The LemFi Instant Access Savings account is an instant-access savings account available exclusively in the United Kingdom with no fees. The interest offered tracks the Bank of England base rate.
Your eligible deposits are protected by the FSCS up to a total of £120,000 across all Clear Bank-powered accounts you hold. The FSCS's compensation limit of £120,000 is per banking license, and as our Instant Access Savings Account is powered by Clear Bank, this means the £120,000 limit is shared across all accounts you hold with Clear Bank. For example, if you have £100,000 saved in a LemFi Instant Access Savings Account and £30,000 saved in another account powered by Clear Bank elsewhere, only £120,000 of your deposits would be eligible for FSCS protection.
What this means
- Users can deposit funds directly from their main LemFi currency accounts using the "Add Money" feature in the app, earning interest on funds.
- It is an instant-access account, meaning funds can be withdrawn whenever necessary.
- Often referred to as an "Instant Access Savings Account" or "LemFi Savings Wallet", this feature is exclusive to residents of the United Kingdom, and eligible users can open only one savings account.
- Deposits are protected by the Financial Services Compensation Scheme (FSCS).