Your bank account at Griffin
What kind of bank account am I getting?
We open a bank account for you with Griffin bank when you create an account with us. This account is created the first time you accept the Terms and conditions when making your initial deposit.
This bank account does not wholly reside in any of the FCA's existing definitions for bank accounts, but you can think of it as somewhere in-between a savings account and a packaged or premier account.
Please see the below table, which loosely scores bank account types from 0 to 5 across three categories:
Current Account
1
5
0
Savings Account
4
2
0
Packaged and Premium Account
1
3
2
Stoa Pots Account
0
2
5
Where your deposits are held (one account, multiple Pots)
Your deposits are held in a Griffin bank account created on your behalf. We will only ever create one bank account for you. The underlying deposits for the Stoa Pots you open are held at Griffin bank.
Why can't I see my full account number for my Stoa Pots account?
We intend for you to only make deposits into your Griffin bank account when you are in the process of opening new Stoa Pots. Therefore, to mitigate receiving money into your account outside of this, we withhold the full account number to prevent inbound payments that do not follow the intended channel.
If you are making deposits in one transaction payment that are equal to or greater than £20,000 (which is around or close to the Open Banking payment limit for most UK banks), then we temporarily reveal to you your full account number. This is so that you can complete the transaction payment on other payment rails besides Open Banking (such as a manual bank transfer).
How do I download a transaction statement
You can download an up-to-date transaction statement for your bank account at Griffin bank by navigating to your My Pots page and selecting Export CSV on the right-hand side.
FSCS protection (eligibility)
Eligible deposits are protected by the FSCS up to £85,000 per depositor. Therefore, you are covered up to this amount in the unlikely event that Stoa or Griffin bank cease operations.
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