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Open a savings account

warning

This approach to opening bank accounts is being deprecated. If you are working on a new integration, or updating your existing integration, see opening a bank account.

A savings account enables you to offer savings products to your customers. Learn more about savings accounts.

Regulatory requirements

Before opening a savings account for your customer, you must:

  1. Provide a savings summary box — The FCA's BCOBs regulation requires you to give customers a summary box containing key account information (interest rates, fees, terms) in good time before they open the account. The summary box must be included in your account opening flow and on your website's savings product page. See our product and marketing standards for the template and requirements.

  2. Obtain FSCS acknowledgement — Customers must acknowledge they have read the FSCS information sheet and exclusions list before opening an account. Eligible deposits are protected up to £120,000 per depositor. You must provide a copy of the FSCS information sheet to customers at least annually.

For questions about these requirements, contact your customer success manager.

Prerequisites​

  • You will need your organization-bank-accounts-url (shown as $ORGANIZATION_BANK_ACCOUNTS_URL in the examples below). Your organization-bank-accounts-url is one of the URLs returned when you request your organization-url. If you don't have your organization-url yet, check out our getting started guide.

Request​

  • Set the bank-product-type to savings-account
  • Set the savings-type to easy-access
  • Set the owner-url to the legal person URL who is entitled to the money in the account
note
  • The beneficiary and owner are the same legal person.
curl "https://api.griffin.com${ORGANIZATION_BANK_ACCOUNTS_URL}" \
  -X 'POST' \
  -H "Authorization: GriffinAPIKey $GRIFFIN_API_KEY" \
  -H 'Content-Type: application/json' \
  --data '
{
  "bank-product-type": "savings-account",
  "savings-type": "easy-access",
  "owner-url": "$CUSTOMER_LEGAL_PERSON_URL"
}'

Synchronous Response​

A successful response looks like this.

{
	"savings-type": "easy-access",
	"account-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A",
	"pooled-funds": false,
	"available-balance": {
		"currency": "GBP",
		"value": "0.00"
	},
	"account-restricted": false,
	"display-name": "savings-1",
	"beneficiary-url": "$CUSTOMER_LEGAL_PERSON_URL",
	"account-balance": {
		"currency": "GBP",
		"value": "0.00"
	},
	"account-transactions-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/transactions",
	"created-at": "2023-12-07T17:03:20.757Z",
	"account-payments-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/payments",
	"bank-product-type": "savings-account",
	"bank-addresses": [],
	"owner-url": "$CUSTOMER_LEGAL_PERSON_URL",
	"close-account-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/actions/close",
	"account-admissions-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/admissions",
	"account-status": "opening",
	"account-submissions-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/submissions",
	"controller-url": "/v0/legal-persons/lp.Ph9xPUvzULGohmZ4_u_TDw"
}

This response indicates that you have successfully requested the creation of a new savings account. The account-status will likely be opening since there are some background preparatory tasks that need to finish before the account can be used. These take place automatically, so you can simply poll the account-url endpoint until the account-status is open.

NOTE: If you have created a webhook for your organisation you can also listen for the account-status-updated webhook event and track account-status.

Learn more about the account lifecycle.

Poll for status​

Poll the account-url endpoint.

curl "https://api.griffin.com${ACCOUNT_URL}" \
  -X 'GET' \
  -H "Authorization: GriffinAPIKey $GRIFFIN_API_KEY" \
  -H 'Content-Type: application/json' \

When the account-status is open, the account is ready for use.

{
	"savings-type": "easy-access",
	"account-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A",
	"pooled-funds": false,
	"available-balance": {
		"currency": "GBP",
		"value": "0.00"
	},
	"account-restricted": false,
	"display-name": "savings-1",
	"beneficiary-url": "$CUSTOMER_LEGAL_PERSON_URL",
	"account-balance": {
		"currency": "GBP",
		"value": "0.00"
	},
	"account-transactions-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/transactions",
	"created-at": "2023-12-07T17:03:20.757Z",
	"account-payments-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/payments",
	"bank-product-type": "savings-account",
	"bank-addresses": [],
	"owner-url": "$CUSTOMER_LEGAL_PERSON_URL",
	"close-account-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/actions/close",
	"account-admissions-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/admissions",
	"account-status": "open",
	"account-submissions-url": "/v0/bank/accounts/ba.IcqDdMDxT7OaYRznoit-7A/submissions",
	"controller-url": "/v0/legal-persons/lp.Ph9xPUvzULGohmZ4_u_TDw"
}