Emma Pockets/Pots 🇬🇧 - 4.97% AER

Hey @Jonny1623,

thanks for posting. :slight_smile:

At the moment, Pots don’t offer interest, we are working on this now and it’s the next big feature in Emma.

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Quick update, interest is coming in the next few weeks with FSCS protection.

We can go up to 2.25% - this will be higher with bank of england latest changes.

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Quick update - the highest rate will be 2.40%.

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With chase paying 2.7% on savings, what benefits are there with your savings pots?

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Currently receive 2.86% easy access through Zopa.

We are using Santander as the underlying bank.

You can create as many pots as you want with the same interest and FSCS coverage (in aggregate).

You can transfer in realtime between each pot.

The whole feature is linked to your available balance, so if you also invest in Emma, you can shuffle money around quite easily.

Some screenshots. :point_down:

Vs chase & zopa the ability to see them in Emma! I actually think that’s not too bad for a first offering, yes it’s about .3 of a percent from the market leaders, but ease of use (having everything all in one place) is hopefully of some value too.

Nice one!

We were expecting to launch at 2.75%, but there was a last-minute change, and I think things will change again, so you never know. :wink:

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Is there a launch date yet?

Tuesday. :slight_smile:

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Android beta users should have this. :slight_smile:

You should be able to see this on iOS as well…

Is this just for beta ios users?

Try to update the app, it’s there

Is there scope for the rate to increase?

Yes, it’s 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 won’t 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 wasn’t so high I see EMMA as a tool that is great and offers a lot but for the price of £10pm it doesn’t 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 £3pm I would be a paid user instantly and i’m 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 it’s reduced - still higher than any traditional bank.

Of course it’s fair to offer whatever interest rate you guys want, it’s a free market. What I’m not a fan of as a subscriber is advertising that rate but it’s actually only available to people paying £15/month. It really wasn’t clear prior to sign up that was going to be the case.

This isn’t really true, especially if you’re 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.