At its heart, Emma is a budgeting and savings app which groups all your bank accounts in one place. It’s more than this though. The app works like a personal financial adviser, letting you see how you’re spending your money and flagging any wasteful payments. We’ve analysed all the saving and budgeting features offered by Emma in this review.
What is Emma?
Emma is a money management app based in London. The app uses Open Banking to connect to your bank accounts and credit cards.With all your financial information in one place, you can track all your transactions in real time.
It goes further than giving you a simplified bank statement. It helps you avoid overdraft charges, finds wasteful subscriptions and gives you keen 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 savings features it offers:
- End to wasteful subscriptions. It separates repeated payments (such as subscriptions and bills) from daily spending. This lets you easily cancel subscriptions you don’t use.
- Spending categories. It categorises your spending by categories and vendor, so you can see exactly where you’re spending – and what on. If you’re spending too much at Costa, or on coffees specifically, you’ll know.
- Fee tracker. The app lets you track exactly when and why big banks have charged you fees. It lets you know which one of your banks is “ripping you off the most”. Fees it tracks include overdraft charges, fixed account fees and foreign transaction costs.
- Set budgets. 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.
- Emma marketplace. You can access pension, investment and rent repayment products, ie Wealthsimple, PensionBee and CreditLadder.
- Cryptocurrency integration. Easily track your cryptocurrency balances. Supported cryptocurrency exchanges include Coinbase, Bittrex, Bitstamp, Kraken and individual Bitcoin and Ethereum addresses.
How safe is Emma?
You might have reservations about providing a third-party app your bank credentials. However, Emma’s access is read-only, so it can’t touch your money. In addition, it is authorised and regulated by the Financial Conduct Authority.In terms of app security, Emma uses several of the same security measures, including end-to-end-256-bit TLS encryption. This is used by all major banks.
Which banks and credit cards can you link Emma to?
How does Emma make money?
Emma currently makes money in two ways:
- Offers premium accounts. Emma Plus is a premium version of the Emma app – if you prefer a more customisable experience. For a monthly fee, you get custom categories and you can rename your transactions, export your data in a spreadsheet, and add manual accounts if you want to track, say, cash or a foreign account. Emma also offers their Pro and Ultimate account options that come gift wrapped in extra perks.
- A marketplace. Emma features some providers it has a partnership with in a section called Emma Rewards – users who sign up to them get cashback, while Emma also gets a return.
Emma account information
Pros and cons of Emma
- Grouping all your accounts in one easy app will make budgeting easier
- Stylish app with a number of budgeting features
- Monthly savings prompt could help you save an affordable amount each month
- Can integrate with all the big banks and a couple of the rising digital banks like Monzo and Starling
- Track your cryptocurrency balances alongside your more conventional bank accounts
- No week-by-week or month-by-month comparison feature. Makes it harder to track changes to spending habits
The Emma app looks good, is slick and easy to use and offers some really helpful features – in particular, its ability to track your subscriptions and keep track of your crypto assets as well as of your regular bank accounts.
On the downside, it could do with some more visuals and graphs, and some of the features that allow greater flexibility are only available to premium users, which isn’t ideal. Some of Emma’s competitors are better from this point of view.
Still, Emma is a really solid budgeting app. It’s a really clever tool for organising your money, allowing you to manage it more efficiently and to ultimately save more.
Frequently asked questions
More guides on Finder
Autumn Statement 2023: What it means for you
Finder’s experts explain the impact of the changes your finances/
5 steps to financial wellness
If your money habits are in need of a makeover, follow these 5 steps to help boost your financial wellness.
How to save money: 5 shortcuts
Finder’s UK editor-in-chief shares 5 ways to save up to £423 on petrol, household bills and shopping.
What is piggy banking?
Here’s everything you need to know to get started on this great savings technique to be smarter about your spending and savings.
Wally app review
Wally is a budgeting app that lets you view your accounts, track payments, analyse your spending and set savings targets.
Wallet by BudgetBakers review
Wallet by BudgetBakers helps you organise your money and personalise budgets and goals. Finder looks at its features, pros, cons and premium options.
Moneyhub app review
An app that lets you see all your accounts in one place? Find out how the finance app could help you manage your money better.
The UK’s best budgeting apps of 2023
Saving for a holiday? A house? Retirement? Budgeting apps could help you get a hold of your finances. Compare the best budgeting apps in the UK using our table.
Money Dashboard review
Is Money Dashboard the right personal finance solution for you? We explore the finance planner and all of the features of a Money Dashboard account. Read our review to get the low down on a popular budgeting app.