Savings Interest Rates, Switch Offers and Guides for Lemfi

Who they are

LemFi - originally known as Lemonade Finance - was founded in 2020 by Ridwan Olalere and Rian Cochran. The company focuses on serving immigrants globally, offering a suite of financial products including remittances, multi-currency wallets, and savings. In the UK, LemFi is the trading name of RightCard Payment Services Limited, which is authorised by the Financial Conduct Authority as an e-money institution (FCA reference number 900424).

LemFi is not a bank in the traditional sense - it is an Electronic Money Institution. ClearBank provides LemFi with agency banking services, powering its e-wallet offering in the UK. That relationship matters a lot for savers, as it determines how your money is held and protected.

Savings accounts

LemFi offers a single easy access Savings Account. The headline rate is 5% AER variable, made up of a 1.96% boost for the first six months, sitting on top of a 3.04% base rate. You can start with as little as £1, and access is instant with no withdrawal penalties.

The 3.04% base rate is a tracker - it is set at 0.75% below the Bank of England base rate, so it will move when the BoE moves. That is worth factoring in if rates are expected to change during your savings period.

On FSCS protection, there is an important nuance to understand. Your deposits are protected up to £120,000 - but because the account runs on ClearBank's banking licence, that £120,000 limit applies across all accounts you hold that are powered by ClearBank, not just your LemFi account. LemFi selected ClearBank as its agency banking partner due to its reputation for facilitating robust payments and advanced banking infrastructure. If you hold savings elsewhere that also use ClearBank, those balances count towards the same limit - so it is worth checking before depositing a larger sum.

Is it right for you?

LemFi's savings account has a clear appeal: a competitive headline rate, no minimum term, no fees, and instant access. LemFi is a rapidly growing fintech and international payments platform, with headquarters in London and operations across North America, Europe, and Africa. If you already use LemFi to send money abroad, adding a savings pot within the same app is straightforward.

The things to weigh up: this is an app-only account - there is no web access, no branch, and no phone banking. The 5% rate is also a short-term bonus, so you will want to diarise a review before the six-month period ends and the rate drops back to the base tracker. And if you hold other ClearBank-powered accounts, take a careful look at your overall FSCS coverage before depositing.

As always, specific rates are variable and change over time - check the live figures shown on this page before you apply.