Lemfi

Who they are

LemFi was founded in 2020 by Ridwan Olalere and Rian Cochran, initially under the name Lemonade Finance. It was established to provide financial services to the immigrant population, many of whom were underbanked. The core model focused on multi-currency accounts and international money transfers with competitive exchange rates and zero transaction fees.

LemFi is the trading name of RightCard Payment Services Limited, which is authorised by the Financial Conduct Authority as an e-money institution (FCA reference number 900424). A partnership with ClearBank enables the company to directly hold funds within its app. That means LemFi is not a bank itself - it is an FCA-regulated electronic money institution that uses ClearBank's banking infrastructure to power its savings product in the UK.

The savings account

LemFi's one savings offering is an instant access account aimed squarely at savers who want a top rate without locking their money away. The headline rate is 5.00% AER (4.89% gross) for the first six months from account opening. After that, it switches to a tracker rate currently sitting at 3.04% AER (set at 0.75% below the Bank of England base rate), which will rise or fall in line with future BoE decisions.

Interest is calculated daily and paid monthly. There are no withdrawal penalties and no minimum term, so you can access your money whenever you need it. The minimum deposit is £1 and the maximum is £250,000. There are no fees. The account is only available through the LemFi mobile app - there is no web access - and is open to UK residents aged 18 and over with valid ID. Joint accounts are not available.

The 5.00% introductory rate is one of the strongest easy access rates on the market right now, but it is worth being clear-eyed about the cliff: once your six months are up, the rate drops meaningfully. Set a reminder at around month five so you can decide whether to stay or move your money elsewhere.

FSCS protection - and one important caveat

Your deposits are FSCS protected, but because the savings account is powered by ClearBank's banking licence rather than LemFi's own, the protection works slightly differently to a standard bank account.

Eligible deposits are protected up to a total of £120,000 by the FSCS under ClearBank's banking licence. The important detail is that this £120,000 limit applies across all accounts you hold that are powered by ClearBank - not just your LemFi account. Under ClearBank's embedded banking model, other brands can also offer FSCS-protected accounts using the same licence - for example, other fintech apps. If you hold savings in any of those as well as LemFi, your combined balances count towards the single £120,000 limit.

For most people saving well under that threshold with LemFi alone, this is unlikely to matter. But if you are depositing larger sums, it is worth checking whether any other accounts you hold also sit under the ClearBank licence.

Is it right for you?

LemFi's savings account is a good fit if you want a market-leading easy access rate, are comfortable managing everything through a mobile app, and are disciplined enough to review and potentially switch when the six-month introductory period ends.

It is less suited to savers who want a fixed rate they can forget about, a cash ISA, a regular savings account, or access via a website. There are no current account switch offers here - LemFi is a payments app first, not a high street bank. If you already use it to send money abroad, adding a savings pot is a natural extension. If you are coming to it purely for savings, just make sure the app-only experience works for you before committing.

As always, the rates shown live on this page are the most up-to-date figures - check them before you apply, as rates can and do change.