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

Who is LemFi

LemFi - formerly known as Lemonade Finance - was founded in 2020 to help immigrants send money home quickly and cheaply. The company entered the UK market in 2021 by acquiring RightCard for $2.5 million, and operates in the UK as a regulated Electronic Money Institution (EMI) under the trading name RightCard Payment Services Limited, authorised by the Financial Conduct Authority. Backed by Y Combinator, LemFi now serves over 2 million users across the UK, US, Canada, and Europe, with transfers reaching more than 30 countries.

It is worth being clear about what LemFi is and is not. It is not a bank. Its roots are in international money transfers and multi-currency wallets for diaspora communities, and the savings account is a newer addition to that offering - not the core product.

The Savings Account

LemFi offers a single easy access Savings Account, currently paying 5.00% AER. That headline rate is variable and applies for the first six months only - after which it reverts to a tracker set at 0.75% below the Bank of England base rate. The account can be opened with as little as £1, and access is instant with no withdrawal penalties.

Interest is calculated daily and paid monthly. The account is managed entirely through the LemFi app - there is no web or branch access.

FSCS Protection - an Important Caveat

Customer funds are held in segregated accounts, separate from LemFi's operational funds. More specifically, the savings account is powered by ClearBank, and your deposits are FSCS protected up to £120,000 - but that limit applies across all accounts that run on ClearBank's banking licence, not just your LemFi account. If you hold savings with any other ClearBank-powered provider, those balances are combined when working out your total FSCS coverage. It is worth checking before depositing significant sums.

Is it Right for You

LemFi's savings account suits someone who already uses the app for international transfers and wants their idle GBP to earn a strong rate in the meantime. The 5.00% intro rate is competitive, the minimum deposit is just £1, and there are no fees. The catch is the bonus cliff - when the six-month period ends, the rate drops to a tracker that currently sits notably lower, so you need to be prepared to review and potentially move your money.

Savers who want a mainstream UK bank experience, a cash ISA option, or joint account access will need to look elsewhere. And anyone depositing close to or above £120,000 across multiple ClearBank-powered accounts should pay close attention to the FSCS sharing arrangement.

The live rates on this page reflect the current figures - rates are variable and can change, so it is always worth checking them before you apply.