ClearBank, renowned for its cutting-edge real-time clearing and embedded banking services, has announced a strategic partnership with Wealthify, a digital investment platform backed by Aviva since 2016.
This collaboration has been forged to introduce Wealthify’s first Instant Access Savings Account, a pioneering financial product that promises an attractive interest rate pegged to the Bank of England’s base rate. Currently, it offers a 4.91% AER (Annual Equivalent Rate)/4.80% gross*, catering to the evolving needs of modern savers.
Wealthify positions itself as a leader in the WealthTech sector, providing an extensive array of investment products such as Stocks and Shares ISAs, Junior ISAs, Self-Invested Personal Pensions, and General Investment Accounts, all expertly managed by its dedicated team of investment specialists.
On the other hand, ClearBank distinguishes itself by not engaging in lending, credit provision, or investments. Its primary role is to enable real-time clearing and embedded banking solutions, with all sterling client funds securely held at the Bank of England. Importantly, Wealthify’s savings account funds are eligible for FSCS protection up to £85,000**, enhancing consumer confidence in the product’s safety.
The partnership between Wealthify and ClearBank marks a significant milestone in the FinTech industry, combining Wealthify’s expertise in wealth management with ClearBank’s innovative embedded banking services. This synergy facilitates a seamless integration of savings and investment services, offering consumers a holistic view of their finances.
ClearBank CEO Charles McManus expressed his enthusiasm about the partnership, “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.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
