IGG Software today announced the launch of iBank 5, the latest version of the popular personal finance app for Mac. iBank 5 adds a number of new features, including support for bill pay through most major U.S. banks, streamlined one-button updating for connected accounts and device syncing, and support for the subscription Direct Access transaction tracking service first introduced in iBank for iPad last year.

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With many significant new features and enhancements in iBank 5, those of interest to both current and future users include:

Bill pay
iBank 5 will connect to most major U.S. banks from within the app, allowing users to schedule and send payments, track those transactions and categorize the expenses, all with easy in-app set-up and a few simple clicks.

One-button updating
An Update Everything button on the iBank 5 toolbar imports all transactions from directly connected accounts, syncs devices, updates securities prices, and downloads current Direct Access data. Even users with many accounts, diverse investments and finances in multiple currencies may never have to enter another transaction manually.

Direct Access
IGG’s exclusive subscription service for automatically updating transactions in all accounts was introduced last year with iBank for iPad. Now available in iBank 5, it connects to over 10,000 banks worldwide. In addition, a single Direct Access account allows subscribers to sync that data between iBank 5 for Mac and iBank for iPad 2.

Smarter budgeting
With a streamlined design that offers daily progress updates at a glance, iBank’s new budgets automatically incorporate scheduled transactions such as recurring income and bills. Users can view historic budgets accurately even as adjustments are made to future budgets, and budgets will sync to iBank for iPad 2 as well.

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The launch of iBank 5 for Mac comes just a month after the release of version 2 of iBank for iPad, which delivered a major interface refresh to adopt the iOS 7 design aesthetic while also adding several new tweaks and features. The pairing of iBank 5 for Mac and iBank for iPad 2 now allows for direct syncing of budgets and reminders between the platforms, while a single Direct Access subscription can be shared between the apps.

iBank 5 for Mac launches today from the IGG online store and is priced at $59.99, with a 30-day free trial available for all users. Current users of iBank 4 may upgrade for $29.99 from within iBank 5. A Mac App Store release for iBank 5 is coming but timing has yet to be announced.

IGG's optional Direct Access subscription service, which offers seamless automatic transaction updating from thousands of financial institutions worldwide, is available for $4.99 per month or $39.99 per year.

iBank for iPad is available from the App Store for $19.99. [Direct Link]

Top Rated Comments

Weaselboy Avatar
134 months ago
I've been an iBank customer for 4 years. I never have like this program due to the lousy UI, bugs, and terrible support. They also have no customer loyalty and consistently charge for minor "revision updates".

iBank 4 came out in September 2010. iBank 5 is now out over three years later and they do offer an upgrade price of $29.99. If you don't care for the app, that is largely a matter of personal taste and I can't argue with that, but I don't think one upgrade charge in more than three years is really out of line.
Score: 4 Votes (Like | Disagree)
RedTomato Avatar
134 months ago
I'd love to use an app like this but I live in the UK which, strangely enough for a global finance centre, is a barren wasteland when it comes to third-party app access to banking accounts.

I'd even consider changing banks just to get something like this.
Score: 4 Votes (Like | Disagree)
wbarkley Avatar
134 months ago
Ynab ftw.
Score: 4 Votes (Like | Disagree)
iggypop Avatar
134 months ago
Direct Access: completely optional

iBank 5 has bill pay and allows for updating of all my investment accounts, stock prices, bank transactions, etc. That's great. But they charge $40 a year for updating my investment accounts.
There is no cost for updating investment accounts in iBank 5.

I anxiously awaited iBank5, but it's got absolutely no value to me if I have to pay to update my account balances.
Let's clarify: iBank 5 can download account data via OFX/direct downloads - that costs nothing (unless your bank charges you, and some do). iBank 5 can also be updated via web downloads - always at no cost and available from nearly every financial institution (including investment accounts). You can also update accounts manually.

Direct Access is a separate, exclusive, more advanced service that fetches data from over 10,000 banks worldwide, without any extra effort on the part of subscribers. It is more convenient, more accurate (capturing even pending transactions), automatic, and totally optional. You can use iBank 5 without it; finance management is even better with it. More info is here: http://www.iggsoftware.com/ibankforipad/direct_access.php
Score: 3 Votes (Like | Disagree)
iggypop Avatar
134 months ago
I'd love to use an app like this but I live in the UK which, strangely enough for a global finance centre, is a barren wasteland when it comes to third-party app access to banking accounts.

I'd even consider changing banks just to get something like this.

I'm writing from iBank's developer, IGG Software, so forgive any evident bias here. But I do wish to point out that, particularly with iBank 5's Direct Access subscription service, many UK banks are supported for automatic updating of transactions. You can download a trial copy of iBank from our website, and start a free 30-day trial of Direct Access as well. It may be the solution you are looking for, without switching banks.

On the subject of Direct Access, I should point out that it is not a requirement for users of iBank who are satisfied with direct downloads via OFX (or simply downloading a current transaction file from online accounts). But some banks charge for direct connections, while Direct Access streamlines, automates and even improves account updating in some cases - showing pending transactions, for example, when standard updating does not, and accessing many more banks internationally. So for some users this optional service will be worth its cost.

Also, I want to add my .02 to any questions and comparisons to both Mint and YNAB. Mint is free - not usually a bad thing - but is a limited tool for active money management (as pointed out elsewhere above). By the same token, YNAB offers good budgeting tools and dispenses good advice, but as our iBank comparison charts (linked to above by others) show objectively, YNAB does not provide for bank downloads, mortgage tracking, bill pay, check printing, tax export or investment support - etc. - while iBank 5 does. Those features are pretty essential, and hardly constitute "bloat" (as someone said), for anyone seeking full-featured money management.

In any case, we encourage people to monitor their finances, however they go about it. iBank 5 is just one solution out there, and we're happy to have interested users give it a test drive. Trial downloads and more info are at our site. http://www.iggsoftware.com/index.php
Score: 3 Votes (Like | Disagree)
AppleInLVX Avatar
134 months ago
Ynab ftw.

Amen. There's nothing that tops it. It's the only finance software that I have successfully used. It's made a big, positive, difference in my financial life.
Score: 3 Votes (Like | Disagree)

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