Why can't I find Emma on the FSCS register?
Emma has partnered with top providers to give you the best saving experience 🙌
This means that your Pots deposits are not held directly with us, so you won't find 'Emma Technologies' on the Financial Services Compensation Scheme (FSCS) website as 'Protected'. Your Pots deposits are held with our partner bank, whose FCA number will show as 'Protected' on the FSCS register.
Three companies work together to provide you with any Easy Access or 45 Day Notice Pots. They are:
● us (we provide the function in our app);
● the trustee (they make the deposit on your behalf and operate the accounts in which deposits
are held);
● and the bank (who holds the deposit and pays the interest).
We provide the function for you to make deposits in Easy Access Pots and 45 Day Notice Pots using the Emma app. We do so according to our Pots Terms.
The deposits are placed by the trustee with banks on your behalf. These banks are shown in the Emma app. You do not have any contractual relationship with the bank. You do have a contractual relationship with the trustee under the Trustee Terms & Conditions and the trust deed.
The bank which the deposit is placed with and the trustee will be shown to you in the app. You can ask for a copy of the trust deed through chat in the Emma app. The Trustee Terms & Conditions, Pots Terms, and FSCS Deposit Information is shown in the Save tab in the Emma app.
Any money you put in an Emma Save Pot is deposited with the bank on your behalf. While there, it will always be held in a segregated trust account. Any trust account in which your money is held will be operated by a trustee on your behalf, in accordance with the instructions that you provide in the Emma app.
The trustee will hold your money for a short time in their “hub account” after we send it to them and before they send it to the bank. The hub account is also a segregated trust account, as set out in the Trustee Terms.
The bank will hold your money as a deposit. Just like other deposits with banks, the money in your Pot is protected by the FSCS. This means that if the deposit is made in a bank providing FSCS coverage, and if you meet the eligibility criteria yourself, then if bank was to fail you are guaranteed by the Scheme to receive back any eligible deposits you have made with the particular bank (through Emma Pots or otherwise) up to £85,000. If this were to happen, the trustee would be responsible for administering your claim in conjunction with the rules of the Scheme.
The total value of deposits that the FSCS scheme covers and your eligibility for coverage may change from time to time. You can read more about FSCS protection on the FSCS website.
Your balance held in your Emma Wallet and Instant Access Pots is not covered by the FSCS, but is “safeguarded”. This means that whenever money is moved from your interest-generating Pots back to your available balance, it stops being protected by the FSCS, but is safeguarded instead. This safeguarding also applies to money in your wallet which you intend to invest in Emma Invest, or sale proceeds from sold investments.
You can read more about safeguarding here - How my money is protected / safeguarded?
This means that your Pots deposits are not held directly with us, so you won't find 'Emma Technologies' on the Financial Services Compensation Scheme (FSCS) website as 'Protected'. Your Pots deposits are held with our partner bank, whose FCA number will show as 'Protected' on the FSCS register.
Who is providing the Easy Access and 45 Day Notice Pots?
Three companies work together to provide you with any Easy Access or 45 Day Notice Pots. They are:
● us (we provide the function in our app);
● the trustee (they make the deposit on your behalf and operate the accounts in which deposits
are held);
● and the bank (who holds the deposit and pays the interest).
We provide the function for you to make deposits in Easy Access Pots and 45 Day Notice Pots using the Emma app. We do so according to our Pots Terms.
The deposits are placed by the trustee with banks on your behalf. These banks are shown in the Emma app. You do not have any contractual relationship with the bank. You do have a contractual relationship with the trustee under the Trustee Terms & Conditions and the trust deed.
The bank which the deposit is placed with and the trustee will be shown to you in the app. You can ask for a copy of the trust deed through chat in the Emma app. The Trustee Terms & Conditions, Pots Terms, and FSCS Deposit Information is shown in the Save tab in the Emma app.
How are Easy Access and 45 Day Notice Pots protected?
Any money you put in an Emma Save Pot is deposited with the bank on your behalf. While there, it will always be held in a segregated trust account. Any trust account in which your money is held will be operated by a trustee on your behalf, in accordance with the instructions that you provide in the Emma app.
The trustee will hold your money for a short time in their “hub account” after we send it to them and before they send it to the bank. The hub account is also a segregated trust account, as set out in the Trustee Terms.
The bank will hold your money as a deposit. Just like other deposits with banks, the money in your Pot is protected by the FSCS. This means that if the deposit is made in a bank providing FSCS coverage, and if you meet the eligibility criteria yourself, then if bank was to fail you are guaranteed by the Scheme to receive back any eligible deposits you have made with the particular bank (through Emma Pots or otherwise) up to £85,000. If this were to happen, the trustee would be responsible for administering your claim in conjunction with the rules of the Scheme.
The total value of deposits that the FSCS scheme covers and your eligibility for coverage may change from time to time. You can read more about FSCS protection on the FSCS website.
How are the Emma Wallet and Instant Access Pots protected?
Your balance held in your Emma Wallet and Instant Access Pots is not covered by the FSCS, but is “safeguarded”. This means that whenever money is moved from your interest-generating Pots back to your available balance, it stops being protected by the FSCS, but is safeguarded instead. This safeguarding also applies to money in your wallet which you intend to invest in Emma Invest, or sale proceeds from sold investments.
You can read more about safeguarding here - How my money is protected / safeguarded?
Updated on: 11/10/2024
Thank you!