WeLab Bank review

The savings pay a 4% headline rate on a fixed basis, with the site median sitting at 3%. That puts this account above the middle of the savings listings on the site, which matters most for anyone depositing a lump sum and leaving it alone.

Interest is worked out on the deposit rate, the amount and the length of the term, then paid in one lump sum into the core account on the maturity date. Because the savings are fixed, the money is committed for the term, so plan any withdrawal around the maturity date.

Currency conversion is charged at 1.95%, while the site median is 0.5%. Holding more than one currency for everyday spending therefore adds a recurring cost, so the charge is worth weighing before you keep balances in several currencies.

Outbound remittances carry a fee of their own, and paying all fees upfront so the recipient receives the full amount costs more than the standard remittance charge. Alongside the 1.95% currency conversion charge, sending money out is where most of the cost sits.

Support covers email, phone and help centre, so you can email, call or read the help centre. The account itself is digital only, which means most tasks start in the app and the phone line is the quickest route when something is not working.

The account is provided by WeLab Bank Limited, based in Hong Kong and founded in 2013. A single named bank sits behind the savings, and it publishes its own regulatory disclosures for customers to read in Hong Kong.

This is a fixed rate product. The fixed rate of 4% is set when the deposit is placed and stays there for the term, so the return is known in advance but does not follow the market afterwards. That suits people planning ahead rather than those who want to move with rates.

AXI Card Tarjeta y Credito is listed at 21.59%, PayPal Colombia at 3.3% and Plazo ES at 24.19%, against the 4% headline rate here. They are different products, so the rate on its own is only part of the comparison.