In the past year, as interest rates have gone up and inflation has eaten away at cash. The savings market has become a more competitive and lucrative place for fintechs to fight.
Emma, a personal finance app that works with open banking. It has added a new way for its 1.3 million UK customers to save money.
The new Emma Easy Access Pots offer 2.43% AER and are protected by the Financial Services Compensation Scheme. They were made available through a partnership with Bondsmith.
Since its launch in 2019, Emma has used open banking to give customers an overview of their finances. The company says that it is responsible for about 10% of all UK Open Banking transactions.
It is not its first time directly selling financial products, though. In July 2022, it started letting people buy and sell stocks without paying any fees.
“Emma first and foremost use case is to save customers money. We have been doing this for the past three years by offering insights and tracking functionality on top of Open Banking data,” said Edoardo Moreni, CEO of Emma.
“Starting from today, our customers will also be able to actively save and earn interest on their deposits. This is a huge shift in terms of functionality and a leap forward to achieve our mission to improve customers’ financial wellbeing,” he added.
