Savings Interest Rates, Switch Offers and Guides for Afin Bank

Who they are

Afin Bank was founded to make banking simple, accessible, and more inclusive for people often overlooked by traditional providers - whether that is members of the diaspora community, those building their wealth, or the self-employed. The idea grew from the real experiences of Africans living in the UK who found it hard to put down roots because mainstream lenders couldn't accommodate their circumstances. The bank is backed by WAICA Reinsurance Corporation Plc, one of the largest reinsurance companies in Africa. Incorporated in December 2020 and headquartered in London , it is a fully digital bank. Accounts are opened and managed through the mobile app, and applications cannot be processed over the phone or via post.

Savings accounts

Afin Bank keeps things focused: their savings range is built around fixed-term accounts across four terms. All four require a minimum deposit of £1,000, and none allow access until maturity - so these are strictly for money you can genuinely set aside. Rates at the time of writing are 4.70% on both the 1-Year and 2-Year Fixed Term Accounts, 4.85% on the 3-Year, and 4.96% on the 5-Year. The 5-year option is among the stronger rates available for that term in the current market. As always with fixed bonds, rates move, so check the live figures on this page before deciding.

The minimum balance is £1,000 and the maximum is £200,000 per account holder - any excess above that limit is returned to your nominated bank account, and the limit applies across all your Afin Bank deposit accounts.

FSCS protection

One thing worth knowing: eligible deposits with Afin Bank are protected up to £120,000 by the Financial Services Compensation Scheme - the UK's deposit guarantee scheme - and any deposits above that limit are unlikely to be covered. The standard FSCS limit for most UK banks is £85,000, so Afin Bank's higher £120,000 coverage is notable. That said, if you are depositing a large sum, keep this ceiling in mind and plan accordingly.

Is it right for you?

Afin Bank suits savers who know exactly how long they can lock their money away and want a straightforward, app-managed account with a solid fixed rate. There are no easy-access options here, no ISAs, and no switch bonuses - so if flexibility matters to you, you will want to look elsewhere. If you are comfortable committing to a term and want a clean, no-fuss digital experience, it is worth a look, particularly for the longer terms where the rates are competitive. Check the live rates shown on this page to see how Afin Bank stacks up against the current market before you commit.