Introduction

Please read this Fact Sheet in conjunction with the Stripe Savings Terms of Service (available at https://stripe.com/legal/business-savings-fa) as they, together with the Trust Deed, govern your deposit which is held on trust by Stripe Payments UK Limited (Stripe) with Citibank N.A., London Branch (the Deposit Account Provider)

The Deposit Account Provider is the deposit taker, not Stripe. 

Account Name

Stripe Savings Financial Account

What is the interest rate? 

3.00% AER / 2.96% Gross 

AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year. Accrued interest is calculated daily on the cleared balance in the account, compounded monthly and paid gross without prior deduction of tax. Interest is credited monthly. 

Interest will begin to accrue no later than the first business day following the day when your money arrives with the Deposit Account Provider.

Can the interest rate change?

Yes. The interest rate applicable to your deposit is variable and linked to the Bank of England base rate. Should the Deposit Account Provider set a date to lower the interest rate, you will be given a minimum of 14 days' notice. You may receive less notice if the rate increases.

A change to your rate could also arise as a result of a change in the proportion of interest income received by Stripe Payments UK Limited.

What would the estimated balance be after 12 months based on a £1,000 deposit? 

The estimated balance after 12 months on a deposit of £1,000 would be £1,030.00. This projection is for illustrative purposes only and does not take into account individual circumstances

How do I open and manage my account?

You must apply online through your Stripe Treasury financial account to open a Stripe savings financial account

Stripe administers this deposit on your behalf as bare trustee. Any funds you put in the Stripe Savings Financial Account is deposited by Stripe with the Deposit Account Provider where it is held in a segregated trust account for your benefit. Any sums credited to your Stripe savings financial account are held on trust for you in accordance with the Stripe Savings Terms of Service and the trust deed.  

Can I withdraw money?

You can provide instructions to Stripe to withdraw your funds from the account held with the Deposit Account Provider at any time and those funds will be made available in your Stripe Treasury financial account. 

Additional Information

Stripe receives interest income from the Deposit Account Provider in addition to the interest you receive. This interest is calculated as 0.63% of the amount placed on deposit.

Neither the Deposit Account Provider nor Stripe will deduct tax from the interest you receive. Depending on your circumstances, you might have to pay tax on the interest you earn. You are responsible for paying any tax due to HM Revenue and Customs (HMRC).