Emma review

Check out the banking app made "for millennials"

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Emma

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 the saving and budgeting features offered by Emma below.

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Emma

Emma - Money management

  • Track & cancel wasteful subscriptions
  • See all your accounts in one place
  • Sync your budgets to payday
  • Account Protection Secure and Encrypted

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, Binance, Bitstamp, Kraken, Bitfinex 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.

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 – if you prefer a more customisable experience. For £4.99 a month (or £23.94 for 6 months, or £41.88 for a year), 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.
  • 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.

Pros and cons of Emma

Pros

  • 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

Cons

  • No week-by-week or month-by-month comparison feature. Makes it harder to track changes to spending habits
  • Like most budgeting app, it’s read only – so you can’t move money between accounts or make payments yet

The verdict

The Emma app looks good, is slick and easy to use and offers some really helpful features – in particular, shoutout to 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, like Yolt and Money Dashboard, are better from this point of view.

Still, Emma is a really solid budgeting app. It makes a really clever tool for organising your money, allowing you to manage it more efficiently and ultimately save more.

Compare Emma against its competitors

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
★★★★★
You say
★★★★★
0%
39.9% EAR variable
£125 when you switch
Go to site
Current account switch service guarantee badge
Plus earn 2.75% AER / gross interest with the linked HSBC Regular Sever
To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. To be eligible for the £125 switching offer, customers must switch from a non-HSBC Group current account product. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).
We say
★★★★★
You say
★★★★★
0%
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
★★★★★
You say
★★★★★
0%
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
We say
★★★★★
0%
N/A
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
We say
★★★★★
0%
N/A
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.
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