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Bare trust savings with Reliance

This collection covers:

  1. Onboarding a customer using Reliance
  2. Opening a bare trust savings account and adding members
  3. Making, receiving, and tracking payments
  4. Closing a bank account

Before you start​

Before opening savings accounts for your customers, you must meet these regulatory requirements:

Regulatory requirements

  1. Savings summary box — Provide customers with a savings summary box before they open an account. This must be included in your account opening flow before the customer signs a contractual agreement, and listed on your website's savings product page. See our product and marketing standards for the template.

  2. FSCS acknowledgement — Customers must acknowledge they have read the FSCS information sheet and exclusions list before entering into a contract. Eligible deposits are protected up to £120,000 per depositor. Store these acknowledgements with your other commercial documents.

1. Onboard a customer using Reliance​

You are using Reliance onboarding. This is where your company carries out due diligence on your customers using your own tools, and then provides us with the information we require and attestation that you have verified that information.

Before you can open bare trust accounts, you will need to create legal persons to represent your customers in our system.

The Reliance onboarding guide explains how to upload your customer information, to obtain the legal person references required to open bare trust accounts for your customers.

2. Open a bare trust savings account and add members​

Once you’ve onboarded your customers, you can open a bare trust savings account. This is a pooled account that holds funds from multiple customers.

🐷 Open a savings account

You will need to add your customers as members of the pooled account, using the legal person URLs you create in the last step. The account cannot receive payments until you have added at least one member.

🏊 Manage pooled account members

After that, you must confirm that pooled account membership is up-to-date once every 24 hours.

3. Payments​

Receive a payment into the account​

Griffin automatically receives payments, so there are no actions you need to take here, but you can track the progress of inbound payments by creating a webhook.

Make a payment from the account​

You can use a webhook or polling to track payments you have submitted.

💸 Make a payment

4. Close the bank account​

Once closed, the bank account cannot be reopened. Once a bank account enters the closing state, it will no longer accept inbound payments.

🙅 Close a bank account