Emma Pockets/Pots šŸ‡¬šŸ‡§ - 4.97% AER

Feedback & Ideas
67

We are changing the name. :wink:

For the edits, as I have mentioned, if you can report them, we can check.

68

They were examples used for context which were already reported, changing the name to fit the agenda of the business moving forward even if it was ā€œEmma - Money Hubā€ isnā€™t going to deflect from the criticism of fixing the budgeting basics before moving into other things.

Pots will not get used unless you make it incentivised for the consumer, the very few people who do use it (which would be a legacy bank account holder due to not having a native pot function) will earn the company residual interest, which will take a long time to recoup any of the costs.

Hence the suggestion to tailor it to manage it in vain of a bills pot to at least get people to use it for the original and from what I see the same sentiment which is to budgetā€¦ even for the short term holdings will earn the company compounded interest the minority have money to spare even when you do activate interest from the third party company.

3 Likes
69

For me, I wonā€™t be using the pots feature.

I consider my different back accounts as my own ā€˜potsā€™ (all conveniently tracked though Emmaā€¦ excluding manual account tracking).

The only reason I would hold money in a pot is if the interest rate rewards was competitive e.g. 2.2% and up.

70

It would have to beat Zopaā€™s smart saver at the moment, which seems unlikely

71

It can get there.

The interest would come from other banks, not Emma.

72

We are rolling out this from tonight. :eyes:

73

Hmm, wonā€™t be signing up to this at the moment:

  • Is my money FSCS protected?
  • What is the interest rate?
  • What are the names of the custodian banks you are using? (I assume this is the case?)

These things as a minimum need addressing on the signup page surely?

4 Likes
74

Hey tom :slight_smile:

  1. At the moment, itā€™s e-money, so itā€™s ring fenced.
  2. We donā€™t have an interest rate, working on it.
  3. The money is sitting at Starling Bank via a partner.

What we are working on is:

  1. Auto-saving via direct debits
  2. Interest rates for free and premium users (with different tiers) - this comes with FSCS
  3. Group Pots
75

This all looks exciting and looking at your partners capabilities there is scope for all sorts of possibilities for Emma

The things I would like to see on the time line for Emma are
Foreign currency pots (with interest?) & FX capability

Depending on the competiveness then I would look to close my Wise and OFX accounts

76

Yes, we are looking at USD interest too. :wink:

For GBP, interest rates should be quite high since weā€™ll be relying on a few banks that have sweet deals.

What I find exciting about this feature is that if you SELL a stock, you can move the balance right away in a Pot.

We also support transfers between Pots which I donā€™t think lots of apps have.

77

I have created a pot with a balance but it is not appearing in the list of balances.

I expected the Cash savings balance to appear as one line (summarised or multi pots) in the savings section !

78

Hey Warren,

The number at the top is the total of available and pots balance. If you have an issue, can you ping live chat? :slight_smile:

79

@edoardomoreni yes the total is at the top and is clear but you have missed the point. The total does not appear in the savings tab / totals of bank savings accounts.

It is a valid bank account and there is no reason why you would exclude this account. You do not have to include any pots just the total cash savings.

You are a bank account consolidator and how can you justify excluding your own bank accounts.

1 Like
80

Yes, you are right. :wink:

We havenā€™t added Emma Invest and Pots yet, but this is quite easy and itā€™s going to be done very soon.

81

I was wondering all the same things, canā€™t understand why they wouldnā€™t be mentioned on the sign up screen or the FAQs.

Personally I donā€™t understand the point of this feature but maybe itā€™s not aimed at me. Iā€™d need a strong motivation to take money out of an FSCS covered deposit with a real bank to put it into a ring fenced scheme with a provider Iā€™ve never heard of. 0% interest isnā€™t going to cut it :laughing:.

3 Likes
82

We are going to build different types of pots:

  • Personal (e-money)
  • Savings (interest and fscs)
  • Group

We have started by rolling out the first type.

Things like cashback, referrals, quiz will all go through the pots moving forward.

1 Like
83

Hi edoardo, great to see youā€™re still engaging with the community here!

The improvements sound interesting, but I will probably be unlikely to move away from chasing market leading rates elsewhere. I certainly canā€™t justify using pots in this early iteration.

For me Emma will always be an account aggregator and budget tracker - hopefully these features can keep being polished and updated despite the focus on the new bolt ons.

84

Thanks for your feedback.

We have an entire team on budgeting and aggregation, but also have other people launching new opportunities. :slight_smile:

85

The new feature ā€œSaveā€, is below standard and very discouraging.

  1. It takes time to process transaction (paying in money)
  2. There is a bug in withdrawal of funds (I triggered a withdrawal) from the account I credited, there was no option to select where or whom to pay to. After a while, I got debited but not sure where my money went to. I have checked all my accounts and itā€™s not present in any. Itā€™s quite disappointingā€¦imagine I was desperate. I think this need improvement (high priority)
86

The first deposit is manually reviewed, anything after that is a faster payment.

The account number is shown at the top of the withdrawal screen - itā€™s the account you have used to deposit first. We are going to change the messaging so itā€™s clearer.