U.K.-based Wealthify has sought out ClearBank to serve as its embedded banking partner. Online saving and investing service Wealthify will leverage ClearBank’s banking license and API to launch its Instant Access Savings Account.
ClearBank’s API offers real-time clearing access, or instant money transfers. Wealthify’s new savings account, which tracks the Bank of England’s base rate, pays out 4.91% AER (Annual Equivalent Rate), which equals 4.80% gross at the time of publishing.
Wealthify hopes the new account will help support customers in today’s cost of living crisis. “The way people save has evolved rapidly over the last decade,” said Wealthify CEO Andy Russell. “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.”
Originally founded in 2016, Wealthify demoed its online investing service at FinovateEurope 2017 and had raised $3.15 million (£2.5 million) before being acquired by financial services giant Aviva in 2020. Wealthify currently offers investment products– including stocks and shares ISAs, junior ISAs, self-invested personal pensions– and general investment accounts along with its savings accounts.
The company’s tech-forward approach leverages human intelligence. All of the investments are managed by a team of professionals. “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,” said ClearBank CEO Charles McManus.
ClearBank was founded in 2015 by former Worldpay CEO Nick Ogden. The UK-based company earned its banking license from the FCA in late 2016. While ClearBank itself does not lend, provide credit, or invest end users’ funds, the company does allow its banking-as-a-service clients to leverage its banking license to provide banking services. End customers benefit from $107,000 (£85,000) in deposit insurance from the FSCS.