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Comments
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I have 10. I must have misread a reference to 15 somewhere.
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Any more thoughts on Lemfi, I wonder??? I've registered on the app, but the savings account isn't showing as available for me... but perhaps I have to fund the main account/wallet first? Or maybe I should just keep my other 'traditional' savings accounts and delete the Lemfi app??!! 😂 The interest rate gain for me would be approx. 0.5%. 🤔
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May be they have withdrawn the account whilst they are busy working out the correct amount of interest a 5% AER account pays after 6 months? Just a guess 😂
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Yep, need to fund before the savings product appears.
I stuck a tenner in there more out of curiosity than as a serious savings contender. Don't think I'll be taking it further unless their rate suddenly becomes very attractive.
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The rate is attractive for me having maxed out various other options - so yes, at first the savings account option didn't appear for me but it did after a few hours. I did a couple of test transactions in and out and then transferred a chunk (not all) of my savings over, but now I am unable to withdraw anything because when I go to the savings section, it just says "Error. Something went wrong, please […] refresh", and of course refreshing doesn't help. It does still show the correct amount deposited, I just can't interact with any of the interface that would allow me to make a withdrawal. I've sent support a message and await a response (haven't tried calling them as I do not require immediate access).
So, if you are of a nervous disposition, don't touch it with a bargepole, and whatever the case, certainly don't put all your savings in it without first verifying that it operates reliably over the course of an extended time period. Good luck!
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@Mr._H_2 Thank you. I hope you get it sorted promptly. It's a useful test of Lemfi's support service, at least! Please let us know how you get on.
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Update on LemFi: I haven't heard back from support, but I tried installing the app on my wife's phone and everything worked fine. So I deleted and re-installed on my phone and all is well again.
When it's working, transfers in and out are speedy, but so far I have only tried on working days. It also looks like I could configure it to be able to send to multiple different bank accounts, which is a feature that some savings accounts lack (many only allow transfers out to a single linked account).
As primarily a money transfer app, they also have daily/weekly/monthly money transfer limits for both inbound and outbound transfers which may be problematic for some people; I do not know what the prospects are for having those limits increased (as in, can you just ask them to increase your limits, or are the limits fixed for everyone?)
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Thanks for the update. Do you know what the transfer limits are? - I was thinking of giving this a go for the 5% savings.
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Assuming the limits are not personalised, outbound
Single txn limit - £10k
Daily - £10k
Weekly - £20k
Monthly - £40k
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Sure, for me the limits are:
Any single transaction in or out: £10k
Daily: £10k
Weekly: £20k
Monthly: £40k
Limits are the same for in/out and are independent (e.g. receiving £5k doesn't affect your outgoing limit)
There is a section in the app that shows clearly what your remaining amounts are under each limit.
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