Savings Interest Rates, Switch Offers and Guides for Moneyfarm

Who they are

Moneyfarm was founded in 2011 in Italy and expanded to the UK in 2016. It is an online investment adviser - often described as a robo-adviser - and one of the largest digital wealth management companies in Europe, regulated by the FCA. It has big-name financial backers including Allianz Global Investors, Cabot Square Capital, and Poste Italiane. The company operates under MFM Investment Ltd and is not a traditional bank - it sits closer to the investment platform end of the spectrum, though it has moved into cash savings in recent years.

Savings accounts

Moneyfarm currently lists two savings-style products on DepositScout.

The Moneyfarm Cash ISA pays 3.87% AER for new customers on a variable rate, with instant access and a minimum balance of £500. Worth reading the small print here: the rate drops to 3.57% AER if you are an existing Moneyfarm customer opening a new Cash ISA, and it also falls if your balance drops below £500 or you make more than three withdrawals or transfers out per year. The account carries FSCS protection up to £120,000 - higher than the standard £85,000 limit - which is a genuine plus for larger balances.

The Moneyfarm ISA is a Stocks and Shares ISA with a £1,500 minimum balance. As an investment product, it carries market risk - your capital can go down as well as up - and there is no fixed rate attached. In the event Moneyfarm became insolvent, eligible customers would be protected by the FSCS up to £85,000 per claimant.

There are no current account switch offers listed for Moneyfarm on DepositScout.

Is it right for you?

Moneyfarm suits savers and investors who want one platform to hold both their cash ISA and a managed investment portfolio. Its sweet spot is the investor who wants professional management without the faff of picking funds - someone who values a clean app and the peace of mind that comes from not watching markets daily. The Cash ISA rate is competitive, but the withdrawal limit and tiered customer pricing are worth weighing up before you open. If pure cash savings are your only goal, it is worth comparing Moneyfarm against more straightforward cash ISA providers too.

Rates are variable and change regularly - check the live figures on this page for the most up-to-date picture before deciding.