Is there scope for the rate to increase?
Yes, itās day one, but we can plug the product into different banks.
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Really disappointed with this - there should definitely be a warning before I give my personal details away that I wonāt get anywhere near that interest rate without Emma ultimate (despite already paying for plus!)
Come on Emma you can do better than that. Nothing worse than the feeling of underhand advertising techniques, especially on a banking app.
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I have to agree, I was under the assumption that this would have been a free feature. It seems unfair to offer no interest on savings pots without a paid tier of EMMA. It may be different if the pricing wasnāt so high I see EMMA as a tool that is great and offers a lot but for the price of Ā£10pm it doesnāt offer me as much as netflix or spotify which as the same price. if EMMA was priced similar to 1password which is also a tool approx Ā£3pm I would be a paid user instantly and iām sure others would too.
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Yes, so the interest is different according to the Emma Plan. Free users get it as well, but itās reduced - still higher than any traditional bank.
Of course itās fair to offer whatever interest rate you guys want, itās a free market. What Iām not a fan of as a subscriber is advertising that rate but itās actually only available to people paying Ā£15/month. It really wasnāt clear prior to sign up that was going to be the case.
This isnāt really true, especially if youāre asking users to pay. I have Santander 2.72% with no strings, and you can get Barclays blue rewards offers 5%. First direct have a 7% regular saver too.
We can review this, thanks for the feedback. 
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2.86% easy access with Zopa
sonia. currently 3.4%
I hate the āpay us x a month and unlock x rate of interestā model. It makes no sense. Santander isnāt exactly the most ethical partner either.
All in all, a feature to be ignored
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You might have seen this already, but we are running a promotion and giving away Ā£1k for a lucky customer that deposits at least Ā£100 before the 9th of February.
Why hasnāt Emma Saving integrated with Emma? Created a pot but theyāre not appearing under Save tap with my other savings accounts. Missing a trick here?!
Itās coming in the next few weeks. We need to adapt the graphs so the balances are plotted.
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Have given this a go and must be honest that itās a bit odd.
- I know you mentioned that showing savings balance is coming but itās so strange to have this missing at launch! Watching my savings balance go down because Iāve added money to an Emma pot is strange
- The whole process is quite cumbersome - add money to your savings balance, wait for it to come through, then open a pot, then add it to the pot, then wait for that (it actually took a few days with my money missing somewhere in the ether in the meantime - was this because I did it at the weekend?) - and in reverse to withdraw. Unfortunately this is the least āeasy accessā of any savings account Iāve held
- The interest rates just arenāt competitive unfortunately
Iāll be sticking to using Emma as an aggregator for the apps that offer a better savings product I think. On a positive note the UI is very user friendly and I like the āearned interestā marker
This is coming out in the next 10 days.
We should also be able to raise rates on Monday.
As our panel of banks becomes bigger, weāll be able to bring the highest rate to Emma. This, of course, excludes the fake ones that last a few months and are just marketing.
This works just like in any bank/fintech that offers interest via partners.
You put money in your main balance and transfer it to a pot. Since the money goes out to the bank, if you try to withdraw, you need to wait for a day or two, depending on the day/time.
Weād love to make this realtime, but we need a bit more funding (or subscribers) to anticipate the money and make the withdrawal process instant.
Revolut does this, but they have an incentive - since the customer is likely to spend that money on their card or purchase something in the app. If you check Monzo, they make you wait.
Iām with Monzo and I donāt have to wait to transfer money to or from the pots to the main account. Thatās instant for both personal and business. Or am I missing the point of what youāve said here? If you mean from a savings account, that may be true as savings accounts are offered by 3rd parties currently with higher interest and money would need to be moved from one provider to another. I treat that as a separate pot so havenāt had the need to transfer that to a different pot with a lower interest rate.
My understanding is that interest are paid daily, Iāve opened mine for over a week but my interest has yet to be put into my interest pot?
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Hi @Banksmart, interest should show in a separate pot called āEarned Interestā. If you donāt see any it might be the balance is not high enough to show at least Ā£0.01 or the money has not been deposited in an easy access pot (the interest ones). If itās not the case, just ping live chat, we can help from there.
Hey @Nate, yes you have to wait for interest pots: https://monzo.com/help/budgeting-overdrafts-savings/withdraw-savings-pot