{"id":167636,"date":"2025-02-27T12:32:13","date_gmt":"2025-02-27T12:32:13","guid":{"rendered":"https:\/\/wpvip.tgalpha.com\/?page_id=167636"},"modified":"2025-12-15T15:08:42","modified_gmt":"2025-12-15T15:08:42","slug":"savings-account","status":"publish","type":"page","link":"https:\/\/wpvip.tgalpha.com\/gb\/business\/savings-account","title":{"rendered":"Savings"},"content":{"rendered":"\n
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Business savings account:<\/h1>\n\n\n\n

Easy<\/mark> access, serious <\/mark>growth<\/mark><\/p>\n\n\n\n

What sets our free business savings account*<\/sup> apart? With 3.04%**<\/sup> AER\u2014compounded daily, paid out monthly\u2014your money is always growing. And with no access penalties, it\u2019s always within reach, whenever you need it.<\/p>\n\n\n\n

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Start saving<\/a><\/div>\n<\/div>\n\n\n\n
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Keep on growing<\/h2>\n\n\n\n

With our business savings account, your money is always working\u2014even when you aren\u2019t. Maximise every pound with daily compounding interest, paid out each month.<\/p>\n\n\n\n

Open your account<\/a><\/p>\n<\/div>

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GBP<\/p>\n<\/div>\n\n\n\n

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\u00a3<\/strong><\/p>\n\n\n\n

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Top up<\/p>\n<\/div>\n\n\n\n

+1000<\/mark><\/mark> \u00a3<\/p>\n\n\n\n

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Exchange<\/p>\n<\/div>\n\n\n\n

+7000<\/mark><\/mark> lei<\/p>\n\n\n\n

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Withdraw<\/p>\n<\/div>\n\n\n\n

-700<\/mark><\/mark> \u00a3<\/p>\n<\/div>\n\n\n\n

Access funds, whenever, with zero penalties<\/mark><\/h2>\n\n\n\n

Ready for the best of both worlds? Your money is growing when you leave it\u2014yet always available when you need it, whether that\u2019s to withdraw funds, move them between accounts or exchange currencies.<\/p>\n\n\n\n

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Get started<\/a><\/div>\n<\/div>\n<\/div><\/section>\n\n\n\n
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Start saving at any amount, for free<\/h2>\n\n\n\n

No conditions, no minimum opening amount\u2014with our business savings account, you can start saving from just \u00a31. Plus, we don\u2019t charge any setup or maintenance fees. <\/p>\n\n\n\n

Ready to sign up?<\/a><\/p>\n<\/div><\/div>\n<\/div><\/section>\n\n\n\n

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 Is a TransferGo business savings account right for you?<\/h2>\n\n\n\n

It doesn\u2019t matter whether you\u2019re a sole trader or managing a globe-spanning organisation\u2014our easy-access savings account is designed to scale to businesses of all types and sizes.<\/p>\n\n\n\n

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World-class security<\/h3>\n\n\n\n

Not only do we employ state-of-the-art safety measures and protocols\u2014your business savings account is covered by the FSCS, guaranteeing the protection of up to \u00a385,000.***<\/sup><\/p>\n<\/div>\n\n\n\n

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Expert support, on hand<\/h3>\n\n\n\n

Need to reach out? Highly responsive and proficient in multiple languages, our business support team puts you first, ensuring solutions as quickly and efficiently as possible.<\/p>\n\n\n\n

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Find out more<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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More than just savings<\/h3>\n\n\n\n

Make regular international business payments? Manage multiple currencies? Savings is just one aspect of our free multi-currency business account.<\/p>\n\n\n\n

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Explore the full service<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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12+ years of proven reliability<\/h3>\n\n\n\n

Trusted by more than eight million people worldwide, TransferGo is renowned for delivering consistent quality. Not only are we rated \u2018excellent\u2019 on Trustpilot, but 40% of our business clients hear about us through word of mouth.<\/p>\n\n\n\n

