Yes. Open Banking is a regulated, secure way to share your financial information. Your bank login details are never shared - only a one-time encrypted token is used. You stay in control and can disconnect access at any time through your bank.

As part of your credit union application through the NestEgg platform, you may have been asked to connect to Open Banking. It's completely optional, but understandably, sharing financial data can feel daunting. Credit unions need to confirm a loan is affordable, and Open Banking is the quickest and safest way to do that.

Your bank sends a secure, one-time token to the Open Banking service. It only works for that single connection and can't be reused. Your username and password are never seen or stored by NestEgg, your credit union, or anyone else.

Open Banking in the UK is overseen by the Financial Conduct Authority. Only FCA-authorised providers can participate, and all must meet strict standards. Your data is protected with bank-grade encryption and the same multi-step authentication you use to log into your own bank.

Open Banking uses bank-grade encryption and Strong Customer Authentication. The same type of multi-step security (password, phone code, or fingerprint) you'd use to log into your own bank. Your data is scrambled into a secure format that only authorised parties can read.

It's your choice. Some credit unions require it, but in limited cases you can provide three months of payslips or bank statements instead. Connecting Open Banking can reduce a decision from days to hours - but it's always your call.

Yes, at any time, directly through your bank's app or online banking.

If you have concerns about how your data is being used, contact NestEgg's support team.