OpenAI launches personal finance feature for ChatGPT, allowing Pro users to link bank accounts

By: Kendall Little, Senior Writer, Credit Cards Reading Time: 5 min

You can now use ChatGPT to analyze your finances — if you're willing to give it access to your banking information.

In May, OpenAI announced its new "personal finance experience," which lets you ask ChatGPT financial questions and get answers based on your actual account and spending data. However, some experts warn that the personalized advice may not be worth the additional risk of handing your financial information to an AI agent.

Before connecting your bank accounts to ChatGPT, here are several factors to consider.

How Does the ChatGPT Personal Finance Experience Work?

You can access ChatGPT's personal finance experience on the web or through the iOS app by linking your financial accounts using Plaid, which supports more than 12,000 financial institutions. These accounts may include:

• Bank accounts
• Savings accounts
• Investment accounts
• And more

Soon, you will also be able to use Intuit to link accounts.

Currently, the preview version is available only for ChatGPT Pro users. OpenAI says it will learn from those initial users before rolling out the feature to Plus subscribers, with plans to eventually make it available to everyone.

Read more: I asked ChatGPT for financial advice. Here's what happened

How Can It Help With Your Money?

Once your accounts are synced, you gain access to a dashboard view of your:

• Spending
• Payments
• Net worth
• And more

Beyond the dashboard, ChatGPT can work toward your specific goals. It uses information from your connected accounts to help you:

• Set a budget
• Work toward a savings goal
• Understand your investment risks
• Answer specific questions about your financial situation

For example, if you want to save more money, ChatGPT can analyze your spending by category and help identify areas to cut back, redirecting those funds toward savings.

Important limitations:

• ChatGPT cannot make changes to your accounts, such as executing trades or conducting credit card transactions.
• It cannot access your specific bank account numbers.

OpenAI has stated it eventually wants to move beyond advice and help users "take action" on financial goals using "trusted ecosystem partners." Examples include submitting a credit card application or scheduling a session with a tax professional via ChatGPT — though these features are not yet available.

OpenAI acknowledges: "ChatGPT can help you stay informed and feel more confident managing your finances, but it is not a replacement for professional financial advice."

Read more: 5 ChatGPT prompts to help you build a better budget

How ChatGPT's Personal Finance Experience Compares to Other Tools

The process of linking financial accounts in one place may already be familiar if you have used budgeting programs like Rocket Money or You Need a Budget. These apps also often use Plaid to sync accounts.

The personal finance dashboard from ChatGPT is similar to what you would find from other top budgeting apps. Many tools are already available to help you:

• Set spending and savings goals
• Create a budget
• Track your net worth
• And more

These apps typically offer some services for free, with upgraded paid plans for additional features. Many of the best budgeting apps cost under $100 per year.

Cost Comparison

At least for now, access to the ChatGPT personal finance experience can cost significantly more:

| User Tier | Monthly Cost | |-----------|-------------| | Pro (preview access) | $100 | | Plus (coming next) | $20 |

Key Difference

The major advantage of using ChatGPT over traditional budgeting apps is conversation. ChatGPT can provide more personalized, interactive guidance tailored to your specific financial situation.

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