1. How savings accounts work
Savings balances are held with regulated partner institutions. Interest accrues daily on the cleared balance and is credited to your savings account on a schedule disclosed when you open the account.
2. Interest rate
The current annual equivalent rate (AER) is shown in the app. We may change the rate at any time; we will give at least 14 days' notice for any reduction, unless we are required to act sooner.
3. Withdrawals
You can withdraw funds back to your main NextPayment account at any time. Same-day availability is not guaranteed for very large withdrawals, which may be settled on the next business day.
4. Deposit protection
Funds held in a savings account are protected under the deposit guarantee scheme of the jurisdiction of the partner institution, up to the scheme's statutory limit. The applicable scheme is shown in the account information screen.
5. Tax on interest
You are responsible for reporting interest you receive to your tax authority. We do not withhold tax unless required by law. Your annual interest summary is available in the app each January.