Multi-currency account types

Multi-currency account types

There are several types of accounts that can be created. Which you should use will depend on your agreement with ClearBank, and the purpose of the account.

When you join ClearBank you are given these five accounts by default:

Your institution account is not an account of its own; it is a superset of all your other accounts. Your operating account holds your own operational funds and your general segregation account can be used for multiple customers' funds that need to be safeguarded. Note that a segregation account should not be used to hold any of your own funds.

You can create additional operational and safeguarding accounts as needed. You can also create virtual accounts within a general segregation account or a general client account.

It is important to select the correct usage for the account when you create it, as this cannot be amended later. The account usage determines, for example, whether the account can be used for safeguarding funds.

When you create a real account:

• For sterling accounts - use the UsageType field to select YourFunds, SegregatedDesignated, or SegregatedGeneral, as shown above. If you need to create a client account, first create a safeguarding account through the API, then contact client services through FreshDesk to have the type transferred to a client account.

• For multi-currency accounts - use the Kind field to select YourFunds, DesignatedSegregated, GeneralSegregated, DesignatedClient, or GeneralClient.

The UsageType or Kind value determines the autogenerated prefix assigned to the account, for example, 'Gen Seg Acc Retl'. The prefixes for each account are shown in the figure above.

To create and manage multi-currency accounts, see Manage multi-currency accounts.