Emma Pockets/Pots šŸ‡¬šŸ‡§ - 4.34% AER

Feedback & Ideas
122

Yes, these are for the savings pots not the Monzo regular pots. I thought that was the case. These are accounts held with Paragon or NorthOak which get better interest. As itā€™s a separate provider, Iā€™m not surprised it isnā€™t instant.

I think the regular pots are at the standard current account interest which are instant (passed to the main account). Still handy to ringfence money you know will come out at a later date but I guess in terms of this thread, the Emma pots are on par with the Paragon/NorthOak pots mentioned above.

123

Yes, we have instant and easy access. The latter have interest but are slower because we use third party banks.

124

The difference with Emma is that when I withdraw the money from a pot to my Emma savings ā€˜balanceā€™ I canā€™t spend it, and again have to wait a second time to withdraw it from that to be able to spend it. So thereā€™s an extra layer of inconvenience and waiting versus the other fintech you mentioned.

Am I also right in thinking that any money not specifically locked in an interest generating pot is NOT fscs protected?

I tried to withdraw from a pot on Friday, and I am still unable to withdraw the money from my Emma balance today - I was told I will have to wait until 6pm. And as far as Iā€™m aware itā€™s now stuck there unprotected. Not ideal!

125

This will change, as in weā€™ll have a way to spend it at some point.

Yes, itā€™s ring-fenced like any e-money. You can check the terms for more. We use CurrencyCloud.

This also follows everything advertised and mentioned above. We get the money from the bank on the next working day, usually late afternoon.

126

I was wondering why the interest is set to a whole separate pot for the save feature. I think it is more annoying having to manually move interest back into that savings pot it should just automatically add itself to the pot that the interest is earnt from, in essence, it should work like every other savings account. Or at the very least have a toggle so the user can decide whether to have the interest moved to a separate pot or into the account it was generated from.

127

It was a short cut to accelerate development.

If you have 20 interest pot, all the interest goes in one. :slight_smile:

We have plans to change it in the future.

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. Itā€™s the nature of the product and how itā€™s built.

1 Like
132

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

2 Likes
133

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

Thanks :blush:

1 Like
134

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

2 Likes
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

Thatā€™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 ā€œrefilledā€? Or do I need to open a new one so that it is now being ā€œmanagedā€ 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 ā€¦ 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: