Savings

LemFi Instant Access Savings Account

Last updated: 4 Mar 2026

History

ClearBank Terms and Conditions

These terms and conditions (the "Terms and Conditions") are between you and ClearBank Limited (“ClearBank”), allowing you to deposit funds in a bank account provided by ClearBank (referred to in these Terms and Conditions as the “LemFi Instant Access Savings Account”) and to earn interest on those funds based upon the time that they are deposited and the interest rate applicable to such deposited funds. RightCard Payment Services Limited (trading as LemFi) (“LemFi”) assists ClearBank in operating the LemFi Instant Access Savings Account and facilitates your use of the account by providing you with access to the LemFi platform via a mobile app (the “LemFi Platform”).

These Terms and Conditions apply when you use the LemFi Instant Access Savings Account.

You should read these terms along with any other agreement that you enter into with LemFi for which LemFi is entirely responsible. In addition to these Terms and Conditions, you must also agree to and comply with the LemFi Terms and Conditions for LemFi Instant Access Savings Accounts in order to access and use your LemFi Instant Access Savings Account. The LemFi Terms and Conditions for LemFi Instant Access Savings Accounts can be found at [link].

1. Details of the LemFi Instant Access Savings Account

1.1 The ‘LemFi Instant Access Savings Account’ is an interest-bearing savings account at ClearBank, a UK Bank.

1.2 During the account application and opening process, you will be required to provide LemFi with your personal details and in some cases identification documentation before you are able to open a LemFi Instant Access Savings Account.

1.3 If you change your mind and no longer wish to have a LemFi Instant Access Savings Account, you can cancel or close it free of charge at any time by following the instructions set out in section 19.

2. Our details

2.1 Our details are: ClearBank Limited (company number 09736376) Level 27, The Broadgate Tower, 20 Primrose Street,London, England, EC2A 2EW.

2.2 We are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA under firm reference number 754568. If you would like further information about this, please see the FCA register at https://register.fca.org.uk, or call the FCA on 0300 500 8082.

3. Your details

3.1 We use the information and contact details you give us to provide your LemFi Instant Access Savings Account and related services to you. It’s important that this is accurate and complete at all times.

3.2 If your personal details change or you no longer meet our eligibility requirements (such as being a UK tax resident), you must tell us as soon as possible through the LemFi Platform. This includes changes to your home address, email address, contact numbers, name, or nationality.

3.3 It’s important to look out for messages on the LemFi Platform, as this will be the normal way of contacting you. We will assume you have received a message if it’s available on the LemFi Platform when you access it.

4. How your account works

4.1 To access your LemFi Instant Access Savings Account, you must access the LemFi Platform. You are responsible for ensuring that you have access to the latest version of the LemFi Platform. If you have not accessed the latest version, or you have not upgraded your device’s operating system to access the latest available version, then you may not be able to access all of the features of your LemFi Instant Access Savings Account.

4.2 Your LemFi Instant Access Savings Account is not a current account, so it cannot be used for everyday use such as for day-to-day spending or receiving or sending money to or from other people. This also means that payments like wages, salary, benefits, or pension payments should not be paid into it directly
from a third party. You must not open or use your LemFi Instant Access Savings Account to hold money for someone else (including as a trustee or personal representative) or for the purpose of any type of business or charity.

4.3 You can only transfer funds into and out of your LemFi Instant Access Savings Account from a LemFi GBP wallet accessed through the LemFi Platform in which funds belonging to you are held. This is known as your “Nominated Account.”

4.4 There may be limits that apply to your LemFi Instant Access Savings Account, including payment transaction limits. Details of any applicable limits applied to your LemFi Instant Access Savings Account can be found in the LemFi Terms and Conditions.

4.5 If you exceed your payment transaction limits this will be dealt with in accordance with the LemFi Terms
and Conditions.

5. Paying into your LemFi Instant Access Savings Account

5.1 To earn interest on the money you put in the LemFi Instant Access Savings Account, you must deposit it into the LemFi Instant Access Savings Account.

5.2 Subject to section 5.4, all amounts received electronically by us before 11:59:59pm on any working day will be cleared on the day of receipt and interest is calculated from that day.

5.3 We will return any funds received from an account other than your Nominated Account.

5.4 There may also be times when we have to stop money coming into your LemFi Instant Access Savings Account for legal or regulatory reasons or where we reasonably believe that accepting the credit may damage our reputation.

