Hi, I'm Jen! I'm a personal finance expert and money coach aiming to help you take control of your money. I went from being broke to a six-figure net worth and am now on track to be financially independent at age 40. Discover Jen's story
This Emma app review tells you all you need to know about this budgeting app. Budgeting is important to stay in control of your finances. But it’s also difficult and boring.
That’s where Emma Finance comes in. The app aims to take the hassle of budgeting and make it as easy as possible. But does it work? Read the review below!
- Emma Finance
- Emma App Overview
- What Is Emma App?
- Who Is Eligible to Use Emma?
- Is Emma App Legit?
- Is the Emma Budgeting App Safe to Use?
- How Does Emma App Work?
- How Much Does an Emma Subscription Cost?
- What Features Does Emma App Have?
- Is Emma App Worth It?
- What Are the Pros and Cons of Emma App?
- Are There Alternatives to Emma App?
- Emma Budgeting App Review Summary
Emma App Overview
| Emma App | |
|---|---|
| Trustpilot rating | 3.9/5.0 |
| Cost | Free £4.99-£14.99 for paid plans |
| Connect to bank account | Yes |
| Platform | Mobile app only Android and iPhone |
| Savings account available | Yes |
What Is Emma App?
Emma is a budgeting and money-tracking app. It helps you to pay off debts, avoid overspending, and track your spending. This personal finance management app allows users to control their finances.
Emma App was founded in the UK by the co-founders Edoardo Moreni and Antonio Marino in 2018. It is based on its predecessor, Kiria, which failed to take off due to banking laws. In 2019, Emma also launched in the US and Canada.
Who Is Eligible to Use Emma?
You can use Emma in the UK, the US, and Canada. To join, you must be at least 18 years old and the owner of a bank account. If Emma does not support your bank, you cannot use the app. You should also own a phone to download the mobile app.
Follow Emma App on social media to get notified about launches in other countries.
Is Emma App Legit?
Emma App is legit and not a scam. Emma Technologies Limited is a registered UK company with the number 10578464.
On Trustpilot, Emma has an average score of 4.2 out of 5.0. Overall, 74% of users gave Emma the highest ratings (great or excellent). There are only a handful of negative reviews. Most are about the inability to link multiple accounts and cancellation issues.
What Is Trustpilot?
Overall, there are over 150 million reviews on Trustpilot. You can generally get a good understanding of the legitimacy and customer-friendliness of a company.
Is the Emma Budgeting App Safe to Use?
Emma App is safe. Emma is a representative of RiskSave Technologies Limited. The company is regulated by the Financial Conduct Authority (FCA).
Emma App connects to your bank account through open banking. Open banking accesses your details through an open application programming interface (API). Additionally, Emma App uses bank-grade end-to-end 256-bit TLS encryption.
How Does Emma App Work?
When using the Emma App, you connect your current account to the app through open banking. Emma App can then track your spending, categorise your expenses, and set a budget. You can also make payments and open savings accounts with Emma.
How Can You Sign up to Emma App?
Signing up to Emma is free. You can get the Emma app by scanning the QR code on the website. Alternatively, search for the app on the Apple App Store or Google Play. Then, follow the steps to set up your Emma account.
What Banks Does Emma App Work With?
Emma App supports all major banks, including challenger banks like Monzo. You can also link a Capital One or PayPal account. Apart from these, Emma app supports credit cards, Nutmeg and other investment accounts.
How Much Does an Emma Subscription Cost?
Emma App is free to use. However, you can update to one of the paid plans if you want extra features.
| Free | Plus | Pro | Ultimate | |
|---|---|---|---|---|
| Monthly price | £0 | £4.99 | £9.99 | £14.99 |
| Annual price | £0 | £41.99 | £83.99 | £124.99 |
| Current accounts you can connect | 2 | Unlimited | Unlimited | Unlimited |
| Interest on savings | 2.01% | 2.42% | 3.24% | 3.51% |
| Key features | Bank transfers | Cashback Bank transfers Rent reporting Bill reminders | Features from Plus plan On-demand sync Saving goals Custom categories Smart rules | Features from Plus and Pro plans Business account |
The free plan should be sufficient for most users. The main limitation is that you can only connect up to two bank accounts. If you want a free app to link more accounts, read my Snoop vs Emma App comparison.
