LemFi, the financial platform built for immigrants, today announced the launch of its new Instant Access Savings Account in the United Kingdom, powered by ClearBank, the enabler of real-time clearing and embedded banking.
Launching first in the UK, its 2 million+ customers will earn daily interest on their savings monthly, directly within the LemFi app, marking a significant expansion in LemFi’s mission to build a complete financial ecosystem for the global immigrant community.
With LemFi Instant Access Savings, users can grow their money in the same app they use for international transfers to simplify their financial lives.
Funds are held securely with ClearBank, a regulated UK financial institution, and eligible deposits are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
At launch, LemFi’s savings product offers one of the most competitive interest rates in the UK at 3.92%, compared to the national average of 2.27% for similar accounts. The rate is currently tracked to the Bank of England’s base rate, with plans to move to a variable rate in the near future, allowing LemFi to remain highly competitive for customers seeking flexibility and returns.
Immigrants play a vital role in the UK economy and global financial flows. In 2023, immigrants in the UK sent more than £9.3 billion in remittances to family and friends. Despite this, many lack access to convenient, trusted savings tools that align with their unique financial behaviours and cross-border needs. In addition, immigrants face significant and widespread issues when accessing credit and banking services more broadly. Approximately 5 million individuals in the UK are considered “credit invisible”, with immigrants from emerging countries disproportionately affected.
Step toward a broader financial future
LemFi’s expansion into savings is part of its roadmap to provide a full suite of financial products tailored to immigrants’ needs. This includes LemFi Credit, designed to help immigrants who traditionally struggle to access and build credit do so while also benefiting from flexible payments.
LemFi’s platform can do this by recognising international credit histories and employing alternative credit assessment methods. As well, its alternative credit scoring technology powers Send Now Pay Later (SNPL), designed to enable its customers to send money to their loved ones when they need to, and access credit safely and securely.
Since launching in private beta in August 2025, the Instant Access Savings Account has been used by over 7,000 customers, underscoring strong demand for accessible and immigrant-centred financial products.
Rian Cochran, LemFi Co-Founder and CFO, said: “Many of our users already demonstrate strong saving habits – they just need the right tools to do it confidently and securely in their new country. By embedding savings into LemFi, we’re helping our customers not only send money to family and friends, but also build stability in their new homes.”
John Salter, Chief Customer Officer at ClearBank, said: “Banking should be accessible to everyone. That belief drives our commitment to opening up financial services and fostering inclusion. The introduction of an embedded savings account with LemFi marks an exciting new chapter in our partnership. By combining ClearBank’s secure, real-time banking infrastructure with LemFi’s deep understanding of their customers’ needs, we are delivering financial solutions that are accessible, transparent and built for everyday use, empowering more people to participate fully in the financial system.”
