Savings Accounts FAQs

You can now open easy access savings accounts through Telleroo; these are provided by Griffin. You can add funds you’ve earmarked for HMRC or payroll and have them accrue interest, then simply transfer your funds back to your Telleroo payments account in time for your VAT bill or payday. Interest is accrued daily and paid on the first calendar day of each month. The interest rate is 3.34% AER (variable). This includes a promotional boosted rate of 1.34% AER until the 31st of March 2027; after this date, your interest rate will be 2% AER (variable). Your interest rate tracks to the Bank of England base rate and can go down as well as up. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible depositor.

If you’re the director of the business and an admin on your Telleroo account, you can open a savings account by clicking ‘find out more’ on the easy access savings account box at the top of the page in Telleroo. Follow the flow to submit your application, and you should hear back from us in 1 working day. Once your account has been approved, you’ll see your savings account balance and the interest rate in the same box you clicked to open your account.

You can add funds to your savings account directly from within Telleroo. To do this, click the easy access savings account box at the top of the page in Telleroo.

Then use the ‘Deposit funds’ button in the account panel. You can then choose the amount you’d like to top up your savings by - funds will appear in your savings account shortly. You can only top up your savings from your Telleroo payments account, so please ensure you have funded Telleroo in advance.

No, there is no limit on the number of withdrawals you can make from your easy access savings account.

Easy access savings accounts are provided by Griffin Bank Ltd (Griffin). 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 depositor. It's important to note that £120,000 is the maximum compensation you will receive across all bank accounts you hold with Griffin. If you deposit funds with Griffin via Telleroo, and also deposit funds in a different account with Griffin via another provider that is also powered by Griffin, you will still only receive a maximum of £120,000 in compensation. Visit Griffin's website to learn more about deposit protection.

The rate is variable and tracks the Bank of England base rate. It's currently 3.34% AER (variable). This includes a promotional boosted rate of 1.34% AER until the 31st of March 2027, after this date, the interest rate will be 2% AER (variable). Interest accrues daily and is paid on the first calendar day of each month.

Interest is accrued daily and paid monthly, on the first calendar day of the following month.

Yes, the interest rate is variable and tracks to the Bank of England base rate. Any reduction to the base rate will apply to your interest rate within 24 hours. Telleroo may also change the interest rate due to market conditions or business strategy. If we reduce the rate, we’ll let you know at least 14 days before we make the change. If we increase the rate, we’ll make this change effective immediately.

There is no limit on the amount of money you can hold in your easy access savings account.

Yes! This is an easy access account, so you can deposit and withdraw at any time. Withdrawals made before 1pm on a working day will arrive in your Telleroo account from 5pm the same day. Withdrawals made after 1pm, or over a weekend or public holiday, will arrive in your Telleroo account from 5pm the next working day.

UK limited companies, subject to Griffin's standard eligibility criteria. To open a savings account through Telleroo, you must be a Director of the business and an admin on the Telleroo account.

To move money into and out of easy access savings accounts, you must have the Approver role in Telleroo.

You’ll be able to manage and view your easy access savings account balance directly from within Telleroo. You’ll see your savings account balance and interest rate next to your payments account balance at the top of your Telleroo account. Click into your savings account to manage and view deposits and withdrawals.

Your savings account is provided by Griffin, our banking partner. Griffin is a UK bank that partners with companies like Telleroo to make business banking simpler. You can find out more at griffin.com.

No, savings accounts must be opened by a director of a UK Limited company. However, once your client has opened a savings account, you’ll be able to move money into and out of the account if you have the ‘Approver’ role in your client’s Telleroo account and have the authority to approve payments on your client's behalf.

Accountants can open a savings account for their firm if the firm is a private limited company and they are a director of the firm as well as an admin on the Telleroo account, but clients must open their own savings accounts through Telleroo.

At the moment, savings accounts aren’t available for charities or sole traders. We’ll be reviewing this periodically and will keep you updated if this changes in future.

Over the next few months, we’ll be making savings accounts even better. We’re working on the ability to automatically “sweep” funds out of your savings account in time to fund pay runs.