LemFi, the financial platform designed for immigrants, has launched a new Instant Access Savings Account in the United Kingdom, marking a major step in its mission to create a full financial ecosystem for global migrants. The product — powered by ClearBank — allows users to earn interest daily and get paid monthly, directly within the LemFi app.
The rollout begins in the UK, where LemFi serves a growing user base of over 2 million global customers. The move integrates savings into the same app customers already use for international transfers, allowing them to grow money and manage cross-border finances in one place.
A Savings Product Built for Immigrants
The new savings account is backed by ClearBank, a fully regulated UK financial institution. Eligible deposits are protected up to £85,000 under the FSCS, offering users secure and reliable savings infrastructure.
At launch, LemFi is offering a 3.92% interest rate, one of the most competitive rates in the UK for instant access accounts. This compares to the national average of 2.27%, giving immigrants access to significantly higher returns. The rate currently tracks the Bank of England base rate, with plans to switch to a variable rate structure to remain competitive.
The launch targets a critical gap in the UK’s financial system. More than 5 million people are considered “credit invisible”, with immigrants disproportionately represented. While immigrants sent £9.3 billion in remittances from the UK in 2023 alone, many still lack access to convenient savings tools or credit products suited to their unique financial realities.
Part of a Larger Financial Roadmap
The savings feature is the latest addition to LemFi’s growing suite of immigrant-focused financial services. The company plans to expand further with LemFi Credit, designed to help newcomers build and access credit using alternative assessment methods and international credit histories.
LemFi’s alternative credit scoring technology also powers Send Now, Pay Later (SNPL) — a product that allows users to send money home while accessing flexible repayment options.
The savings account has already shown strong demand. Since entering private beta in August 2025, more than 7,000 customers have used the product.
Leadership Commentary
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, added:
“Banking should be accessible to everyone. By pairing ClearBank’s secure, real-time infrastructure with LemFi’s deep understanding of immigrant needs, we are delivering transparent, everyday financial solutions that expand access and inclusion.”
