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CEX launches savings accounts in the UK, offering a 3.75% Intrerest Rate and FSCS deposit protection.
[CEX launches savings account in the UK, offering 3.75% Intrerest Rate and FSCS deposit protection] CEX is launching a savings account product in the UK, supported by technology from Clearbank, which will be available to some users in the UK starting November 11. According to CEX, this CEX savings account will allow eligible UK users to earn an annual variable interest rate (AER) of 3.75% on their GBP savings balance, with interest paid daily; the account supports instant deposits and withdrawals, has no minimum balance requirement, and does not have a lock-in period. In addition, CEX savings accounts are also protected by the UK's Financial Services Compensation Scheme (FSCS): if the account service provider encounters a business crisis, users' GBP balances can be compensated up to £85,000 (approximately $112,000), which is consistent with the protection standards provided by traditional banks in the UK.