LemFi , the financial platform built for immigrants, today announced the launch of its new Instant Access Savings Account in the United Kingdom, powered by ClearBank , the enabler of real-time clearing and embedded banking. Launching first in the UK, its 2 million customers will earn daily interest on their savings monthly, directly within the LemFi app, marking a significant expansion in LemFi's mission to build a complete financial ecosystem for the global immigrant community.
With LemFi Instant Access Savings, users can grow their money in the same app they use for international transfers to simplify their financial lives. Funds are held securely with ClearBank, a regulated UK financial institution, and eligible deposits are protected up to 85,000 under the Financial Services Compensation Scheme FSCS.
At launch, LemFi's savings product offers one of the most competitive interest rates in the UK at 3.92, compared to the national average of 2.27 for similar accounts. The rate is currently tracked to the Bank of England's base rate, with plans to move to a variable rate in the near future, allowing LemFi to remain highly competitive for customers seeking flexibility and returns.