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

Who they are

Moneyfarm was founded in 2011 in Milan as a digital investment platform, built on the idea that professional wealth management had long been too expensive and inaccessible for ordinary people. The firm launched in the UK in 2016, obtaining FCA authorisation to provide investment services here. It is now one of the largest digital wealth managers in Europe, regulated by the FCA in the UK. The company operates as MFM Investment Ltd - so it is not a bank or building society, but an FCA-regulated investment firm. It combines technology with professional investment management, designed for people who want to invest but may not have the time or inclination to manage their own portfolio.

Savings accounts

Moneyfarm offers two ISA products on DepositScout.

The Moneyfarm Cash ISA currently pays 3.87% AER (variable) for new customers, with a £500 minimum balance. The rate is variable and conditions apply - it drops if your balance falls below £500 or if you make more than three withdrawals or transfers out per year. Existing Moneyfarm customers opening a new Cash ISA start on 3.57% AER instead. The account is a flexible ISA, so you can replace withdrawals within the same tax year without eating into your annual allowance.

One thing worth understanding before you open this account: your Cash ISA is invested in qualifying money market funds and is protected under FSCS investment protection - not the deposit protection scheme. That means you may be entitled to compensation of up to £85,000 if MFM Investment Ltd were to fail, but FSCS protection does not cover losses from market performance. The QMMF structure is designed to maintain a stable value, but it is not a guaranteed deposit - as with all investments, your capital is at risk. That is a meaningful difference from a standard high-street Cash ISA, so it is worth reading Moneyfarm's own documentation carefully.

The Moneyfarm Stocks and Shares ISA is also listed, with a £1,500 minimum balance. Moneyfarm recommends a ready-made portfolio based on your goals and risk tolerance, and its investment team manages and rebalances that portfolio on your behalf. Investments are protected up to £85,000 by the FSCS, with uninvested cash protected up to £120,000 - check the live product details for the full breakdown.

Is it right for you?

Moneyfarm suits savers and investors who want one platform to handle both a Cash ISA and a managed investment ISA. The Cash ISA rate is competitive for a flexible account, but the money market fund structure and the three-withdrawal limit make it a slightly different product to a traditional savings account. If you want straightforward deposit protection at the standard £85,000 level and no restrictions on access, a conventional Cash ISA from a bank or building society may suit you better.

As always, rates are variable and can change. Use the live figures shown on this page to compare what Moneyfarm is paying right now against other options before you decide.