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Moneyhub vs Emma App – Which Helps You Stay On Track?

There are lots of apps out there that aim to help you get better with your finances. In this article we compare Moneyhub vs Emma, and look at their similarities and differences.

Moneyhub vs Emma App
Moneyhub vs Emma App- which helps you stay on track? |Photo by eberhard 🖐 grossgasteiger on Unsplash

Contents

Overview

The rise of Open Banking in the UK in the last few years has enabled many Fintechs to launch innovative financial products into the market. Budgeting is one of the areas that has benefited most, as now the apps can easily connect to your bank or other financial institutions, and then put them all in one place, so you can use the budgeting tools across all of your accounts.

Moneyhub have been around a long time compared to many other Fintechs, having launched in 2014. They now are taking full advantage of Open Banking, and also offer Open Banking technology services to other Fintechs.

Emma are a newer entrant into the market, having launched in 2018 in the UK, and 2019 in the USA and Canada. As of 2021, they claim to have over 600,000 users.

Best for: Plans, Costs & Fees

Moneyhub

Moneyhub charge a small fee to use their app. The cost depends on where you make the payment.

Moneyhub direct£0.99 per month or £9.99 per year
Apple App Store£1.49 per month or £14.99 per year
Moneyhub state that they receive the same amount from this, and it is only more expensive via Apple due to their fees.

Emma

Emma have a basic version of their app that is free, and there are many features within their app. Emma also have to paid versions of the app, which have more features.

Emma Plus£4.99 per month or £41.99 per year
Emma Pro£9.99 per month or £81.99 per year

/ Verdict /

Really the comparison here needs to be between the free version of Emma and the full version of Moneyhub. Moneyhub only costs around £1 per month (less if you pay annually), whereas the paid versions of Emma are between 5 and 10 times more expensive. If you wanted to compare the free version of Emma, and the paid version of Moneyhub, then it is really not that different as the price of Moneyhub is so low. However, you would really need to decide that the extra features available on the paid versions of Emma would be worth it to you, to justify the monthly cost.

Best for: Features

Moneyhub

Integrationsall your financial platforms within one app
Spending Analysisautomatic spending analysis on your transactions
Spending Goalsmultiple goals can be set and tracked
Nudgesget automatic nudges updating your progress towards goals and with budgets
Categoriestransactions are automatically categorized
Real-life Advisorsget financial advice from a live person

Emma

Connectionsall of your financial institutions integrated on Emma
Spending CategoriesCategorise your spending
Save on subscriptionsEmma suggests where you can save
Set your paydayOnce done, then sync it to your budget
AnalyticsDetailed stats on your spending
MarketplaceEmma helps to find other financial products
Save money on bills
Payments from within the app

The above features are available on both the free and paid versions of Emma. There are also some other features that are only available on the paid versions:

  • Cashback
  • Goals for savings
  • Create custom categories
  • Export data
  • Calculate your net worth

Bank connections

Both Moneyhub and Emma can integrate with multiple banks and other financial institutions. They have a relatively similar list of supported banks, so neither one seems to vastly outstrip the other.

/ Verdict /

The Moneyhub features are perhaps rather basic compared to Emma, which has more little things you can add to give you a more detailed overview of your finances. Essentially Moneyhub gives you data so you can then to further analysis, whereas Emma analyses a little further, although you will need to decide whether these analyses are the ones that you require.

Best for: Safety and Security

Data Security

Emma and Moneyhub both claim to have bank level encryption of data. They both use Open Banking technology to integrate with your financial institutions, so they only have read only access to your data, and never have access to your login details and passwords.

Privacy

Both Moneyhub and Emma state very strongly that they will never sell your data (unlike some other apps that do). They both charge subscription fees, so they make money via the fees rather than selling data.

/ Verdict /

In this area both Emma and Moneyhub have a very similar security profile and featureset.

Best for: Extras

Whilst the features of their products are actually quite similar, it is really in the presentation that these apps differ greatly. Moneyhub is a technology focused provider, and as such their app is a little less exciting than some other apps. It has all of the things you need to budget, but does not have the gamified elements that are designed to push you to budget.

Emma on the other hand, is a far more modern proposition. It has gamified features that help you to budget, and is more active in making suggestions on how you can save money, for example looking at your utility suppliers and finding cheaper alternatives.

/ Verdict /

It is really down to what you like and the presentation that suits how you like to budget. At first glance it would appear that Emma is aimed at younger people, and Moneyhub at an older audience, but in reality it all depends on the person and how they like to interact with apps.

Conclusions

With the price, Moneyhub is very competitive, at £1 (or less if you pay annually) for the entire service. Emma do have a free version, but you do not get the full suite of features. Their subscription offers are 5 to 10 times more expensive than Moneyhub, so you would really need to look into the features that Emma offer on their paid service, and see if they would justify the extra cost for you.

The real difference between the two apps is the presentation. Moneyhub can look a little old fashioned compared to Emma, which has much more of a gamified approach. This really comes down to taste, and which of the apps you are going to find suits you best for your budgeting requirements.