Business savings account:

GBP Savings (Powered by Griffin Bank LTD)

The current interest rate on this account is 3.56% 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 (“base rate”). The interest rate you receive is equal to the base rate (gross) minus 1% (the “margin”), as determined by TransferGo Ltd.
To monitor the Bank of England base rate, visit www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate
If at any point the base rate is equal to or below the margin, the interest rate you will receive will be 0.00%. 
Interest 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.

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’ 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.

Initial deposit: £1000 
Interest rate AER (variable): 3.56%
Balance after 12 months: £1035.60

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

To qualify for an easy access savings account, you must be:
-16 years or over
-An individual, limited company, or sole trader 
-A UK resident and taxpayer

In addition, we cannot provide bank accounts to companies that fall outside of Griffin’s eligibility criteria. 
You 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 £250,000.

If you need more information on the account—including how to open one—you can contact us at hello@transfergo.com.

You can close your savings account at any time.

Yes, you can withdraw funds at any time. Withdrawals may not reach your account until the next working day. 

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

Withdrawals are free.

You can withdraw funds via our website.

Our TransferGo Savings Accounts are provided by Griffin. Griffin Bank Ltd (“Griffin”) 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’s 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)  and the Payment Services Regulations 2017 (PSRs) (FRN: 991295).

Across all your Griffin products, up to £85,000 is protected by the UK Financial Services Compensation Scheme (FSCS). Learn more about Griffin’s deposit protection.

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.

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’re registered, go to the main account page and simply click ‘Open a savings account’. After accepting the terms and conditions, you’re all set to top up your account and start savings.

Yes, our business savings account is covered by the FSCS, which protects up to £85,000. 

We also employ high-grade security measures, are regulated by UK and EU law, approved by the FCA—plus, our customer support team speaks nine languages and is available to answer any calls or emails.

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.

Right now, we only offer one business savings account per business, in GBP. However, we plan on introducing multi-currency savings options—meaning you’ll be able to build your savings across a range of currency balances.

Your account’s interest rate is variable as it tracks the Bank of England base rate—so, 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’s base rate changes, you’ll receive 14 days’ notice.