You can embed savings or interest-bearing functionality into your app in two main ways, depending on whether you are embedding a bank account itself or layering interest on top of a wallet model: 

• Embedded account model: By working with an embedded banking or Banking-as-a-Service (BaaS) provider such as ClearBank, NatWest Boxed or Griffin, you can embed regulated bank accounts directly into your app. These accounts can pay interest and benefit from deposit protection schemes.
• Wallet-based (sweep) model: Using a wallet-based approach, customer funds are first held in a wallet or safeguarded account. Balances are then periodically swept into interest-earning accounts or instruments, rather than the wallet itself being an interest-bearing bank account. 
   

Embedding savings allows customers to earn returns on balances without leaving your product. This approach is increasingly used by fintechs, consumer brands, wealth platforms and B2B services to: 

• Improve retention and engagement
• Increase balances held on the platform
• Unlock new revenue streams
• Deliver more comprehensive financial experiences on a single platform 

The right approach depends on your business authorisations, how bank-like you want the product to feel, and how central savings are to your long-term strategy.

In an embedded banking model, your app offers real savings accounts under your own brand, while a licenced bank operates in the background, handling the regulatory infrastructure. 

You typically control:  

• User experience and branding
• How balances, interest and transactions are displayed
• Product rules such as access, limits and features
• Customer onboarding and interface design 

The bank partner handles:  

• The banking licence and deposit-taking
• Regulatory compliance (KYC, AML, reporting)
• Deposit protection (for example, FSCS in the UK)
• Interest calculations and payments
• Payment scheme connectivity 

This model makes savings feel like a core feature of your app, not an add-on. It's the most common and scalable approach for apps with growing balances or long-term customer relationships. The embedded banking model provides customers with deposit protection on eligible deposits and allows you to offer competitive interest rates while maintaining complete control over the customer experience. 

In a sweep model, customer funds are held in a wallet or for-benefit-of (FBO) account and are periodically "swept" to one or more partner banks or instruments to earn yield. Rather than individual customer accounts, funds are pooled and then allocated back to customers based on their individual balances. 

This approach is often used by: 

• EMIs and earlier-stage fintechs
• Payroll, creator or investing platforms
• Apps that want to offer yield without full banking features 

Trade-offs to consider:  

• Faster and simpler to launch initially
• More complexity around reconciliation and disclosures
• Increased regulatory scrutiny as balances scale
• Limited control over customer experience
• Potential complications with fund allocation and tracking  

Sweep models can work well early on, but they often become harder to manage as volumes and regulatory expectations increase. As your customer base grows, the operational complexity of managing pooled funds and ensuring accurate allocation can become significant. 

Once you've chosen the embedded banking model, selecting the right banking partner is crucial. In the UK, several providers offer embedded savings capabilities, each with different strengths and target markets. 

ClearBank is a UK-licensed clearing bank built specifically to support embedded banking and BaaS use cases. Unlike intermediaries or Electronic Money Institutions, ClearBank provides direct access to UK payment schemes as a direct participant, including Faster Payments, and CHAPS.  

For embedded savings, ClearBank enables:  

• FSCS-protected current accounts, instant access, joint savings accounts, savings accounts and U-18s savings accounts
• Flexible Cash ISAs
• Interest accrual handled directly by the bank, with options on when this is paid
• Real-time payment processing and settlement  

ClearBank operates an API-first, cloud-native platform built from scratch. Partners integrate via REST APIs and webhooks to open accounts, fetch balances and transactions, track interest earned, and initiate transfers in near real-time. All client funds are held securely at the Bank of England, providing an additional layer of security.  

This model suits fintechs and platforms where savings are central to the product strategy. Examples include Chip (with over 675k savings accounts and £5bn+ deposits), Capital on Tap (attracting £1billion in deposits), and Tide (serving more than 600,000 UK SMEs). ClearBank holds deposits and oversees regulatory compliance while partners manage UX and distribution. 

NatWest Boxed is the embedded finance platform backed by NatWest Group. Rather than pure infrastructure, Boxed focuses on helping consumer brands and retailers embed financial products into existing customer journeys. 

Savings via NatWest Boxed includes:  

• Branded instant-access savings accounts 
• FSCS protection up to £120,000 
• Automated onboarding and compliance processes 
• Pre-configured product flows
• Multiple account structures for different use cases
• Comprehensive KYC, KYB, and AML capabilities  

Boxed provides APIs but also offers pre-configured product flows, reducing time to market for teams that don't want to design complex banking journeys from scratch. This approach works well for brands that want to add savings as a complementary service rather than a core product feature.  

It's commonly chosen by:  

• Consumer brands looking to enhance loyalty 
• Retailers adding financial services 
• Companies wanting faster implementation with less customisation 

Griffin is a UK-licensed bank operating a B2B Banking-as-a-Service platform built specifically for fintechs. Griffin focuses on providing flexible account structures and integrated compliance capabilities. 

