Banktivity 7 for Mac (Formerly iBank) Personal Finance Software Review

iBank 5 for Mac was a full-featured personal finance software program for Mac users, providing an alternative to Quicken for Mac. In 2016, iBank 5 got a name change but kept its powerful features when developer IGG Software renamed it Banktivity 5 for Mac. 

In 2018, the developer upgraded the software again, releasing Banktivity 7, which provided support for new macOS features such as Dark Mode and improved other financial tools including reconciling and calendar view.

Banktivity 7 remains as powerful a personal finance tool as iBank was, and added improvements to its functionality increased its strength in the field of native-Mac financial software options. Review the features below to see if Banktivity 7 is the right money management software for your Mac.

01
Account Management

To start using Banktivity, set up your accounts. End-to-end encryption means that your data is secure both when you send it and when it's at rest on Banktivity's servers. Plus, seeing all of your accounts in one place gives you a great overall picture of your financial health.

Enter transactions as you spend money or receive income, or import transactions directly from your financial institution with direct connect, which updates your accounts automatically. You can also enter information by downloading a data file from your bank and importing it to Banktivity. 

You can even attach images to a transaction, such as a photo of a receipt or warranty.

Banktivity can be used to track:

  • Cash
  • Checking accounts
  • Savings accounts
  • Money markets
  • Loans
  • Investments
  • 401k and 403b accounts
  • Credit cards
  • Real estate 
  • HELOC and other lines of credit

You can link your real estate to your mortgage and see how much you are leveraged; you can also track your loans, interest rates, and payment schedules and incorporate your loan data into your budgets. Banktivity's debt-tracking and -reporting features are stronger than its competitors, boosting its usefulness in paying down debt. Banktivity also lets you pay bills online.

Sync your account data across your mobile devices with the Banktivity for iPhone or Banktivity for iPad apps.

02
Budgeting

Banktivity offers both envelope budgeting, which allows you to "fill" budget categories with funds when you receive them, and traditional budgeting, which allows forecasting for the money you plan to receive (but haven't yet). Its budget tool lets you set amounts month-to-month and also takes your bills into account when building your budget. 

Banktivity also helps you budget for irregular months (such as December's holiday spending). You can track your spending, comparing your goals to your results, and look at your daily progress. 

You can categorize and tag your transactions, which lets you track spending across multiple categories, a useful feature for reviewing vacation spending or managing a home renovation. You can also create budget groups.

Synchronization allows you to see up-to-date budget information from your mobile devices.

03
Financial Reports

Banktivity's detailed financial reporting shows you the big picture of your finances. Its summary view or "dashboard" shows net worth and personal savings rate as well as upcoming transactions and a budget update. Summary pages for each account show customizable reports based on account type.

Banktivity also provides a range of fully customized financial reports that include:

  • Income and expense
  • Net worth
  • Tagged spending
  • Payee
  • Loan and debt
  • Category
  • Transactions
  • U.S. tax
  • Investment summary
  • Financial forecasts

The reports can be exported to common spreadsheet software like Numbers or Excel, and tax data can be exported to software such as TurboTax.

A calendar view allows you to see scheduled transactions, running balances, and investment performance over time.

Banktivity also shows stock quotes and a personalized portfolio view. Detailed investment reports analyze capital gains (realized and unrealized), income, diversity, and return on investment (ROI). You can also see the current market value of your portfolio and view or manage multiple currencies. Banktivity's investment analysis is stronger than with Quicken or YNAB, its main competitors.

04
Specifications and Price

To run Banktivity 7 for Mac, your Mac must be running macOS 10.13 (High Sierra) or later and have at least a 64-bit processor.

Banktivity 7 offers a 30-day free trial, after which you have to pay to unlock the full functionality of the software. The price is reduced for users upgrading from a previous version. Direct access to connected banks may incur an extra yearly cost.

Banktivity offers a 90-day money-back guarantee and provides U.S.-based customer support, including free live chat.