Emma Pockets/Pots 🇬🇧 - 4.97% AER

Feedback & Ideas
128

Just got an email about rate changes for the easy access pots.
This is really disappointing since this was a newer feature, yet already the rates are changing significantly.
The benefit for me of having this in Emma was the neat integration, but with those poor rates, needless to say this is no longer enticing enough for me so will be pulling the funds from my pot. Real shame but this is not all all a competitive rate :sleepy:

2 Likes
129

We are going to launch another bank in the next few weeks (with higher interest than the current).

2 Likes
130

They are junk rates, really. Better off not offering interest at all then.

131

  1. If the bank retires the product from the market, we need to send the communication by law

  2. Our setup allows us to switch to any bank, so there will be another one following with a better rate

  3. Rates will be very competitive on this product - always. It’s the nature of the product and how it’s built.

1 Like
132

Just to let you know, our new top rate will be at 3.0%.

2 Likes
133

Thanks @edoardomoreni … do you have a breakdown of the % for the different Emma user levels Free and Pro, too?

Thanks :blush:

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134

Not yet, but we should have it by the end of the week. :slight_smile:

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135

We are going to launch a new Easy Access Product next week with these rates:

  • Ultimate - 3.00%
  • Pro - 2.75%
  • Plus - 1.90%
  • Free - 1.50%

You will get an official announcement in the app / via email.

1 Like
136

This is official, starting from today, you can open an Easy Access Pot with Clear.Bank.

These are the AER rates we are offering:

  • Ultimate - 3.04%
  • Pro - 2.78%
  • Plus - 1.91%
  • Free - 1.51%

Happy savings from the Emma team. :slight_smile:

2 Likes
137

That’s great news @edoardomoreni.

I have an older EA pot from which I had withdrawn money after the initial rate went down.

Can the same pot be “refilled”? Or do I need to open a new one so that it is now being “managed” by Clear Bank?
My old empty pot still gives the old rate and mentions Santander.

Thanks :+1:t2:

138

You need to open a new one under Clear.Bank. :slight_smile:

1 Like
139

Thanks for the quick response, @edoardomoreni … all done :white_check_mark::blush:

140

Hey team,

I was wondering if there were any plans to review interest rates on savings again with the recent rate hike by BofE? :slightly_smiling_face:

Thanks,
Adam

141

We are reviewing this with our partner and should let you know if Santander is going to make any changes. :slight_smile:

142

Just seen the email and pop-up message regarding Clear Bank…bummer :disappointed: Appreciate the goodwill gesture of course.
Is there an update on any interest rates with Santander International for any new Easy Access Pot?
Thanks :pray:t3::+1:t2:

143

Yes, we’ll know more next week.

Our partner is working to add 2-3 more banks to their panel which we can plug in next month.

There might also be a chance ClearBank is back in the next few weeks. They need to resolve some bureaucracy.

1 Like
144

Any updates on this at all?

I’m missing having my savings in Emma, even though I’m in the market leading 3.55% Chip!

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145

We don’t have an update yet unfortunately.

146

We are currently waiting to hear from the bank we had to remove (the same as Chip) and our partner is looking for a few more custodian banks to add. It will get better, we just need to wait a few more weeks.

1 Like
147

I have some news!

We might be able to launch with a new bank in the short term. The interest rate would be 3.40%.

5 Likes