6. Withdrawing money from your LemFi Instant Access Savings Account

6.1 You can make payments from your LemFi Instant Access Savings Account only to your Nominated Account.

6.2 You can give us instructions and consent to a payment from the LemFi Platform by providing all the information requested.

6.3 Subject to section 7, payment instructions authorised through the LemFi Platform will be processed immediately. Your funds will usually be received into your Nominated Account within 2-3 hours of your instructions.

6.4 As we start processing your payment instructions immediately, it is not possible to cancel your instructions once they have been made.

7. When we won’t make payments or can delay payments

7.1 You will not be able to submit a payment instruction through the LemFi Platform unless you have provided all the information required, including telling us when the payment should be made.

7.2 We will follow your payment instructions, unless:

  • we need to ask you for further information to complete the payment and you don’t provide it to us;

  • you don’t have enough money in your LemFi Instant Access Savings Account to make the payment;

  • the payment transaction is less than the minimum of £1.00, or the payment would result in the balance of your LemFi Instant Access Savings Account being less than £1.00;

  • we reasonably believe that you did not give the instruction or that it could be fraudulent or related to criminal activity;

  • we think the instructions are unclear;

  • we reasonably believe that making the payment would cause us to breach any law or regulation that applies to us; or

  • you have broken any of these Terms and Conditions.

7.3 Sometimes we or LemFi need to make checks or ask you for further information before we can carry out a payment instruction, which may delay the payment.

7.4 Unless we are prevented by a legal, regulatory or security reason, you will be notified through the LemFi Platform when an instruction has not been followed. Where possible, we will tell you why this has happened and how you can resolve the issue.

8. Interest

8.1 You will receive interest on funds held in your LemFi Instant Access Savings Account.

8.2 The interest rate applicable to your LemFi Instant Access Savings Account varies and tracks at a fixed margin below the Bank of England base rate (“Tracking Rate”). This means the Tracking Rate will change in line with the increase or decrease in the Bank of England base rate. The applicable Bank of England base rate can be found here:https://www.bankofengland.co.uk

8.3 The Bank of England base rate can change at any time. If it does, the resulting change to the Tracking Rate applicable to your LemFi Instant Access Savings Account will take effect without notice from the day after the Bank of England announces the change. Neither we nor LemFi have to give you prior notice of this change coming into effect but LemFi will notify you within 30 days of it taking effect.

8.4 You can always see the applicable Tracking Rate on the LemFi Platform and in the latest Summary Page provided to you by LemFi. LemFi may vary the Tracking Rate applicable to your LemFi Instant Access Savings Account in accordance with the LemFi Terms and Conditions for LemFi Instant Access Savings Accounts. If LemFi decreases the Tracking Rate, you will be given 14 days’ notice before the change comes into effect, unless such decrease is due to a reduction in the Bank of England base rate.

8.5 Interest is calculated on a daily basis on cleared funds in your LemFi Instant Access Savings Account and is paid monthly in accordance with the LemFi Terms and Conditions.

8.6 All interest is paid gross i.e. without any deduction for tax.

8.7 Where an interest payment period incorporates the leap year day of 29th February, the daily interest will be calculated to include that extra day. This means that the interest credited to your account may differ at these times.

8.8 If we receive funds from an account specified in section 4.4 on a working day, we will start paying interest on that deposit from that working day.

8.9 Any funds received before 11:59:59pm (UK time) will be credited to your LemFi Instant Access Savings Account on that day and we will not pay interest on that deposit until it is credited.

8.10 Interest is earned up to and including the day prior to withdrawal of funds or closure of the LemFi Instant Access Savings Account.

8.11 The Tracking Rate may be varied in accordance with the LemFi Terms and Conditions.

8.12 From time to time, separately from, and not as part of, the services we provide to you, LemFi may award or give you directly cash bonuses, rewards, other promotions, or incentives pursuant to the LemFi Terms and Conditions which you should check for full details concerning such awards or gifts.

9. Fees and charges

9.1 We do not charge you fees for using your LemFi Instant Access Savings Account.

9.2 There might be costs, fees, charges, or taxes that you have to pay that are outside of our control and not charged by us. For example, LemFi may charge for the services it provides. Please also check with your Nominated Account provider for any fees or charges applicable to their services.

