Looks an interesting app/product.
Just still not sure how it would benefit me.
I shall have a think and then decide if it’s worth signing up to.
It’s free (financially) anyway. Cost appears to be your data, which allegedly is used in anonymised form.
Emma is developing a Smart Rules feature for Pro users that automatically creates transactions in manual accounts when there’s a specific transaction in a real account. Very handy for unconnected savings etc, where all the movement is just in and out of a current account
Emma automatically recognises movements between accounts and will automatically categorise as excluded once you’ve recategorised manually a few times
I use Emma, Yolt and MoneyDashboard Neon.
I’ve also tried Tandem and Revolut, and also a couple of traditional banks. But I’ve never added all of my accounts to those - I’ve just tried them out by linking one or two to each.
My main aggregators are Emma and Yolt.
I just can’t seem to get either of them to correctly recognise internal transactions, even though I have recategorised a few times in Emma.
Despite using 7 (see above) I have the same problem. The transaction may be internal to you, because you have full knowledge of your set of accounts, but it may not be internal to your aggregator(s) because that particular aggregator app does not include one or more of your accounts. In practice it’s usually more than one.
You can often add unconnected accounts manually, but that seems a bit pointless and time consuming, because the balances don’t update automatically, or on request.
Still waiting for one of these aggregators (or Monzo) to work with Freetrade/T212.
Then I’m all over it
I think I’m correct in saying that with Yolt (which belongs to Dutch bank ING), as well as using for scorekeeping and ‘all in one place’ convenience’ , you can also initiate and process transfers between accounts from within the app.
I have tried all sorts of stuff, YNAB but eventually just reverted back to dedicating a couple of hours each month to manually compiling a spreadsheet, tagging and categorising all my purchases, and calculating overall balances.
For me it’s a task that’s actually better not being automated, the time spent is time becoming aware of my finances.
It’s more the other way round - Freetrade and T212 need to work with the aggregators.
As long as it works, I’ll be very happy
You’re right. And it bypasses the need for (eg.) NatWest Group banks’ card reader requirement.
You can also do this with Money Dashboard. A tad clunky but much much better than many of the banks’ own implementations.
I’ve never had this problem with Emma (or at least not frequently enough for me to recall). When I categorise transaction as excluded future iterations of that transaction get auto categorised as excluded as well. Such repeat internal transfers for me are almost always standing orders so don’t really change from month to month, which may help.
Tried out the Revolut linked function yesterday. For some reason it’s pulled through my Amex twice. It has pulled through all my Monzo pots seperately.
I’d probably put it on par with Monzo’s. If you could use the Monzo aggregator to add to a shared tab, custom categorise etc I think it’d be a winner as an existing customer.