Griffin supports:  

• White-label, interest-bearing savings accounts 
• FSCS-protected deposits up to £120,000 
• Multiple account structures for different use cases 

Key differentiators include:  

• Integrated onboarding and compliance via Griffin Verify 
• Comprehensive KYC, KYB, and AML capabilities 
• Flexible account structures, including customer-segregated accounts and bare-trust models
• Purpose-built for fintech compliance requirements 

Griffin is often used by lending platforms, wealth apps, payroll providers and B2B fintechs that want to embed savings without building heavy compliance infrastructure. The platform is designed for companies that need different account structures and regulatory frameworks. 

While implementations vary between providers, most embedded savings products follow a similar technical flow that ensures smooth customer experiences and regulatory compliance. 

1. User onboarding: 

• Collect identity information through your app interface 
• Complete KYC or KYB verification via the banking partner's systems 
• Verify customer eligibility for deposit protection 

2. Account creation  

• Create a savings account via API integration 
• Assign unique account identifiers (IBAN, sort code, account number) 
• Configure account parameters and limits 

3. Funding  

• User funds the account via bank transfer from a nominated account  
• Real-time notification of incoming payments 
• Immediate availability of funds for earning interest 

4. Interest accrual  

• Bank calculates interest daily on available balances 
• Interest is credited periodically (monthly or quarterly) 
• Real-time tracking of accumulated interest 

5. Balances and transactions  

• Your app retrieves current balances, transaction history, and interest data via API 
• Real-time updates ensure customers see accurate information 
• Clear breakdown of principal and interest earned 

6. Withdrawals  

• Users move funds out via instant transfers to their nominated account
• Real-time processing through payment schemes 
• Immediate availability in destination accounts 

Strong embedded savings products share several characteristics that drive customer engagement and satisfaction: 

• Make interest visible and easy to understand – Show daily interest accrual and cumulative earnings clearly 
• Clearly explain deposit protection – Communicate FSCS coverage and fund safety 
• Allow frictionless transfers in and out – Enable instant access to funds without barriers 
• Provide transparent terms – Clear information about rates, limits, and access rules 
• Deliver real-time updates – Immediate reflection of transactions and interest 

When embedding savings, it's important to look beyond feature checklists and consider the strategic fit with your business model and customer needs. 

Deposit protection and account structure  

• Ensure full FSCS protection for customer deposits 
• Understand how funds are held and segregated
• Verify the provider's regulatory status and stability 

Payment scheme access and uptime  

• Direct access to UK payment schemes for real-time processing 
• Proven uptime and operational resilience 
• 24/7 availability where payment schemes support it 

Control over UX and product logic  

• Ability to customise customer onboarding and interfaces 
• Flexibility to set product rules and parameters 
• Control over how savings are presented and managed 

Proven track record with similar use cases  

• Case studies and references from comparable businesses 
• Evidence of successful scaling with growing customer bases 
• Long-term stability and financial backing 

Direct competition and alignment of incentives 

• Assess whether the provider operates direct-to-consumer savings products that compete for the same deposits
• Understand how this may affect pricing, roadmap prioritisation, and long-term strategic alignment
• Consider whether the provider’s model is infrastructure-only or also consumer-facing 

Some banking providers, including large incumbent banks and newer licensed banks, offer their own consumer savings accounts alongside embedded propositions. This can create some competition for deposits. Others operate purely as infrastructure providers (such as ClearBank), avoiding direct competition with their partners and aligning incentives more closely around enabling partner growth. 

Embedding savings is not just a technical decision – it's a product, regulatory and business-model choice that affects how customers interact with your platform and how you generate revenue. 

The right partner is one that aligns with how central savings are to your app today and how important they will be as you scale. Consider whether you need basic savings functionality to complement other services, or whether savings will become a core revenue driver requiring sophisticated features and control.  

Understanding these strategic considerations upfront will help you choose the embedded banking partner that can support both your immediate needs and long-term growth ambitions. 

Sources: 

• https://en.wikipedia.org/wiki/Griffin_Bank_Ltd
• https://griffin.com/deposit-protection
• https://griffin.com/products/savings-accounts
• https://griffin.com/products/embedded-bank-accounts
• https://griffin.com/blog/embedding-savings-accounts
• https://docs.griffin.com/docs/guides/types-of-bank-accounts/index.html
• https://www.nwboxed.com/
• https://www.nwboxed.com/solutions/instant-access-savings/
• https://www.nwboxed.com/consumer-brands/
• https://thebanks.eu/articles/how-to-choose-a-banking-as-a-service-platform
• https://fintechmagazine.com/articles/top-10-banking-as-a-service-providers
• https://docs.solarisgroup.com/guides/digital-banking/savings-accounts
• https://www.solarisgroup.com/en/services/accounts/ ]
• https://www.nwboxed.com/
• https://www.nwboxed.com/solutions/instant-access-savings/
• https://www.nwboxed.com/consumer-brands/
• https://natwest-boxed.com/developers/