Emma partners with Bondsmith to allow customers to generate interest on cash deposits
17 January 2023, London, UK: Emma, the financial super app, today announces the release of Easy Access Pots that allow customers to earn up to 2.43% AER to more than 1.3m+ customers in the UK. This product is launched in partnership with Bondsmith, the UK’s leading provider of cash management and savings solutions to the wealth management industry.
Emma customers currently use the app to see all their financial life in one place, track day-to-day spending and set budgets. Thanks to Open Banking, customers can unlock unparallel insights into their finances and save more.
Through Easy Access Pots, customers can earn up to 2.43% AER in interest, paid daily. They can also create as many pots they want to organise their financial life better and set financial goals for things they care about, such as holidays, gifts or day to day spending. Easy Access Pots are eligible for up to £85,000 by the Financial Service Compensation Scheme.
Edoardo Moreni, CEO of Emma, said: “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. 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.”
Michael Doyle, Founder and CEO of Bondsmith, said: “We are delighted that Emma has chosen Bondsmith and our Embedded Savings product to improve their goal based savings functionality. We look forward to helping Emma's customers achieve their savings goals by enabling FSCS protected savings at competitive interest rates.”