The Instant Access Savings Account offers a competitive 3.92% AER (variable) tracker rate, paid monthly, with no monthly maintenance fees or penalties. The account is secured by ClearBank, with eligible deposits protected up to £120,000 by the UK Financial Services Compensation Scheme (FSCS).
What this means
Your account is structured so that your savings are kept separately from LemFi’s operating funds. Funds are held by ClearBank, a regulated UK financial institution, and protected by the FSCS up to £120,000. Interest is calculated based on your savings balance and a variable rate that tracks below the Bank of England base rate.
Interest:
- accrues daily
- is paid out monthly
Because the rate is a tracker rate, LemFI may change the interest rate in line with the Bank of England's base rate.
Important to know
You may be responsible for paying tax on interest earned depending on your personal circumstances. Please seek professional tax advice if you are unsure about your tax position
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