MT Week - What’s the difference between an EMI and a bank?

The growing number of fintech products has given consumers more choice than ever when it comes to managing their money.

But while brands like Monzo, Starling and Revolut have become household names, not all of them are banks.

Instead, some are electronic money institutions (EMIs).

For consumers, the distinction isn’t always clear.

One key point of difference, though, is how your money is protected. And this may well determine whether it’s the right product for you.