10. Information about your account

10.1 You can view your LemFi Instant Access Savings Account balance at any time by accessing the LemFi Platform.

10.2 Information about your LemFi Instant Access Savings Account, including details of payments into or out of your LemFi Instant Access Savings Account, are available to view and can be downloaded through the LemFi Platform. We suggest you download this information for your own records.

11. Keeping your account safe

11.1 You must take reasonable steps to keep safe any security details relevant to the access and use of your LemFi Instant Access Savings Account, such as any passwords or PINs used to access the LemFi Platform, and you should never share your security details with anyone. If someone makes an unauthorised payment out of your LemFi Instant Access Savings Account because you have failed to keep safe your security details, we will not normally refund the payment.

11.2 If you think that someone might have unauthorised access to your security details, or your account security has been compromised then you must let LemFi know as soon as you can. You can contact LemFi (through the live chat or the secure messaging system in the LemFi Platform or through the methods within it). In these circumstances, your access to your LemFi Instant Access Savings Account may be suspended until we are satisfied that there is no longer a security risk, or your login details may be reset.

12. Reporting unauthorised payments

12.1 You should check your monthly statements and transaction history through the LemFi Platform on a regular basis to identify any potential unauthorised access to or use of your LemFi Instant Access Savings Account and to check for transactions which you do not recognise.

12.2 If you think a transaction that was not authorised by you has been processed or that a transaction has not been carried out in accordance with your instructions, you must contact LemFi immediately through the LemFi Platform or via telephone at +442045795921.

12.3 If we need to tell you that there has been (or we suspect there has been) fraudulent activity on your LemFi Instant Access Savings Account or that the security of your LemFi Instant Access Savings Account may be at risk, we will contact you using the contact details registered to your LemFi Instant Access Savings Account.

13. Blocking access to your account

13.1 We can stop or suspend your ability to access your LemFi Instant Access Savings Account and/or to make payments from your LemFi Instant Access Account if, for example:

  • you have broken any applicable law, or the law requires us to;

  • we reasonably suspect fraud or unauthorised use;

  • we reasonably believe this is necessary to protect your LemFi Instant Access Savings Account;

  • you have broken any part of these Terms and Conditions; or

  • you are no longer able to access the LemFi Platform because LemFi has suspended or terminated your access in accordance with the LemFi Terms and Conditions.

13.2 Unless we are prevented by a legal, regulatory or security reason, we will normally tell you before or immediately after blocking access to your LemFi Instant Access Savings Account and, if possible, explain why this has happened. We will do this via the LemFi Platform, or we will email you using the contact details registered to your LemFi Instant Access Savings Account.

14. If something goes wrong

14.1 You should contact LemFi through the LemFi Platform as soon as you can if you think that a payment from your LemFi Instant Access Savings Account is incorrect or unauthorised, or if security details relating to your LemFi Instant Access Savings Account have been lost or stolen. If, in any event, you don’t tell us within thirteen (13) months, then you might not be entitled to a refund.

14.2 Subject to section 15.1 above, the table below shows what we (or LemFi or another subcontractor acting on our behalf) will do when something goes wrong
| What went wrong | Our liability to you |

What went wrong? Our liability to you
We incorrectly made a payment out of your LemFi Instant Access Savings Account – because we didn’t send it to your Nominated Account. We will refund the payment amount and any charges linked to that payment.
A payment from your LemFi Instant Access Savings Account was unauthorised, unless:
• you’ve been deliberately or grossly negligent with your security details; or
• we can prove you acted fraudulently.		 We will refund the unauthorised payment amount and any charges linked to that payment, except where the security details relating to your LemFi Instant Access Savings Account have been lost or stolen, we will not refund you for the first £35.

You will receive a full refund for any unauthorised payments which take place after you have notified us of the unauthorised payment or that the security details relating to your LemFi Instant Access Savings Account have been lost or stolen.
The payment you asked us to make to your Nominated Account is late due to our error.

We were late adding a payment you received to your LemFi Instant Access Savings Account due to our error.		 We will put you back to the position that you would have been in if we had not made the error.
You made a mistake and gave us the wrong payment details for a payment If you make a mistake, we will use our reasonable efforts to help fix the problem (which might mean getting your money back), but we can charge a fee for this.

If we can’t recover the payment, then we will not be able to refund the payment to your LemFi Instant Access Savings Account.

If the payment has been received by the recipient’s bank, then you will need to ask them about obtaining a refund. You can contact LemFi if you need information about the payment to help you try and recover it.

