Bare trust savings is now live

What’s changed?

We’ve introduced a new type of savings account: bare trust savings!

A bare trust savings account allows you to hold funds on behalf of multiple customers through a legal structure known as a bare trust.

When you open a bare trust savings account, you'll be responsible for tracking individual customer balances and interest income, as we will only see the total deposits of all customers combined.

Here are some key features of bare trust savings accounts:

• You can withdraw funds on behalf of your customers at any time.

• Eligible deposits are protected by the FSCS for up to £85,000 per customer.

• You'll be the owner of the account, with no beneficiary identified on our platform. The beneficiary is the trust, which represents the end customers and is managed by you.

How can I open a bare trust savings account?

You can open a bare trust savings account in our sandbox via our API or UI.

To open an account using the UI:

1. Navigate to the Customers section in the sandbox

2. Go to the Savings space

3. Click 'Open' and select 'bare trust' as the account type

To open an account using our API, refer to our account opening guide.

In our live environment, you can only open a bare trust savings account if this product has been allocated to you.

Why have we done it?

We've added this new account type to offer more flexibility to our customers. Often customers have already built their own customer ledger systems and want to manage individual customer balances themselves - our bare trust savings accounts will allow you to do exactly that!

How will this affect existing integrations?

If you're already working with Griffin, don't worry – this new account type won't impact any of your existing integrations.

Thanks for reading!

Ready to explore? Sign up for our sandbox to start testing

Need help? Chat with us in-app or email product@griffin.com.

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