Announced late last year, the idea behind MySpend is to allow users to easily track and eventually alter spending habits by separating debit and credit expenditures into categories.
By default, the app logs into your TD account through the same credentials as the core app (with the same security measures), giving it access to chequing and savings accounts, along with any credit products you may have. By going through previous months' spending habits, MySpend determines whether you're on track to spend more or less in this month.
It also groups spending into categories, and filters based on what it determines are "Want" and "Need" expenditures.
While the app doesn't get an detailed as, say, Mint, which has been available to Canadians for many years, it is a relatively easy way for TD customers to see their spending habits in a different format than usual. The app is also light on advice right now, but TD says it plans to iterate often on the app's core competencies.
The company says that MySpend is the only bank-released app of its kind in North America, and that by focusing on mobile users first it is reaching out to a younger crowd that deals less with branches and more with online-only banking.
The app, available today for Android and rolling out to iOS in the near future, ties into the core TD app, but operates on its own as well.