15. Refunds and other claims

15.1 If we have to give you a refund, we will do this as soon as we can and no later than the end of the next working day following the day that we receive your request. When we say working day, we mean Monday to Friday but not UK bank holidays.

15.2 In certain circumstances we may need to investigate your claim further to check that you are entitled to a refund. If we find that you are not entitled to a refund, but we have already paid it, we will reclaim the refund.

15.3 If funds are added to your LemFi Instant Access Savings Account because of a system error or a mistake, you agree that we can automatically reclaim those funds. If you believe the funds were not received by error or by mistake, you may log a complaint about this issue.

16. APP Scam Claims

16.1 There are new rules which protect victims of Authorised Push Payment (APP) scams. These rules apply to personal accounts, microenterprises, and small charities, covering Faster Payments and CHAPS. Payments made by credit/debit card, cash, cheque, or international transfer, are excluded.

16.2 If you believe you have been a victim of an APP scam, please contact LemFi immediately and provide all requested information to assist with their investigations. The LemFi will be responsible for:

  • Receiving and assessing APP scam claims;
  • Investigating the circumstances of the scam;
  • Deciding on eligibility for reimbursement; and
  • Processing and paying out valid claims.

16.3 Please note that claims must be made within 13 months of the last payment to the scammer. If you are not eligible for compensation, LemFi will explain the reasons for rejecting your claim.

17. Our general liability

17.1 Except for things in section 15 above and things which we cannot limit or exclude in respect of our liability to you at law (including liability to you for fraud or fraudulent misrepresentation, or for any of the regulatory duties we owe you), we will not be liable to you, including for any of the following:

  • losses you incur for loss of business, loss of profits, or damage to any goodwill;
  • loss where you have acted fraudulently or with intent or gross negligence;
  • loss where you have given us details which are wrong or insufficient (for example, the wrong payee
    details);
  • loss where you are in breach of these Terms and Conditions;
  • losses arising because we have not followed an instruction from you for a reason we give in these
    Terms and Conditions;
  • losses we could not reasonably have predicted at the time when you opened your LemFi Instant
    Access Savings Account; or
  • losses arising from us, or our subcontractors, being unable to provide our services in accordance
    with these Terms and Conditions because of abnormal and unforeseen circumstances beyond our
    reasonable control, such as strikes, the failure of any payment scheme we use, or extreme weather.

18. Changes

18.1 Why we can make changes
We can amend these Terms and Conditions if:

  • we are making changes to the way the LemFi Instant Access Savings Account operates or its features, or we are introducing new services relating to the LemFi Instant Access Savings Account, including changes to technology, the systems we use or our relationship with other providers that help us to run the LemFi Instant Access Savings Account;
  • it is necessary to comply with a change in law, regulation, or related guidance, or to reflect changes in the banking industry standards or market practice.

If we need to change these Terms and Conditions for any other reason, notice of the change and the reasons why will be provided to you by LemFi (subject to section 19.2 below).

18.2 Telling you about changes

Except as set out in section 8, we will usually give you 30 days’ notice of any changes to these Terms and Conditions, other than changes to the Tracking Rate which applies to your LemFi Instant Access Savings Account which will be notified to you in accordance with the LemFi Terms and Conditions for LemFi Instant Access Savings Accounts. The date when the change will take effect will be included in the notice. In some cases, you may not be notified in advance of a change being made, for example:

  • if we reasonably think that the change benefits you (for example we introduce a new service);
  • if we make a change to comply with law, regulation or related guidance and we are not reasonably
    able to provide advance notice; or
  • if there are minor changes to your LemFi Instant Access Savings Account or the way it operates
    that do not affect the quality of the service, your LemFi Instant Access Savings Account functions
    or your rights under these Terms and Conditions.

18.3 If you are not happy with the changes
If you do not want to accept the changes, you can close your LemFi Instant Access Savings Account through the LemFi Platform at any time before the change takes place, by contacting LemFi.

19. Closing your account

19.1 You can close your LemFi Instant Access Savings Account at any time via the LemFi Platform. If you close your LemFi Instant Access Savings Account, you will need to withdraw all funds from the LemFi Instant Access Savings Account prior to closing it.

19.2 If you are closing your LemFi Instant Access Savings Account within fourteen (14) days of opening it, and you have paid us any fees, we will refund them.