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Read their reviews<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n
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Ready to grow your funds?<\/h2>\n\n\n\n
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Open a business savings account<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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Looking for fast, profit-friendly international business payments?<\/h3>\n\n\n\n
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Make a transfer in minutes<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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Curious about what else we can do for your business?<\/h3>\n\n\n\n
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Explore other business solutions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
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How does TransferGo Business work?<\/h3>\n\n\n\n
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Get the ins and outs of our service<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/section>\n\n\n\n
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Savings summary information<\/h2>\n\n\n
Account name<\/summary>
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GBP Savings (Powered by Griffin Bank LTD).<\/p>\n<\/div><\/div><\/details>\n\n\n

What is the interest rate?<\/summary>
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The current interest rate on this account is 3.04% AER and is variable. AER stands for Annual Equivalent Rate and allows you to see what you could earn over the full course of a year.

The interest rate on your account is based on the Bank of England base rate (\u201cbase rate\u201d). The interest rate you receive is equal to the base rate (gross) minus 1% (the \u201cmargin\u201d), as determined by TransferGo Ltd.

To monitor the Bank of England base rate, visit bankofengland.co.uk\/monetary-policy\/the-interest-rate-bank-rate<\/a>

If at any point the base rate is equal to or below the margin, the interest rate you will receive will be 0.00%.\u00a0Interest accrues daily, based on the balance available in your account, and is paid monthly on the first calendar day of the following month.

If you close your account at any point in the month, interest accrued up until that point will be paid immediately and no further interest will be accrued.<\/p>\n<\/div><\/div><\/details>\n\n\n

Can TransferGo change the interest rate?<\/summary>
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The rate of your TransferGo Savings Accounts is variable and tracks the base rate. If the base rate changes, the new interest rate on your account will apply within 24 hours. TransferGo Ltd may also change the rate offered by altering the margin at its discretion. If the margin changes, and as a result the interest rate on your account decreases, we will give you 14 days\u2019 notice before the change takes effect.

If the margin changes, and as a result the interest rate on your account increases, we will update your rate and inform you via email.<\/p>\n<\/div><\/div><\/details>\n\n\n

What would the estimated balance be after 12 months based on a \u00a31000 deposit?<\/summary>
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Initial deposit: \u00a31000\u00a0
Interest rate (AER) (variable): 3.04%
Balance after 12 months: \u00a31035.60

This projection is based on the Bank of England base rate on 06\/02\/2025 and it assumes:
– The rate does not change over the 12 month period
– No other deposits or withdrawals are made during the 12 month period<\/p>\n<\/div><\/div><\/details>\n\n\n

How do I open and manage my account?<\/summary>
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To qualify for an easy access savings account, you must be:
– 16 years or over
– An individual, limited company, or sole trader\u00a0
– A UK resident and taxpayer

In addition, we cannot provide bank accounts to companies that fall outside of Griffin\u2019s eligibility criteria<\/a>.\u00a0You will be able to apply for and manage your savings account within the TransferGo product. You might need to provide additional information on request and agree to the Terms and Conditions of the product.

There is no minimum deposit requirement or limit on the maximum amount that can be held in the account. The maximum deposit is \u00a3250,000.

If you need more information on the account\u2014including how to open one\u2014you can contact us at hello@transfergo.com<\/a>.

You can close your savings account at any time.
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Can I withdraw money?<\/summary>
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Yes, you can withdraw funds at any time. Withdrawals may not reach your account until the next working day.\u00a0

You do not need to provide any notice before withdrawing funds.

Withdrawals are free.

You can withdraw funds via our website.<\/p>\n<\/div><\/div><\/details>\n\n\n

Additional information<\/summary>
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Our TransferGo Savings Accounts are provided by Griffin. Griffin Bank Ltd (\u201cGriffin\u201d) is registered in England and Wales (No.10842931). Griffin is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Griffin\u2019s firm reference number is 970920.

TransferGo Ltd is an authorised electronic money institution (EMI) authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (EMRs)\u00a0 and the Payment Services Regulations 2017 (PSRs) (FRN: 991295).

