The interest you earn on your Communion savings account
With a Communion savings account you currently earn 4.34% AER. Interest is accrued and paid daily. You can can view your current interest rate in the Money section of your app. You can see how much interest you've accrued in your monthly statement. You'll find this in Money > Manage your money > Activity and statements > Get statement.
The interest rate is variable and subject to change. If your interest rate changes, we'll give you 14 days notice in the app. If the rate increases, we will inform you within 30 days of the change being made.
In addition to the standard rate of interest, Communion offers rate boosts of up to 5.6%.
Community bonus: Communion allows members to boost their standard interest rate when their friends join the app. Here's how it works: for every friend you invite who creates a Communion account and deposits £1, you will each receive a 1% boost to your standard interest rate. You can invite a maximum of 5 friends, totalling a maximum boost of 5%. The boost applies to the first £5,000 of any balance you have with Communion, and it lasts for 1 year — as long as the invited member remains a member of Communion during that time.
Savings streaks: Communion also pays bonuses for completed Savings Streaks. Members can currently earn an additional 0.5% by completing a 10-day savings streak (10 consecutive days of saving £1).
Rewards: Communion currently offers a welcome boost of 0.1% for all new members who complete account set-up and deposit their first £1 into their Communion savings account.
Communion bonuses are paid into your Communion savings account, at the end of each calendar month once the bonus amount totals £1 or more. Communion bonus interest totalling less than £1 will roll over to the following month until it totals £1 or more.
Communion reserves the right to remove the bonus at one month's notice at its discretion.