designed for Mac users.

The app was previously referred to as iBank, which IGG software later changed to Banktivity in 2016.

It is gradually developing and now stands at version 8.

Banktivity claims that it can help users average $500 savings per year and 40 hours, an ROI worth the effort.

Banktivity is becoming popular among Mac users since it offers features that Quicken has lacked for years, including online banking integration, loan amortization, and more.

Banktivity Features

The platform offers users some excellent tools and features to track every bit of their financial status.

The new version 8 launched in 2020 also includes some new additional features whose aim is to make processes smoother.

1. Account Tracking And Management

With Banktivity, you can connect over 14,000 different financial institutions and banks and arrange them according to type in folders.

The arrangement keeps your dashboard clean and organized.

And the best part?

The folders will show you the totals based on everything in that folder, making it easier for you if you have accounts you don’t use regularly.

When you link an account to Banktivity, you can make notes, set minimum balance reminders, and store account numbers for reference.

You can do this for each account you link to the platform.

2. Budgeting

It is one of the essential features in a personal finance app, and Banktivity offers three different types of banking strategies that include:

Envelope Budgeting

Also referred to as zero-based budgeting, this option works by allocating money to certain expenses until you are back to zero.

It is highly effective since it forces you to think about your personal spendings critically.

It becomes easier to know when you need to adopt more affordable habits like switching to a cheaper cable alternative.

Events-Based Budgeting

Users can use this option to plan around regular events and build flexibility for frequent unexpected expenses.

Category Budgeting

It helps users set realistic and achievable goals for earning and spending.

3. Direct Access

You use this feature to sync and automatically import bank accounts, investment data, and transactions to improve your experience.

And the downside?

You need to pay an additional $44.99 annually to access Direct Access.

4. Investment Tracking And Tools

Banktivity is pretty well-equipped for investments with various tracking tools such as:

  • Security Management – allows you to see the current market value and your securities’ price history. You can also adjust names and symbols.
  • Lot selection
  • Generating reports for your ROI, security income, capital gains, and portfolio diversity

Despite having some excellent investment features, Banktivity is not as robust and effective as Personal Capital which consists of a fee analyzer and retirement planner.

5. Real Estate

Did you know that with Banktivity, you can connect your real estate to your mortgage accounts?

However:

You will need the Direct Access feature for real estate and see the estimated price of your home through Zillow.

6. Debt And Loan Management

You can connect your credit cards, student loans, and any other debts to your Banktivity account and keep track of your interest and principal.

This feature also allows you to monitor your payment schedule and incorporate it into your budget.

7. Importing Tools

For Mac users looking to switch from Quicken or another app to Banktivity, an importing engine moves your data from an app like Quicken to Banktivity.

After importation, you get to retain your accounts, transactions, categories, and more crucial information.

8. Workspaces

The new Banktivity version 8 is among the only Mac personal finance apps that allow users to use two monitors at once.

You can open and look at your budget in one while viewing your transactions on the other for more efficient finance analysis.

9. Tax Support

Instead of struggling with your taxes, Banktivity allows you to easily assign tax codes to transactions due to categorization and the tagging system.

If you don’t know the tax code you need, Banktivity has a complete list with a clear description.

10. Online Bill Pay

Few personal finance software support this feature for users who want to automate their bill-paying processes.

But here is the catch:

To use it, you need to connect your bank accounts with direct downloads/OFX.

11. Reports

Banktivity reporting tools allow you to complete the following:

  • Compare data ranges
  • Save every report based on category
  • Get quick reports on individual accounts, investment highlights, account types, personal savings rate, upcoming bills, spending categories, your net worth, deposits, and more.

12. Goals

It is one of the newest features only available in Banktivity version 8.

It aims at helping users set goals and make plans for any upcoming significant financial event.

You can use this feature to start building up an emergency fund, saving for education, paying down credit card debt, and more.

Latest Updates In Banktivity Version 8

In the latest version of Banktivity released in 2020, the following are the distinguishable additional updates:

  • The app can now run smoothly on both exiting Intel Mac and Apple Silicon.
  • Access system reconciliation across any device
  • One app for iPad and iPhone users
  • Ability to hide your net worth on mobile
  • View more details about your investment portfolio on your phone, including gains and editing security’s price.
  • A new and modern user-friendly interface that integrates Apple’s Dark Mode.
  • A new goals feature you can integrate with your budget

Banktivity Pricing

The recent Banktivity version 8 is available in a three-tier subscription model. It was available for a one-time purchase in the previous version, but that offer no longer exists.

The three options include:

1. Banktivity Bronze

It is the beginners’ package that costs $4.16 per month or $49.99 annually.

It allows you to connect credit cards, checking, savings, and basic assets and liabilities.

You can also generate reports on your financial status, set up goals, encrypted Cloud Sync, and technical support.

2. Banktivity Silver

The Silver plan going for $5.83 per month or $69.99 annually consists of everything in the Bronze plan, plus you can add investments, mortgage, real estate, loan accounts, and retirement.

It also allows you to run investment reports, download and view U.S. home values, download stock prices, set retirement and education savings goals.

3. Banktivity Gold

The most efficient plan of Banktivity is the Gold plan that costs  $8.33 per month or $99.99 annually.

It includes everything in the Bronze plan, and you can also predict checks, track your accounts in different currencies, and download currency exchange rates.

Banktivity Vs. Quicken

Banktivity (4.1) Quicken (4.0)
Same monthly and annual charges for all usersMore affordable to new users
Automatic and manualAutomatic and manual
No alerts and notificationsAlerts and notifications
Check printing, income and expense reporting, and customized categories.Check printing, income and expense reporting, and customized categories.

Conclusion

If Quicken does not seem to be serving all your needs as a Mac user, you need to find a personal finance tool that matches your requirements.

Banktivity is not perfect and does not have as many investment tools as other tools like Personal Capital, but it is ideal for most financial management operations.

To access its features, you need to choose a plan between Bronze, Silver, or Gold.

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Matt Castillo Bennet is a former banker and restaurant worker. After paying off $30K of student loan debt and saving up for a couple of years, he left his job to manage Cash Math full-time and help others achieve financial freedom.