Wealthify selects ClearBank as its embedded banking partner to launch new savings account
ClearBank Ltd., the enabler of real-time clearing and embedded banking for financial institutions, today announces its partnership with digital investment platform Wealthify, which has enabled the company to launch its first Instant Access Savings Account.
The partnership allows Wealthify to provide this innovative savings account to its customers. The account tracks the Bank of England’s base rate and currently offers an interest rate of 4.91% AER (Annual Equivalent Rate) / 4.80% gross*.
Founded in 2016 and backed by Aviva, Wealthify is an app and web-based wealth platform which in addition to its savings account offers a range of investment products, including Stocks and Shares ISAs, Junior ISAs, Self-Invested Personal Pensions, and General Investment Accounts—all of which are managed by a team of investment experts.
ClearBank does not lend, provide credit or invest and all sterling client funds are held at the Bank of England. Eligible funds held in a Wealthify savings account can be protected by the FSCS up to £85,000**.
“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. 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.”
* Rates correct at date of going to press
** £85,000 FSCS protection is aggregated for all accounts a customer holds with ClearBank. Any deposits held above the limit are unlikely to be to be covered.