SUMMARY BOX - LEMFI INSTANT ACCESS SAVINGS ACCOUNT (Powered by ClearBank)
| Account Name | LemFi Instant Access Savings Account powered by ClearBank |
| What is the interest rate? | Interest is payable on this account. The LemFi Instant Access Savings Account interest rate is based on the Bank of England base rate. The interest rate is variable and currently set at 3.66% gross p.a. (before tax), which tracks at a margin of 0.32% below the Bank of England base rate. The Annual Equivalent Rate (AER) is 4.00%, which illustrates the interest rate if it were paid and compounded. To monitor the Bank of England base rate, visit www.bankofengland.co.uk. LemFi reserves the right to vary the interest rate depending on market conditions. For a full list of reasons for an interest rate change, see our Terms and Conditions. Interest is accumulated daily based on the cleared funds in your account (as determined by ClearBank). This interest is then paid monthly on a gross basis. ClearBank will pay the interest accumulated within the calendar month directly to your Savings Account within 3 working days of that month's end. If you close your Savings Account mid-month, ClearBank will calculate the interest up until the day before you close your account, before paying it into your account. Your Savings Account won’t be closed until the remaining balance is sent to your LemFi GBP wallet. |
| Can LemFi change the interest rate? | The rate will automatically track the Bank of England base rate, minus a margin, currently 4.25%. LemFi also reserves the right to vary the margin in line with the Terms and Conditions. No notice is required if we’re decreasing the size of the margin (passing more interest on to you). We will, however, provide 14 days’ notice if we’re increasing the size of our margin (passing less interest on to you). When moving in line with Bank of England base rate changes (either up or down), no notice is required. |
| What would the estimated balance be after 12 months based on a £1,000 deposit? | Interest rate AER (Tracker rate): 3.66% Balance after 12 months: £1036.60 The interest rate is based on the current interest rate available on the account as of 1 December 2025. This projection is provided for illustrative purposes only and does not consider your individual circumstances. It assumes that £1000 is deposited in the account at the time it's opened, and that no further deposits or withdrawals are made. |
| How do I open and manage my account? | To be eligible to open and manage an Instant Access Savings Account, you must be, and continue to be: - A resident of the United Kingdom only - At least 18 years or older - Have a valid identity document You can apply for and manage your Instant Access Savings Account only via the LemFi app. The minimum balance required to open an account is £1. If your account has had a zero balance and no positive balance for at least the last three months, we may give you one month’s notice before closing the account. If no funds are added during this period, we may terminate your account once the notice period expires. The maximum amount you can hold is set at £250,000. Please note that only one account is allowed per customer. If you need more information about the account, including how to open one, you can send us a secure message from your LemFi account on the LemFi app, or call our team on +44 204 579 5921. |
| Can I withdraw money? | You can access your funds at any time, without restrictions, via the app or website. Payments can take up to 3 hours and any funds will be paid into your nominated bank account. You'll need to keep £1 in the account to keep it open. |
| Additional information | LemFi is not a bank, and we don’t have physical branches. LemFi does not provide financial advice. Our Instant Access Savings Account is powered by ClearBank. Customers with an Instant Access Savings Account are introduced to ClearBank, with their deposits held by ClearBank as a ClearBank Customer. LemFi does not possess the client’s Instant Access Savings Account at any time. Customers can only view and manage their Instant Access Savings Account held with ClearBank via their LemFi service. Customers are also LemFi customers, in that they sign up to LemFi’s Terms and Conditions. Depending on personal circumstances, you may have to pay tax on the interest to HM Revenue & Customs. Please seek professional tax advice if you are unsure about your tax position. AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and compounded once each year. Across all your ClearBank products, up to £85,000 is protected by the UK Financial Services Compensation Scheme (FSCS). More information. |
Please note that the calculation is for illustration purposes only. The interest rate on an Instant Access Savings Account is variable and therefore the total could be more or less than shown here depending on whether rates rise or fall. This calculator assumes the interest rate does not change during the period of time selected and that no withdrawals are made. The calculations shown include the total amount of interest earned as part of your total savings and include compound interest. The tax treatment of your savings will depend on your individual circumstances and may change in the future.
