FAQs

ClearBank is the UK’s first new clearing bank in more than 250 years. ClearBank provide the regulated banking infrastructure behind your account. While you access your account through LemFi, your money is securely held at ClearBank.

ClearBank is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA. This means ClearBank must meet strict regulatory standards on how it looks after your money.

LemFi Instant Access Savings is currently available exclusively in the United Kingdom in GBP for personal accounts to all eligible customers, whether new or existing, without any fees for opening or managing these accounts. Please note that LemFi does not offer joint accounts at this time.

• You're a resident of the United Kingdom only.
• You are 18 years or older.
• You need to have a valid identity document.

In the LemFi mobile app:

• Go to 'Home' on the bottom menu
• Click 'Savings' in the services section
• Click on 'Add new savings' and select the savings type
• Follow the steps to set up your account

Your savings account allows you to save as little as £1 and as much as £250,000. Keep in mind that deposits go through your LemFi currency account, which may have its own transaction limits. For more information, visit our Savings T&Cs.

You can only pay into your savings account using your main LemFi currency account; Only one-off payments into your LemFi Savings Account are supported at the moment. To add money to your LemFi savings account, you need to first set up a LemFi Savings account and accept the Savings T&Cs.

One-time deposit:

• Go to 'Home' on the bottom menu
• Click 'Savings' in the services section
• Choose your Savings account
• Below your balance, Click 'Add money'
• Input the deposit amount and tap 'Add money'

Set up recurring deposits - Coming soon:

• Go to 'Home' on the bottom menu
• Click 'Savings' in the services section
• Choose your Savings account
• Scroll down and select 'Smart Autosave'
• Set the start date and frequency
• Follow the steps to set the amount

Interest accumulates daily and is paid out monthly. This account operates through our partner bank, ClearBank. If you maintain multiple LemFi Instant Access Savings accounts, each one corresponds to a separate Savings account with ClearBank, resulting in individual interest payments for each account.

The interest rate applicable to your LemFi Instant Access Saving Account varies and tracks at a fixed margin below the Bank of England rate (“Tracker Rate”).  The applicable Bank of England base rate can be found here: Bank of England's website. LemFi reserves the right to modify both the margin and the overall interest rate based on the Bank of England’s base rate and market conditions; please refer to our Terms and Conditions for more details.

Interest starts accruing once funds reach the partner bank. For LemFi Instant Access Savings accounts via ClearBank, deposits usually settle immediately, so you begin earning interest from the next business day.

LemFi does not withhold taxes on the interest income you earned. It is your responsibility to handle your legal obligations and tax affairs, including necessary filings, tax payments, and compliance with applicable laws and regulations.

You are responsible for any claims related to reductions or exemptions from withholding taxes. If you have any questions, it is advisable to seek guidance from an independent, qualified tax adviser.

You can view your Savings account statements in the app to obtain a detailed summary of the interest earned, which can help you with your reporting.

To download a statement for an active Savings Account from the LemFi mobile app:

• Log in to the LemFi app
• Go to your 'Savings Account'
• Tap 'More'
• Select 'Statement'
• Select the period for which you want to create a statement.
• Tap "Generate"

To withdraw from a Savings account in the LemFi mobile app:

• Log in to the LemFi app
• Go to your 'Savings Account'
• Tap ‘Withdraw’
• Enter the amount and confirm your withdrawal using your transaction PIN or a selfie.

Withdrawals to your main currency account are free and instant.

Most withdrawals from your LemFi Instant Access Savings Account reach your account in 2-3 hours. Every deposit and withdrawal will be reviewed through automated systems. Certain payments require manual review, which may take longer than the usual instant processing. We understand this can be frustrating; however, these checks are implemented to ensure compliance with legal and regulatory requirements. For more details, please refer to the Terms and Conditions.

Currently, there is no limit on the number of withdrawals you can make from your savings account.

Every deposit and withdrawal is reviewed through automated systems. Some payments may require manual review, which can take longer than the usual instant processing. We understand this may be frustrating; however, these checks are in place to protect our customers and ensure compliance with legal and regulatory requirements. For more information, please refer to the Terms and Conditions.

A vulnerable customer is someone who, due to circumstances such as age, disability, illness, financial hardship, or major life events, may require additional support to manage their finances effectively and safely. LemFi is committed to supporting vulnerable customers by offering clear communication, accessible services, and dedicated assistance. Our team is trained to recognise when extra help is needed and to provide tailored solutions, ensuring every customer can confidently access and manage their accounts. For more information, visit our Support page.

A tracker rate follows the Bank of England (BoE) Base Rate. When the BoE changes its rate, yours moves automatically by the same amount.

If the BoE Base Rate rises: You earn more interest on your savings.

If the BoE Base Rate falls: Your rate will decrease, but the "margin" (the difference between the Base Rate and your rate) stays the same.

Your bonus is a fixed 1.96% boost added directly to our tracker rate. This gives you a total current rate of 5.00% AER.

Your 6-month (183-day) bonus period kicks off the second you activate the Bonus Plan in your app.

Once your 183-day boost expires, your account will automatically move to our Standard Tracker Rate (currently 3.04% AER). You don’t need to lift a finger, we’ll handle the switch for you so your money keeps earning interest without interruption.

Current customers must manually upgrade to the Bonus Plan via the app. We don’t switch you automatically because the 183-day countdown only starts when you’re ready. Just review the terms we’ve sent by email, opt-in, and your 5.00% AER rate kicks in instantly.

• Your savings rate automatically adjusts when the Bank of England changes the Base Rate
• Rate changes happen immediately after Bank of England announcements
• No surprises - you can see upcoming rate changes by following Bank of England communications
• If we change the margin (separate from base rate changes) and that lowers your interest, we’ll always give you 14 days’ notice before it takes effect.

• Tracker rate: Automatically follows the Bank of England Base Rate - when it goes up or down, so does your savings rate
• Variable rate: Can be changed at the provider's discretion at any time, regardless of what happens to official rates