The Plus plan also gives you access to cashback offers. It isn’t worth upgrading for this feature alone, though. You can find most cashback offers on other apps.
Free Version vs. Emma Pro Subscription
An Emma Pro subscription offers several benefits over the free version. As stated above, you can link more than two accounts. You also get on-demand syncing, meaning you can always see how much money you have.
These features may tempt you to upgrade to Emma Pro. However, I don’t think the £9.99 per month is worth it. You would likely be better off saving this money than paying for an Emma subscription.
If you need a Business account, Emma Ultimate is worth using.
What Features Does Emma App Have?
The Emma App has many features. Some are useful, others less so. Which features are helpful depends on your circumstances and preferences. Personally, I don’t really need much else than the free features.
1. Setting a Budget
Once you have linked your account, the app invites you to create a budget. Your budget can be either monthly or payday-to-payday. Next, you can set the total amount you want to allocate to your budget. Then, you can break it down into categories.
2. Tracking Your Spending
Once you have set your budget, Emma will update it as you spend. The app shows how much you have spent in each category.
Additionally, you can see how much money you have left in each category, giving you an overview of your spending. By default, Emma only syncs to your accounts once a day, so your balances may not be up to date.
3. Making Payments
You can also use Emma App to pay someone. This works the same way it does for banking apps. Navigate to the “Pay” tab, choose who you want to pay and enter the amount. Emma transfers the money from your bank account to the recipient.
Emma also lists all your regular payments and transactions, making it easier to keep track of them.
4. Saving Money
Emma’s saving function is called “Emma Save”. It enables you to create saving pots to help you set aside money. Emma pots enjoy protection by the Financial Services Compensation Scheme (FSCS) up to £85,000. If something happens to Emma, you will get your money back up to £85,000.
You can also create saving pots directly within the app. A bank of your choosing will hold the money in the pots.
5. Investing Money
Emma Invest allows you to invest your savings. You can deposit money to Emma Invest from the app. Emma Invest is free to use. However, currency exchange fees apply for orders in currencies different from your account.
On the app, you can choose from over 1000 US stocks. If you need help researching US stocks, read my Finimize review.
If you want to invest your spare change, you may also like Plum. Read my Plum vs Emma App comparison to determine which app is better for you.
Is Emma App Worth It?
Whether the Emma App is worth using is ultimately up to you and how much time you want to dedicate to your finances.
Keeping track of your spending means getting to know your spending better and more intimately. However, Emma App will do the job for you if you want to save time or lack motivation. In this case, the free version is worth using. It does not cost anything; you can uninstall the app if you do not like it.
As for the paid versions, the cashback and the increased interest do not justify the price. The only real benefit is that you can connect multiple accounts.
Most users should not need this feature. Consider connecting only your main account before upgrading if you use multiple accounts.
What Are the Pros and Cons of Emma App?
Pros
- Free to use unless you upgrade
- Can help you understand your spending behaviour
- Savings accounts that pay interest
Cons
- Can only link two accounts on the free plan
- Some features are locked behind a paywall
Are There Alternatives to Emma App?
If you are looking to improve your finances but do not want to use Emma, try these alternatives:
- Monzo. Monzo is a bank account, so you benefit from FSCS protection. Monzo . categorises your spending into categories, and you can also set a budget. Read more in my Monzo review.
- Snoop. Snoop is a budgeting app like Emma. Many features are the same, but Snoop has more options for users on the free plan. You can read more in my Snoop review.
Emma Budgeting App Review Summary
Emma is an app that helps you manage your money. You can link your bank accounts to track your spending and set a budget. The app belongs to the best budgeting apps and best personal finance apps in the UK.
Overall, Emma is a solid app with limited free features. The paid versions aren’t worth the price for most users.
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