Balance Boost is a simple way to earn interest on your money while keeping it available to spend. Once activated, funds automatically move from your Teya Business Account to your Balance Boost Account, where they earn interest paid daily. You can continue to spend, withdraw, and transfer money as normal, as Balance Boost works automatically in the background.
How it works
Your money remains available to spend even while it is held in your Balance Boost Account and earning interest. When you make a payment, we automatically move the amount needed back to your Teya Business Account.
There is currently no fixed maximum amount you can hold in your Balance Boost. We may introduce a limit in the future, and we will communicate any changes to you and show any applicable limits in the Teya App.
Requirements to open an account
To open a Balance Boost Account (powered by ClearBank), you must meet the following basic requirements:
Active account: You must already have an active Teya Business Account.
Location restrictions: Balance Boost is currently unavailable to US citizens or US residents. This is due to international tax reporting requirements.
We can often use your existing details to verify your information and activate your account quickly. If Teya requires additional tax information, you will be prompted to provide this prior to opening your account.
How to apply
You can apply for a Balance Boost Account with one tap inside the app:
- Open the Teya App and go to the Home screen.
- Tap the Balance Boost banner at the top of the screen.
- Follow the on-screen instructions.
- Review the interest rate, summary box, FSCS information and terms.
- Accept the Terms and Conditions and confirm you have read and understood the FSCS information, then tap Agree/Confirm.
- Your Balance Boost summary will be discoverable under your ‘Available balance’ on the Home screen.
Earning interest
You will earn a variable Annual Equivalent Rate (AER), which is set by Teya. The rate is a variable tracker rate which tracks the Bank of England (BoE) base rate. AER shows how much interest you would earn over a full year, including the effect of interest being added to your balance, making it easier to compare savings rates.
- Current rates: The current rate is shown in the Teya App, on our website, and in the Summary Box. Your applicable interest rate is also shown in your monthly statement.
- Rate changes: If we reduce your interest rate, we will give you at least 14 days' advance notice before the change takes effect. If your interest rate increases, we do not give advance notice.
- Calculations and payouts: Interest is calculated daily by ClearBank based on the cleared balance in your Balance Boost Account at the end of each day at 11:59 PM. It is paid into your account on the next calendar day, appearing in your transaction feed as an "Interest Payment". The app shows your accrued interest for the current period and the total interest earned to date.
Account security and taxes
Is my money protected?
When your funds are held in your Teya Business Account, they are safeguarded in line with legal and regulatory requirements. At 11:30 PM daily, your balance is automatically moved to your Balance Boost Account (powered by ClearBank). Eligible deposits held in your Balance Boost Account (powered by ClearBank) are covered by the Financial Services Compensation Scheme (FSCS) subject to eligibility. All eligible deposits at the same bank are aggregated to determine the coverage level for each depositor up to £120,000. If you have any other products or services with ClearBank, these will be aggregated. To find out more and to check your eligibility please visit the FSCS website here.
Tax and accounting information
- Interest earned is shown in the Teya App.
- You can download monthly statements and an annual interest summary to support your tax filings.
- You will get statements for both your Teya Business Account and Balance Boost Account. You can connect Xero or QuickBooks to both, keeping savings and everyday activity separate in your books.
- You remain responsible for declaring and paying any tax due on interest, based on your business's circumstances.
Frequently asked questions
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.
Balance Boost earns interest on your everyday balance, with nothing to move or set aside. So your everyday money earns interest right up until you spend it. A Savings Pot is for money you set aside: you choose an amount and move it into the pot. You can use either, or both.