Afin Bank savings rates — compare every account, plus switch offers and guides

Who they are

Afin Bank - where "Afin" stands for "Africa Affinity" - is a UK bank launched as a wholly owned subsidiary of WAICA Reinsurance Corporation. WAICA Re is one of Africa's largest reinsurance companies. The bank grew out of the experiences of professionals from West Africa living and working in the UK who found it difficult to access mortgages - often turned down due to visa status or limited UK credit history despite strong incomes.

Beyond the African diaspora, Afin also serves overseas borrowers, the self-employed, and high-net-worth individuals who struggle to obtain mortgages from mainstream providers. It is a relatively new name in UK banking, but it holds a full banking licence and is regulated by the FCA and PRA.

Savings accounts

Afin Bank offers a focused range of fixed-term savings accounts, all with a minimum deposit of £1,000. The current line-up spans one, two, three and five years, so you can match the term to when you realistically won't need the money - there is no access until maturity on any of them.

The 1-year and 2-year Fixed Term Accounts both pay 4.70% AER, while the 3-year and 5-year Fixed Term Accounts step up to 5.00% AER. That longer-term rate is competitive for a five-year commitment. There are no bonus rates or introductory periods to watch out for - what you see is what you get for the full term.

Rates do change over time, so the live figures shown on this page are always the most up-to-date.

FSCS protection

Deposits up to £120,000 are covered by the UK's deposit guarantee scheme at Afin Bank. That is higher than the standard £85,000 FSCS limit you see at most banks - worth keeping in mind if you are placing a larger sum.

Is it right for you?

Afin Bank suits savers who want a straightforward fixed-rate bond, are comfortable locking money away, and have at least £1,000 to put to work. The range is narrow - no easy access, no ISA, no notice accounts as yet - so if flexibility matters to you, it may not be the right fit. There are also no current accounts or switch incentives here.

If you are happy to commit for three or five years in exchange for a clean, fixed return, Afin is worth a look. As always, use the live rate comparison on this page to see exactly where it sits against the wider market today.