The rate shown (2.17% APY) is what you get after fees, compounded monthly over a year. Lightyear's annual fee is 0.10% for EUR and GBP funds, and 0.15% for USD. Fund manager fees apply.

2.35% - 0.20% fees = 2.15% (2.17% when compounded).

A money market fund is a low-risk investment that aims to give you a slightly higher return than cash. Unlike most funds that invest in bonds or shares, it invests in short-term debt.

This short-term debt is bought from by governments, banks and companies with strong balance sheets and high credit ratings. In exchange, they pay interest to the fund.

Lightyear Savings allows you to invest in money market funds. As with all investments, the value can go up as well as down. The yield generated by these funds changes daily and may also move in an unfavourable direction.

The prospectuses and Key Information Documents of these funds are available in our app and website, and on BlackRock’s website.

Money Market Funds are available in Austria, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Latvia, Lithuania (EUR only), Luxembourg, Malta, Netherlands, Spain, Sweden, and the UK through BlackRock.

Through J.P. Morgan Asset Management, the product is available in Croatia, Cyprus, Greece, Ireland, Portugal, Slovakia and Slovenia.