19.3 We can close your LemFi Instant Access Savings Account and end these Terms and Conditions by giving you one month’s notice where we need to do so in accordance with applicable law or our agreement with LemFi. If we close your LemFi Instant Access Savings Account, LemFi will send the funds in the LemFi Instant Access Savings Account to your Nominated Account prior to closing it.

19.4 If you have not funded your LemFi Instant Access Savings Account within one month of opening it, we can close the account without notice.

19.5 We may, however, end these Terms and Conditions immediately and close your LemFi Instant Access Savings Account if any of the following happen:

  • we have reasonable grounds to suspect there has been (or if we know there has been) fraudulent or criminal activity on your LemFi Instant Access Savings Account;

  • you have seriously or repeatedly broken any of these Terms and Conditions;

  • you fail anti-money laundering or other identity checks we conduct on you;

  • we reasonably think that you might put us in breach of law or regulation;

  • we discover that any of the information you have provided is false or misleading; or

  • your agreement with LemFi comes to an end.

20. Complaints

20.1 If you would like to make a complaint in relation to your LemFi Instant Access Savings Account, you should contact LemFi in one of the following ways:

  • By phone on +44 204 579 5921
  • By using LemFi’s Live-Chat or secure messaging system on the LemFi Platform
  • By email to the following address: contact@lemfi.com

20.2 More details about the complaints handling process are available from https://www.lemfi.com/legal/complaints-policy

20.3 If the complaint is not resolved to your satisfaction, or you have not received a final response within 8 weeks from making your complaint, then you may be able to complain to the Financial Ombudsman Service (FOS) at: http://www.financial-ombudsman.org.uk. You can also call or write to the FOS on 0800 023 4567 or at Exchange Tower, Harbour Exchange, London, E14 9SR.

20.4 Further information about your eligibility and the details of the service can be obtained from the FOS website.

20.5 Alternatively, you can contact the Centre for Effective Dispute Resolution Service and seek advice about an alternative way to resolve your dispute. Contact details for the Centre for Effective Dispute Resolution are:

  • By post to Consumer Complaints, 70 Fleet Street, London, EC4Y 1EU.
  • By phone at 0207 520 3800
  • By email to applications@cedr.com

21. Financial Services Compensation Scheme

21.1 ClearBank is covered by the Financial Services Compensation Scheme (FSCS), which is the UK’s deposit guarantee scheme. If we are unable to meet our financial obligations, you may be entitled to compensation from the FSCS.

21.2 The FSCS only protects certain depositors and there are maximum limits on the amount of compensation that can be claimed. More information is available on our FSCS Information Sheet at https://clear.bank/fscs-protection

22. Using your personal information

22.1 By agreeing to these Terms and Conditions, you are providing your explicit consent to us processing your personal data for the purpose of providing the LemFi Instant Access Savings Account services to you. This does not affect any rights and obligations you or we have under data protection legislation.

22.2 For further information regarding our use of your personal data and your associated data protection rights, please refer to our Privacy Policy which can be found here https://clear.bank/privacy-notice and the LemFi Privacy Policy which can be found by following this link:https://www.lemfi.com/legal/savings/privacy

23. Sharing information about you with tax authorities.

23.1 In certain circumstances, we may be required by law or applicable regulations to share information about your accounts with the UK tax authorities. The tax authority we share the relevant information with could then share it with overseas tax authorities by virtue of applicable international data sharing agreements or as otherwise required by applicable law. If we require additional information from you for these purposes, you must provide such.

24. Other terms

24.1 We may transfer our rights and obligations under these Terms and Conditions to another company within the ClearBank group of companies at any time where we reasonably believe you will not be treated less favourably as a result of the transfer. We will give you two (2) months’ prior written notice of this.

24.2 You cannot transfer any of your rights or obligations under these Terms and Conditions unless we have agreed this with you in writing.

24.3 We may delegate the performance of any of our obligations under these Terms and Conditions to another person. Even if we have delegated, we will still be responsible to you for our obligations under these Terms and Conditions.

24.4 If a court or relevant authority decides that we can’t rely on a particular part of these Terms and Conditions, then this will not stop the rest of the Terms and Conditions from applying to you.

24.5 These Terms and Conditions are between you and us, and no other person shall have a right to enforce any of the provisions of these Terms and Conditions.

25. Governing Law and Jurisdiction

25.1 These Terms and Conditions and all matters arising out of the use of your LemFi Instant Access Savings Account are subject to English law and the courts of England and Wales have exclusive jurisdiction.