ClearBank, which enables real-time clearing and embedded banking for financial institutions, has teamed with digital investing platform Wealthify to offer its first Instant Access Savings Account.
Through the agreement, Wealthify is able to offer its clients this modern savings account.
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The current interest rate on the account is 4.91% AER (Annual Equivalent Rate)/ 4.80% gross*, which is based on the base rate set by the Bank of England.
Wealthify, a web-based and app-based wealth platform founded in 2016 with backing from Aviva, offers a variety of portfolios managed by a team of investment experts, including junior ISAs, stocks and shares ISAs, self-invested personal pensions, and general investment accounts, in addition to its savings account.
All sterling client funds stored at the Bank of England are not invested in, lent, or given credit by ClearBank.
The FSCS offers up to £85,000 ($107,000) in protection for eligible funds kept in a Wealthify savings account.
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By GlobalDataAndy Russell, CEO, Wealthify stated: “The way people save has evolved rapidly over the last decade. People want more from their money, and choices during different economic conditions, and we’re thrilled to provide it to them. Wealthify’s savings account – powered by ClearBank – offers speedy setup, a great rate, and the ability to see savings and investments all in one place – a holistic view of your finances, at your fingertips.”
“We’re delighted to announce Wealthify as an embedded banking partner and play our part in the launch of their new savings account,” added Charles McManus, CEO, ClearBank.
“For wealth management experts like Wealthify, our embedded banking offering is an efficient way for them to focus on quality customer service, without spending unnecessary time and resources on licenses or outsourced projects.”