Across all your Griffin products, up to \u00a385,000 is protected by the UK Financial Services Compensation Scheme (FSCS). Learn more about Griffin\u2019s deposit protection<\/a>.

Depending on personal circumstance, you may need to pay tax on the interest you earn. Visit the HMRC website for more information or seek professional tax advice if you are unsure about your tax position.

The information provided in this summary box includes the key features of the account only and is not intended to be a substitute for reading the Terms and Conditions that apply to the account. The rates and information in this summary box are correct as of 06\/02\/2025.<\/p>\n<\/div><\/div><\/details>\n<\/div><\/section>\n\n\n\n

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Frequently asked questions<\/h2>\n\n\n
How do I open a TransferGo business savings account?<\/summary>
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To open a business savings account, you first need a TransferGo Business Account. Look for the sign-up button at the top-right corner of our website and follow the instructions.

Once you\u2019re registered, go to the main account page and simply click \u2018Open a savings account\u2019. After accepting the terms and conditions, you\u2019re all set to top up your account and start saving.<\/p>\n<\/div><\/div><\/details>\n\n\n

Are business savings accounts protected?<\/summary>
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Yes, our business savings account is covered by the FSCS, which protects up to \u00a385,000.\u00a0

We also employ high-grade security measures, are regulated by UK and EU law, approved by the FCA\u2014plus, our customer support team speaks nine languages and is available to answer any calls or emails.<\/p>\n<\/div><\/div><\/details>\n\n\n

What information do I need to provide to open a business savings account?<\/summary>
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If you have a TransferGo Business Account, you can open a savings account instantly.

To open a Business Account, you need to supply some personal and business details, along with supporting documentation.<\/p>\n<\/div><\/div><\/details>\n\n\n

Can I have more than one business savings account?<\/summary>
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Right now, we only offer one business savings account per business, in GBP. However, we plan on introducing multi-currency savings options\u2014meaning you\u2019ll be able to build your savings across a range of currency balances.<\/p>\n<\/div><\/div><\/details>\n\n\n

Can TransferGo change the interest rate?<\/summary>
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Your account\u2019s interest rate is variable as it tracks the Bank of England base rate\u2014so, if the base rate changes, new rates will apply within one day.

Should Griffin, our banking partner, ever change the interest rate independent of the Bank of England\u2019s base rate changes, you\u2019ll receive 14 days\u2019 notice.<\/p>\n<\/div><\/div><\/details>\n<\/div><\/section>\n\n\n\n

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*<\/sup>Easy access savings accounts are provided by Griffin Bank Ltd (\u201dGriffin\u201d). Griffin is a company registered in England and Wales (No. 10842931). Griffin is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Griffin\u2019s firm reference number is 970920.
**<\/sup>3.00%. Gross rate. Variable. Tracks Bank of England base rate.
***<\/sup>Eligible deposits up to \u00a385,000, per depositor per bank.<\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"

*Easy access savings accounts are provided by Griffin Bank Ltd (\u201dGriffin\u201d). Griffin is a company registered in England and Wales (No. 10842931). Griffin is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Griffin\u2019s firm reference number is 970920.**3.00%. Gross rate. Variable. Tracks Bank of England […]<\/p>\n","protected":false},"author":90,"featured_media":0,"parent":166673,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"business-page-template","meta":{"hideMenuColor":false,"footnotes":""},"class_list":["post-167636","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"hideMenuColor":"","_links":{"self":[{"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/pages\/167636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/users\/90"}],"replies":[{"embeddable":true,"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/comments?post=167636"}],"version-history":[{"count":16,"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/pages\/167636\/revisions"}],"predecessor-version":[{"id":841785,"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/pages\/167636\/revisions\/841785"}],"up":[{"embeddable":true,"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/pages\/166673"}],"wp:attachment":[{"href":"https:\/\/wpvip.tgalpha.com\/gb\/wp-json\/wp\/v2\/media?parent=167636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}