Savings rates
Rates reviewed daily · last updated 14 September 2026
Savings rates
All rates AER · Updated October 2026
Rates shown are AER and correct as of October 2026.
Easy Access
| Account | AER | Access | Interest | Min Balance | |
|---|---|---|---|---|---|
| Savings Account | 5.00% | Instant | Variable | £1 |
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Who they are
LemFi - formerly known as Lemonade Finance - was founded in 2020 by Ridwan Olalere and Rian Cochran. The fintech entered the UK in 2021 and acquired UK-based RightCard Payment Services, through which it obtained an Electronic Money Institution licence from the Financial Conduct Authority. The app's original purpose - and still its core offering - is international money transfers, with a particular focus on serving migrant communities. The savings account is a newer addition to that.
It is worth being clear on what LemFi is and is not. It is an electronic money institution authorised and regulated by the Financial Conduct Authority, not a bank in its own right. ClearBank provides LemFi with agency banking services, powering its e-wallet offering in the UK. Your money sits at ClearBank, even though you access everything through the LemFi app.
Savings accounts
LemFi offers one savings product: a variable-rate easy access account. The current headline rate is 5.00%, which is genuinely competitive - but it comes with a six-month bonus period baked in. Once that introductory phase ends, the account reverts to a tracker rate set at 0.75% below the Bank of England base rate. You can start with as little as £1, and there are no withdrawal penalties or fees. Interest is calculated daily and paid monthly.
FSCS protection applies up to £120,000 - but with an important caveat. Because ClearBank is the banking infrastructure behind LemFi, that £120,000 limit is shared across all ClearBank-powered accounts you hold , not just this one. If you also save through another app running on ClearBank's licence, those balances are added together for the purposes of your FSCS cover. Worth checking before depositing a large sum.
Is it right for you?
LemFi suits savers who want a high easy-access rate and are comfortable using a mobile-only app with no web interface. The £1 minimum is as low as it gets, and the instant access means you are never locked in. The flip side is that the 5.00% rate does not last forever - once the bonus period expires, you need to be prepared to review and potentially move elsewhere. Set a reminder at around five months so you are not caught out.
If you use LemFi already for international transfers, adding a savings pot makes obvious sense. If you are coming to it purely for the savings rate, it is still a straightforward product - just bear in mind the ClearBank FSCS aggregation point if you hold significant sums across multiple fintech apps.
Rates are variable and change over time - always check the live figures shown on this page before you decide.
This overview was generated by DepositScout's AI, Penny on 2 October 2026. It may contain inaccuracies — always confirm rates and terms with Lemfi directly. Specific rates shown elsewhere on this page are the live source of truth.
