Banknaked

About Banknaked

Banknaked is a revolutionary financial clarity tool designed to demystify the true cost of your banking. In an industry where fees are often buried in complex statements and vague terminology, Banknaked acts as a powerful spotlight. It connects securely to your bank accounts via Open Banking to perform a comprehensive, automated audit of your charges. The platform provides users with a clean, intelligible breakdown of monthly maintenance fees, transaction costs, foreign exchange markups, ATM charges, and other elusive "miscellaneous" expenses. Its core mission is privacy-first transparency: it operates with read-only access, meaning it can never move your money, and employs encrypted processing with a firm commitment to data deletion rights. Within minutes, users receive not just a snapshot of past fees but also an annualized projection, translating small, frequent charges into a startling yearly total. Beyond mere analysis, Banknaked empowers action by suggesting genuinely cheaper account alternatives tailored to your specific financial behavior. It is built for the modern consumer who values both financial sovereignty and digital privacy, whether they aim to switch banks, negotiate with their current one, or simply understand where their money is really going. The model is frictionless: start with a free analysis and upgrade only if you wish to delve deeper into historical trends or advanced insights.

Features of Banknaked

Automated Fee Detection

Our sophisticated algorithms scan your connected bank accounts to automatically identify and categorize every charge. This goes beyond obvious monthly fees to uncover foreign exchange markups, ATM withdrawal fees, wire transfer costs, and other subtle charges that banks often embed within transaction descriptions, ensuring nothing slips through the cracks.

Visual Analytics Dashboard

Banknaked transforms raw transaction data into clear, intuitive visualizations. See your total banking costs broken down by fee type over customizable periods, with plain-language explanations for each charge. This dashboard provides the "aha" moment, making complex financial data immediately understandable and actionable.

Personalized Bank Alternative Recommendations

Based on your actual account usage patterns, fee history, and financial behavior, Banknaked's system curates a list of alternative banking products or accounts that could save you money. This data-driven insight helps you move from awareness to action, whether you're looking for a free current account or a provider with lower FX fees.

Secure, Privacy-First Architecture

Security is foundational, not an afterthought. Banknaked uses secure, read-only Open Banking APIs (PSD2 certified), meaning we never have access to your login credentials or the ability to move funds. All data is processed with bank-level encryption, is GDPR compliant, and can be permanently deleted by you at any time.

Use Cases of Banknaked

The Cost-Conscious Consumer Review

Individuals who feel their bank charges are too high but lack the time or expertise to manually dissect statements can use Banknaked. In under two minutes, they get a definitive answer on their total banking costs and receive personalized, evidence-based recommendations for cheaper alternatives, potentially saving hundreds per year.

Pre-Negotiation Bank Audit

Before entering a negotiation with your current bank for a better deal or fee waiver, arm yourself with data. Banknaked provides a detailed, indisputable report of all fees you've paid, giving you the concrete evidence needed to confidently request refunds or demand a switch to a more suitable, cheaper package.

Financial Health Check Integration

For those conducting a broader review of their financial health—including budgeting, subscription tracking, and investment reviews—Banknaked fills the critical gap of understanding banking overhead. It ensures that leakage from bank fees is identified and plugged, optimizing overall financial efficiency.

Expatriate and Frequent Traveler Analysis

Individuals who frequently make international transactions, withdrawals, or payments are often hit hardest by hidden FX markups and overseas fees. Banknaked specifically highlights these costs and can recommend banks or fintech solutions designed for global citizens, leading to significant savings on cross-border finance.

Frequently Asked Questions

Is Banknaked safe to connect to my bank?

Absolutely. Banknaked uses secure, regulatory-grade Open Banking connections. This is a read-only access, meaning we can only view your transaction data to identify fees; we cannot move money, make payments, or access your login credentials. All data is encrypted, and we are fully GDPR compliant, with a clear option for you to delete your data at any time.

What kind of fees does Banknaked detect?

We detect a wide array of banking charges, including but not limited to: monthly or annual account maintenance fees, ATM withdrawal fees (both domestic and international), foreign currency exchange markups, wire transfer fees, overdraft charges, and miscellaneous service fees that often appear on statements under ambiguous descriptions.

How does Banknaked make money?

Banknaked operates on a freemium model. You can start with a comprehensive fee analysis for free. If you wish to access deeper historical analysis, more advanced projections, or premium features, you can choose to upgrade to a paid plan. We are transparent about our own pricing, and we never sell your personal data.

Which banks are supported?

Banknaked supports all major banks and financial institutions that provide access via Open Banking APIs, which includes virtually all significant banks in the UK and European Economic Area. The connection process during sign-up will clearly show you if your specific bank is available for a secure, instant link.