Primary account

What is the primary account?

The primary account is your first bank account with Griffin, an operational account that we open for you when you sign up with us, and will be open for as long as you're a Griffin customer. It's an account that's used for some key Griffin functions (see below) but is also the basis for your relationship with Griffin. Like every other operational account it:

• Holds your funds: as an operational account, the primary account should only be used to hold your money, never money that belongs to your customers
• Earns interest: your primary account will earn interest at the same rate as any other operational accounts. For more information on interest rates, see our guide on interest
• Makes payments: your primary account has access to all the same payments capabilities as your other bank accounts, so you can use it for day to day banking needs, or just to hold funds
• Has no minimum balance requirements: Unless your commercial terms with Griffin explicitly state otherwise, there's no minimum balance that needs to be maintained in this account
• Can be renamed: We give your primary account the name "Primary account" by default, but this can be changed in our app

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You can't close your primary account, or change which account is your primary, because doing so would mean that some key Griffin services stop working. But don't worry, you're not charged extra for this bank account.

What is it used for?

Your primary account is unique and can be identified by important Griffin services. Your primary account is used for:

• Automatic billing: we'll use this account to automatically bill your fees
• Interest payments from safeguarding accounts: If you use Griffin for safeguarding then you'll receive interest payments from us in this account, as paying interest into your safeguarding account would constitute co-mingling of funds
• Commission: if you earn income from funds held by your customers, it'll be paid into your primary account