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.
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 GBP 85,000 (USD 107,000) in protection for eligible funds kept in a Wealthify savings account.
Commenting on this launch, executives from the wealthify said that the way people save has evolved rapidly over the last decade. People want more from their money, and choices during different economic conditions, and they’re happy to provide it to them. Their new 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.
In 2021, Tink, an Open Banking platform, has partnered with Wealthify to facilitate investment payments. Through this collaboration, Wealthify users can connect their bank accounts via Tink's technology, enabling seamless transfers for investment purposes. This integration aims to enhance the user experience by simplifying the investment process and improving accessibility to financial services.
In 2018, Wealthify has partnered with Yolt, a smart money app created by ING, to integrate their services within the Yolt app. This integration allows Wealthify customers to conveniently view their investments alongside other financial accounts such as bank, credit card, savings, and pensions within the Yolt app. Wealthify saw this partnership as a way to enhance accessibility to their investment services, comparing it to the democratisation of investing through Open Banking. The collaboration with Yolt aimed to make Wealthify's investment services easily accessible through the Yolt app's marketplace.
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