Bank feeds allows transactional information from your financial institution to be sent straight to TaxTank which saves you both time and money.
In short, bank feeds enable transactions to be delivered to you each day ensuring nothing is missed, lost or forgotten. Which really means you capture every possible tax deduction.. and that's the bit we love!
To get started there are 2 easy steps.
Step 1 - Add Banks
From the Bank Feeds tab, select 'Add Banks'.
From the pop-up, select your bank or credit union from the hundreds of available institutes. If a bank does not have live bank feeds available it is marked with an information icon (see manual banks for more information).
Once you've selected your bank (with live bank feeds) you will be taken to the Open Banking consent page. Once you approve, you will be directed to your bank's login
In a few minutes your bank will be linked and you'll be able to select which accounts you want to allocate transactions from in TaxTank.
Step 2 - Select Bank Accounts
Once you have been notified, simply select the 3 dots on the bank icon, then select 'Add Accounts'. You can now select which bank accounts you would like to use in TaxTank.
By default, and when permitted by banks, we will import historic transaction from the 1st July of the previous year to the current day, however some banks may limit how many transactions we pull through. To change the range just update the dates.
You can allocate which Tank the bank account primarily relates to (ie. Work Tank or Property Tank).
For Property Tank accounts, there are several more steps depending upon the account type.
For savings accounts, you'll be prompted to select which property or properties the account primarily relates to.
For loan accounts, you'll be prompted to select which property or properties the account primarily relates to, as well as the percentage of loan that relates to each property and the original loan value to ensure accurate forecasting. Any unallocated percentage will be considered for personal use.
When you're finished selecting your banks, Tanks and properties select the 'Add Accounts' button at the bottom to confirm. We will then create your bank accounts in TaxTank using current account balances to ensure accurate information.
We will also import historic transactions where possible. The importing process could take a few minutes or up to 24 hours depending upon the institute. During this time we will deactivate the csv import button to avoid any duplication.
As soon as the historic transactions are imported we will send you an email and notification letting you know. You're then all ready to start allocating with full confidence knowing that nothing will be missed lost or forgotten, and that you're paying the least amount of tax possible.. 😉
FAQs
Q: I can’t see my accounts when I log in to my bank to add them. What should I do?
A: Some banks require you to give data-sharing permission before your accounts are available for Open Banking. Each bank has its own rules, so check their website for instructions on enabling data sharing.
Q: Why do some of my accounts show up and others don’t?
A: Not all account types are eligible for Open Banking. Some accounts, like certain business or joint accounts, may require extra steps or might not be available at all. Check your bank’s website to confirm.
Q: I received an error when trying to connect my bank account. What now?
A: This can happen if your bank login credentials are incorrect, your account isn’t eligible for Open Banking, or if data-sharing permission hasn’t been granted. Try logging into your bank directly to check your settings. If you're still having issues, chat with our support team inside TaxTank.
Q: How long does it take for my account to appear after granting data-sharing authority?
A: Usually, it’s immediate, but some banks may take a few hours or even a few days to update. If your account still doesn’t appear, check your bank’s website for processing times.
Q: Can I add multiple accounts from the same bank?
A: You can only connect one ID per bank at a time due to Open Banking regulations. If you have multiple logins or IDs, you’ll need to disconnect the first one before adding another. Each account may still require its own data-sharing permission.
Q: What should I do if my bank isn’t listed?
A: Not all banks participate in Open Banking. If your bank isn’t listed, you won’t be able to connect it automatically. You can still manually import transactions if supported.