PROS / This software automatically tags your transactions when you upload them.
CONS / You have to pay for the mobile app.
VERDICT / iBank 5 personal finance software makes setting up your budget easy, but it is missing some reporting tools that other software has.
iBank 5 personal finance software for Mac includes strong budgeting tools and multiple options for connecting to your accounts. This program is missing some investment tools that we like but is still a strong choice for managing your finances, and because of that, we gave it our Top Ten Reviews Bronze Award.
IGG Software is the developer of iBank 5. Updates are free, but upgrades to a new version (for example from iBank 4 to iBank5) require you to pay for an upgrade license.
iBank 5 offers multiple options to connect with you bank, credit union, credit card or investment account. Direct download is the best option. This allows you to directly connect to your financial institution and download transactions into iBank 5. Be aware that some banks may charge for this, so you may want to contact your bank to verify if it charges for this connection. iBank 5 also offers a direct access service for an extra cost. This real-time connection updates transaction as they occur.
You can download a companion app for your tablet or mobile device, but this app isn't free. The app offers much of the same functionality as the full program, allowing you to monitor budgets and upload transactions. You can sync your mobile app to the desktop program by using iBank 5's Cloud Sync system.
Budgeting is one of the areas where iBank 5 stands out from the other personal finance software we reviewed. When you connect iBank 5 to your accounts and add the transactions, this program automatically tags the transactions. This saves you some of the time that comes with initially setting up the budget. You do want to check and make sure everything is tagged correctly. When we tested this program, we found the auto-tagging to be accurate most of the time.
iBank 5 also allows you to pay bills through the program. This handy tool makes keeping track of your spending easier, since your bills are automatically considered by the program.
This personal finance software for Mac includes basic reporting features, such as a net worth overview, spending reports and cash flow reports. You can also get reports on any investments you've added to the program. These reports are easy to use, and the graphs and charts can easily be adjusted to reflect different time periods or show information about a single category. These reports aren't very robust and only give you a high-level view. Another drawback is that you cannot export the reports from this program.
If you have investment accounts, iBank 5 includes some tools to help you monitor those investments and see how they impact your overall financial picture. You can take a high-level view of your portfolio and track the performance of your various assets. While this personal finance software allows you to track investments, it doesn't offer a complete picture, so if investments are a large part of your finances, this may not be the program that best fits your needs.
iBank 5 personal finance software for Mac stands out for the ease with which you can connect to your financial accounts and for the easy budget setup. The program automatically tags your transactions for you. It does require you to pay for its companion app and doesn't have the most robust reporting, but it is a good choice if you want a program that makes setting up a budget easy.