Over the last several months, we have covered several personal finance managers (for iOS and Android. These apps allow you to keep an eye on your spending in various accounts, but none of them are robust enough to truly replace a software-based personal finance program such as Quicken. Recently, we ran across iBank Mobile from IGG Software. What makes this app unique is that you can sync it with IGG’s Mac-based PFM, iBank.
iBank Mobile is designed for the iPhone and iPod touch, but it will also work on the iPad. We purchased the app from iTunes for $4.99 and downloaded and installed it on an iPad 2. When you open iBank Mobile, you have the option of syncing it with iBank for Mac or using it standalone. We opted to test the app standalone.
The user is then presented with a blank Accounts menu. Here you start adding the accounts you want to keep track of. You can choose from a variety of accounts, including checking, savings and credit card. Unlike many of the other PFM apps we have reviewed here, iBank Mobile does not sync with online accounts, which means you have to manually enter your transactions. While some may find this time-consuming, it makes iBank Mobile an attractive option for those who have security concerns. After entering each transaction, you have the option of selecting a category for it. This allows you to accurately track your spending habits. A useful feature is the ability to assign portions of a single transaction to different categories. As you enter transactions and assign them to categories, you can see how you spend your money.
While we were not able to test this functionality, users of iBank for Mac are able to sync with iBank Mobile, allowing transactions to be entered on a mobile device and then synced with the software, and vice versa.
iBank Mobile is no-frills personal finance manager. We have found other apps, such as Mint, to be a little more robust. However, if you use iBank for Mac, the syncing feature makes iBank Mobile worth the $4.99 price tag.