Open Banking
A system that lets you securely share your bank data with third-party apps via APIs. In NZ, Akahu provides open banking connections to all major banks. You control what data is shared and can revoke access anytime.
Open banking is transforming how New Zealanders manage their money. Instead of logging into multiple bank apps or manually entering transactions into a spreadsheet, open banking lets apps like Steady connect directly to your accounts through secure APIs.
In New Zealand, Akahu is the main open banking provider. They're registered as a Financial Service Provider and regulated by the FMA (Financial Markets Authority). When you connect through Akahu, you log in directly with your bank — the app never sees your password.
The key thing to understand is that open banking connections are read-only. No app can move your money or make payments. They can only see your balances and transactions. You can revoke access at any time from the Akahu dashboard or from within the app.
Why this matters
Understanding open banking matters because it's the technology behind modern finance apps. If you're still manually tracking expenses in a spreadsheet, open banking can save you hours each month. It's also the safest way to connect your accounts — much better than giving apps your actual bank login, which was common before open banking existed.
Learn more
Read our guideRelated Banking terms
Direct Debit
An automatic payment where a company takes money from your account on a set schedule. Used for power bills, phone plans, insurance. You authorise it once and it happens automatically.
Automatic Payment (AP)
A payment you set up yourself to go out automatically on a schedule. Unlike a direct debit (which the company controls), you control the amount and timing of an AP.
Term Deposit
Money locked in a bank account for a fixed period (3-12 months) in exchange for a higher interest rate. You can't withdraw early without a penalty. Good for savings you won't need soon.
On-Call Account
A savings account where you can deposit and withdraw money at any time. Lower interest than term deposits but instant access. Good for emergency funds.
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