13 docs tagged with "bank accounts"

Account statuses

This guide will show you how to close a bank account via the API. It covers all types of bank accounts.

Commission is an incentive that Griffin pays to you based on the balances that your customers hold with Griffin. We pay this to our customers to give a share of the value that we earn on deposits held, and to incentivise our customers to grow their deposit base with us. Commission behaves a lot like interest except that commission is not paid to the owner of the account, but to the Griffin customer that controls the account.

Our dedicated and pooled models only apply to safeguarding accounts and client money accounts.

Interest is money that you earn on your funds that you hold with Griffin. It is based on the amount of money you hold with us and the interest rate on the account that holds the funds.

Pooled safeguarding or client money accounts are used to hold money on behalf of multiple customers, also known as members of the pool. You are responsible for making sure membership of the pooled account is accurate and up-to-date.

A client money account is for managing your customers' funds. Only firms regulated under CASS (the FCA's Client Assets Sourcebook) can open client money accounts. You can choose to open a dedicated account for each of your customers, or a pooled account for holding funds from multiple customers. Learn more about bank accounts.

A safeguarding account is for managing your customers funds. Only firms regulated as Electronic money institutions (EMIs) and payments institutions (PIs) in the UK can open safeguarding accounts. You can choose to open a dedicated account for each of your customers, or a pooled account for holding funds from multiple customers. Learn more about bank accounts.

A savings account enables you to offer savings products to your customers. Learn more about savings accounts.

An operational account is a bank account for managing your organisation's own funds. Learn more about bank accounts.

When you open a bank account with Griffin, you need to tell us who has what rights and permissions regarding that account.

Typically Faster Payments are sent immediately after they have been submitted, and received in the creditor's account shortly after that. Withdrawal schedules introduce a delay between payment submission and the payment being sent.

Your primary account is your first bank account with Griffin. It is opened automatically when we set up your organization, and will stay open for as long as you're a Griffin customer. It is the basis of your banking relationship with us and has some unique features, in addition to acting as a standard operational account.