Emma Pockets/Pots 🇬🇧

Yeah. The biggest drawback is payments in different currencies, eg a VPN service that takes payment in USD (and the bank converts it to £) don’t work with this.

I also make a lot of recurring international transfers and these don’t work either.

Seems like it would be very easy to implement it but they haven’t done, hopefully it will improve in the future.

Also one off payments that are frequent but at irregular times eg if I order a protein powder every time it runs out from their website I’d like those payments to come from the same Pocket even those it’s not setup as a subscription at an exact regular interval.

The ability to connect it to credit card direct debits would be a massive plus too. Then any credit card balance I have I can just stick it into the Pocket and it will take it when the payment is due.

I use Revolut but due to the Pockets not being perfect (still good though) I utilise my other bank account as ‘Pockets’ too for things like regular car payments etc.

Be good to do it all in one place though.

Side note. Revolut has Vaults and Pockets. Vaults are for saving and Pockets for ‘Envelope budgeting’. The Pockets feature is new and the most rare I think only Monzo offers a similar feature. For me these envelope budgeting type Pockets are a game changer even more than simple Savings Pots.

So do you use the Vault for saving up for big things, and then the Pockets for your monthly spending? E.g you might have a pocket for groceries, transport, and then a Vault for Holidays?

I think the pocket idea could be really cool for us. Do you think you’d have a pocket set up for each of your budgeting categories?

I use pots with Starling and love it. I wouldn’t move them out of Starling though.

Do you get interest?

Starling currently pays 0.05% on personal accounts up to 85k. Spaces are included in your account balance (not like monzo).

I do with my Monzo Premium account.

Yeah, but it’s till £2k no?

I am talking about 0.40% or 0.60%.

It is but that’s all I run in that account.

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This makes a lot of sense. :sweat_smile:

Yeah Vaults are for savings whatever that maybe for. And every month right after payday all my ‘Pockets’ fill up every month, eg mortgages, car finance, insurance, all go into separate Pockets and fill up every month so I know all these expenses will be covered and I don’t accidentally spend it. It’s a game changer for me. You could set them up for each budgeting category but I prefer to set a different Pocket for each exact expense they are easy to setup. Well it depends I guess, I have buildings insurance monthly payments for 2 properties coming out of the same Pocket.

Ok cool, this is good to know!

Do you know if there is a maximum amount of pockets you can create?

as far as I am aware no I have around 15 Pockets and 20 vaults

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First mockup of Emma Pockets :arrow_down::arrow_down:

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Fantastic! Mmmm doughnuts :slight_smile:

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Screenshot mentions “earn interest up to 4%”

Any news to share on that?

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Keep dreaming! The mockup lies

Sorry yes! We’re going to start without interest and will introduce this later on so will share specifics then :blush:

ahahahahah

We can defo provide 4% but it would be without FSCS protection, on a Crypto Stablecoin and very unsafe. eheh