If you heard about it at all, you heard right: it’s no longer illegal to jailbreak your iPhone. That means you can install any app you want on it, regardless of whether it exists in the official App Store. But according to Apple, this will void your warranty, so proceed with caution.
I’d recommend looking through what I think is the repository of apps newly available to the jailbroken. Unfortunately, since it’s not the App Store, it’s disorganized and difficult to browse. I searched for apps related to money, or banks, or finances, and didn’t see anything particularly useful. You’ll be weeding through a lot of wallpapers, themes and ringtones.
But there are a few compelling reasons to break the iPhone out of jail, such as using FaceTime over 3G. CNET’s Brian Tong goes over some more good reasons and the entire simplified jailbreaking process in the video below: