Afin Bank

Who they are

Afin Bank is a new UK digital bank with a specific and genuinely interesting story behind it. It grew out of the experiences of professionals from West Africa living and working in the UK who found it difficult to access mortgages, despite strong incomes and stable employment - often turned down due to visa status or limited UK credit history. The bank is backed by WAICA Reinsurance Corporation Plc, one of Africa's largest reinsurance companies. WAICA has committed £60 million to Afin Bank, demonstrating its belief in the bank's goal of supporting an under-served customer base.

Afin Bank was incorporated in December 2020 and is still in the early stages of its journey. The bank was granted a banking licence with restrictions in October 2024 and is currently in the mobilisation phase, during which it is required to meet conditions set by the PRA and FCA to support the removal of deposit restrictions. It is a small, focused institution for now - so it is worth approaching it with eyes open.

Savings accounts

Right now, Afin Bank's savings range is slim but notable. The one product currently on offer through DepositScout is a 5-Year Fixed Term Account, paying 4.85% fixed for the full five-year term. The minimum deposit is £1,000, and interest can be paid monthly or at maturity - which gives you some flexibility in how you manage your tax position. If you are close to your Personal Savings Allowance, taking interest monthly rather than as a lump sum at the end can help spread the liability across tax years.

One thing to be aware of: deposits up to £120,000 are covered by the UK's deposit guarantee scheme - the FSCS. That is higher than the standard £85,000 limit that applies to most banks, so it is worth noting if you are depositing a larger sum.

Is it right for you?

A five-year fix at 4.85% is a competitive rate for anyone who can genuinely lock money away for the long term. The £1,000 minimum makes it accessible, and the FSCS protection to £120,000 adds a meaningful layer of reassurance.

That said, a few things are worth thinking through. Afin Bank is a very new lender, offering FSCS-protected savings products to savers with a UK passport, as well as UK residents from Ghana, Nigeria, Sierra Leone and The Gambia. Accounts appear to be opened and managed via a mobile app , so if you prefer telephone or branch banking, this probably is not the right fit. And as with any five-year fix, the key question is whether you are comfortable with that money being tied up - life has a way of changing.

If you have a chunk of savings you are confident you will not need before 2030 or so, and you want a straightforward fixed rate with solid deposit protection, Afin Bank is worth a look. If you need flexibility or a shorter time horizon, it is worth comparing the other fixed-rate options on this page.

The rate shown here is accurate as of the time of writing, but savings rates move regularly. Check the live figures on this page before making any decision.