Savings Pots are dedicated, instant-access savings accounts powered by ClearBank, linked to your Teya Business Account. They allow you to move money from your business account into separate Pots to set funds aside for specific purposes, while continuing to earn interest.
Your money remains accessible at any time and can be moved between your Savings Pots and Teya Business Account directly through the Teya app. This guide explains how to open and manage your Savings Pots, as well as how interest, transfers and account limits work
About Savings Pots
Your Savings Pot gives you the flexibility to separate funds for things like payroll, supplier payments, or tax, all while earning interest on your balance.
- FSCS protection: Eligible deposits in your Savings Pots are covered by the Financial Services Compensation Scheme (FSCS). Coverage applies up to £120,000 across all eligible deposits held with ClearBank. To find out more and to check your eligibility please visit the FSCS website here.
- Multiple pots: You can open up to ten Savings Pots to help organise your business finances.
- No maximum balance: There is currently no fixed maximum amount you can save. If we introduce a limit in the future, we will communicate the changes to you and show the applicable limit in the Teya app.
Interest and AER
You will earn a variable Annual Equivalent Rate (AER) on your savings, which is set by Teya. The rate is a variable tracker rate which tracks the Bank of England (BoE) base rate. The AER helps you compare savings rates easily by showing how much interest you would earn over a full year, including the effect of interest being added to your balance.
- Current rates: You can find the current interest rate in the Teya app, your Summary Box, and on your monthly statements.
- Rate changes: If we reduce the interest rate, we will give you at least 14 days' advance notice before the change takes effect. If the rate increases, the change is applied automatically without advance notice.
- How interest is calculated: ClearBank calculates your interest daily based on the cleared balance in your Savings Pots at the end of each day at 11:59 PM.
- When interest is paid: Interest is paid into your Savings Pots on the next calendar day. You will see each payout in your transaction feed clearly labelled as an "Interest Payment." The app will also show your accrued interest for the current period and your total interest earned to date.
Accessing your funds
This is an instant-access account, giving you full flexibility to manage your money whenever you need it.
- Instant transfers: You can move money in or out at any time by transferring funds between your Teya Business Account and your Savings Pot.
- No penalties: Transfers are processed instantly or in near real-time, with no withdrawal penalties or notice periods.
Tax and accounting
We make it easy to track your savings for your records and tax filings.
- Monthly statements: You can download monthly statements and an annual interest summary directly from the app.
- Separate records: You will receive separate statements for your Teya Business Account and for each Savings Pot.
- Accounting software: You can connect Xero or QuickBooks to both accounts to keep your everyday activity and savings neatly separated in your books.
Important: You remain responsible for declaring and paying any tax due on interest, based on your business's unique circumstances.
Opening a Savings Pot
You can open a Savings Pot if you have an active Teya Business Account. We'll usually use the information from your existing account, so you won't need to provide it again. If we need any additional tax information, we'll ask you for it before your Savings Pot is opened.
To open a Savings Pot in the Teya app:
- Open the app and go to the Home or Money tab.
- Tap Create Savings Pot.
- Tap Get started.
- Choose a pot name and icon, then continue.
- Review the interest rate, FSCS information and terms.
- Accept the Terms and Conditions and confirm you have read and understood the FSCS information, then tap Agree/Confirm.
Your Savings Pot will then appear on the Money tab. You can add money immediately by tapping Add money. You can also schedule regular transfers.
Note: Savings Pots aren't currently available to US citizens or US residents because of international tax reporting rules.
Frequently asked questions
Yes. You can set up a one-off or recurring transfer from your Teya Business Account to your Savings Pot. Choose the amount, frequency, and first transfer date in the app. Available frequencies include daily, weekly, monthly, or yearly.
A daily transfer works well for setting a fixed amount aside as your card machine settlements land, for example building up a Pot towards new equipment or a quiet trading period. If there isn't enough balance on the day, the transfer is skipped and picked up at the next scheduled date. Missed transfers don’t accumulate or carry over to the next scheduled transfer.
You can edit or cancel a scheduled transfer at any time.
Important: If there isn't enough money in your Teya Business Account when the transfer is due, it may fail.
When you create a Savings Pot, you can choose a name and icon to help you identify what it is for, such as tax, payroll, or supplier payments. Your Savings Pot will then appear on the Home tab with your chosen name and icon. You can open up to 10 Savings Pots
In most cases, this happens because there was not enough balance in your account to generate at least 1p of interest. Once you have accumulated enough interest to make up 1p or more, you will receive an interest payment.