Euro account types

Account types

When you onboard with ClearBank, the following accounts are created by default:

• Institution Master Account - this is not an account of its own; it is a superset of all your other accounts.
• Repair Suspense Account - used to apply funds relating to your institution which cannot be applied to the intended creditor account. Funds held in this account should be re-routed to the correct account or sent back by you.
• Operating Account - holds your own operational funds. Your first Operating Account may be referred to as your Primary Operating Account.
• General Segregation Account - created as part of your onboarding journey.

You can also create additional operational or safeguarding accounts as required.

Safeguarded accounts

Create the following accounts to hold safeguarded customer funds:

• Designated Segregation Account
• General Segregation Account

Use virtual accounts within a general segregation account to manage multiple customers’ funds in a single real account.

Account kind and prefix

When you create a real account, use the Kind field to select:

• YourFunds
• DesignatedSegregated
• GeneralSegregated

The 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 below.

To create and manage accounts, refer to:

• Manage real accounts
• Manage virtual accounts