We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Emma review

Last updated:  

Check out the banking app made for millennials that shows how you're spending money and flags potentially wasteful payments.

$0

Monthly fee

0%

APY

$0

Minimum deposit to open

Details

Monthly fee$0
Minimum deposit to open$0

Expert review

Charlie Barton

Review by


Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.

Expert review

Emma is best for savers and budgeters who also exchange in cryptocurrencies. The app allows you to check up on your spending habits and track your cryptocurrency balances alongside your conventional bank accounts.

But unlike other budgeting apps, this one doesn’t have a long-term tracking system.

What is Emma?

Emma is a money management app based in London that’s now available in the US, as of June 2019. The app lets you set a budget and connect your bank accounts and credit cards to track all your transactions in real time from one hub. Emma aims to help you avoid overdraft charges, find wasteful subscriptions and give you insights into your spending.

“There is a financial algorithm managing your money for you”: Finder interviews Emma‘s CEO Edoardo Moreni

How does Emma work?

Emma aggregates all your bank accounts and credit cards in one app. Here are the other budgeting and money-management features it offers:
  • Subscription breakdowns. It separates repeating payments, like subscriptions and bills, from daily spending. This lets you easily see what subscriptions you’re paying for so you can cancel ones you don’t use.
  • Spending categories. It breaks down your spending by category and vendor so you can see exactly how you’re spending your money.
  • Fee tracker. The app lets you track exactly when and why big banks have charged you fees. Fees it tracks include overdraft charges, fixed account fees and foreign transaction costs.
  • Budgeting tools. Tell the app how much you want to budget by category. The app sends you notifications if you go over.
  • Savings advice. Using smart tech, it tells you an affordable amount to put aside for saving at the end of each month.
  • Cryptocurrency integration. Easily track your cryptocurrency balances. Supported cryptocurrency exchanges include Coinbase, Bittrex, Bitstamp, Kraken, Bitfinex and individual Bitcoin and Ethereum addresses.

How safe is Emma?

Emma uses read-only access to you bank account, which means that it can’t withdraw any money. Plus, the app uses end-to-end 256-bit TLS encryption — the same kind that banks use to keep your data safe.

How does Emma app make money?

Emma currently makes money in two ways:
  • Emma Pro. Emma Pro is a premium version of the Emma app that offers a more customizable experience. Emma Pro costs money, but in exchange you get custom categories and you can rename your transactions, export your data in a spreadsheet and add manual accounts to track cash or overseas bank accounts.
  • A marketplace. Emma features certain providers in a section called Emma Rewards. When you sign up with one of those providers, Emma gets paid.

Pros and cons of Emma

Pros

  • Easy to use. Grouping all your accounts in one easy app will make budgeting easier.
  • Includes budgeting tools. The app includes a number of budgeting features.
  • Includes savings tools. Monthly savings prompt could help you save an affordable amount each month.
  • Offers cryptocurrency integration. Track your cryptocurrency balances alongside your more conventional bank accounts.

Cons

  • Not good for long-term tracking. There’s no week-by-week or month-by-month comparison feature, which makes it harder to track changes to spending habits.
  • Can’t be used to transfer money. Like most budgeting apps, it’s read only so you can’t move money between accounts or make payments.

If you prefer a comprehensive budgeting app with long-term tracking, you’ll want to keep looking. As always, compare your options when looking for budgeting apps and check out our guide to budgeting for beginners.

Compare with other budgeting apps and digital banks

Name Product APY ATMs Fee
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
Over 32,000 MoneyPass ATMs nationwide
$1/month
(can be waived)
This digital-only deposit account features overdraft protection, interest-free cash advances and no minimum balance. But prospective new account holders are waitlisted.
$0
Emma helps you in avoiding overdrafts, finding wasteful subscriptions and giving you control over your finances.
2.15% on balances of $10,000+
2.02% on balances of $0 to $9,999
40,000 AllPoint ATMs in Simple’s network
$0
Banking and budgeting in one simple app.
42,000 ATMs across the country
$0
Moven automatically analyzes your spending and gives you instant receipts and insights so you can spend, save and live smarter.
42,000 ATMs nationwide
$8.95/month
(can be waived)
GoBank provides tools to help you build a budget and stick to it. No overdraft fees. Monthly and other fees apply.
Over 55,000 fee-free Allpoint ATMs
$2.99/month
(can be waived)
An account designated specifically for students with access to over 55,000 fee-free Allpoint ATMs, money management tools and a one-of-a-kind recognition program.
55,000 AllPoint ATMs around the world for free
$0
No monthly fees. No foreign transaction fees. No fees at 55,000+ Allpoint ATMs.

Compare up to 4 providers

Frequently asked questions

Back to top

Image source: supplied, photographer: Emma

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site