Financial aggregators are online applications where you can store information related to various accounts, whether you bank or invest with one financial institution (FI) or several. Aggregators themselves are usually offered by large FIs.
Potential benefits include:
- Easy access to all accounts
- Easy comparison of accounts set up for different purposes
- Promised security
- One password
- Lack of promised security
- Possible contract violation signed with individual FIs
- Possible loss of fraud protection from individual FI
Financial aggregators are not inherently good or bad, right or wrong. It’s what works best for you. Before moving multiple accounts to an aggregator, be sure you’re comfortable with the security promised and that you’re not violating any individual FI contract by disclosing passwords. You could end up having to pay for credit card purchases made by a thief or fraudster.
For more information on FIs, see what Financial Consumer Agency of Canada has to say.