Glossary: Account aggregation
Account aggregation allows you to view all your online accounts – bank account, credit cards, debit card, mortgage, even air miles – on a single website. In existence since 2000, it’s never really caught on in the UK and if you’re considering using account aggregation, always check the authenticity of the account aggregator before revealing account numbers, passwords, PINs etc.
Issued by a bank as part of a current account and, in a nutshell, serves as electronic cash. Unlike a credit or charge card, where you get an interest-free period before you have to settle the bill, the funds spent on a debit card are withdrawn immediately from your current account. Unless you’ve arranged an overdraft, if you don’t have the cash in the account, you can’t spend it.