This feature is only available to businesses in the UK (for now—wider availability is on the way).
Do I need to pay taxes on my earnings?
You may need to pay tax if you earn interest, such as capital gains tax. This depends on your country of tax residence and personal financial circumstances. Unfortunately, we cannot provide tax advice.
Is my money protected by the FSCS?
Yes. As Griffin is a UK bank, your funds are protected by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. The FSCS covers eligible deposits of up to £120,000 per deposito...
How do you work with Griffin?
TransferGo provides savings accounts in partnership with Griffin, a UK-regulated bank.Griffin is the banking provider that powers the infrastructure behind your account.You’ll manage your account entirely thr...
What does AER mean?
AER stands for Annual Equivalent Rate. It shows you what the interest rate would be if interest was paid and compounded over a full year. It helps you compare savings accounts easily—even if interest is paid ...
Can the interest rate change?
Yes. The interest rate is variable and may change under two scenarios:If the base rate changes: Your savings account rate will adjust accordingly within 24 hours.If the margin changes:For a rate decrease, you...
What is the interest rate?
The interest rate on your TransferGo savings account is variable and currently set at 3.56% AER.This rate is based on the Bank of England base rate, minus a 1% margin.The rate is reviewed daily and updated wi...
When can I withdraw funds from my savings account?
You can withdraw funds anytime without providing notice. Here’s what to expect:No fees: Withdrawals are free.Timing: Funds will usually arrive the next working day, depending on the time of your request.How: ...
What currencies can I have in my savings account?
Currently, savings accounts are only available in British Pounds (GBP).
How do I set up my savings account?
To open a savings account with TransferGo, you'll need to:Be eligible: You must be a UK resident, taxpayer, and either:A Private Limited Company (Ltd)A sole trader or freelancerApply through TransferGo: The s...