Eligibility
Holders of a CTA
Minimum balance
No minimum
Currencies
GBP, EUR, USD, HKD, AUD, SGD, CAD and JPY
Overdraft facility
No overdraft facility
Inward and outward payment capability
No - funding from CTA only, and transfer to CTA only
Outward payment cut off times
N/A - outward payments cannot be made from EFA accounts. Funds must be transferred from the EFA to the CTA for onward payment from the CTA
Inward payments cut off times
N/A - you cannot send funds directly to an EFA. EFA accounts can only be funded by internal transfer from a CTA account
Internal transfers cut off times
EFA to CTA - 14:00 (with authorisation by 14:15)
CTA to EFA - 14:30 (with authorisation by 14:45)
Liquidity
Same day subject to cut off times
Interest accrual application
Daily accrual, quarterly application
Interest payment
Applied to account only
Interest rate change notice period for existing customers
Immediate - the interest rate applied to the EFA is the effective interest rate calculated on a daily basis across all associated recipient banks where funds are placed
Balance sheet exposure
Balance sheet of recipient bank
Risk
The customer assumes the risk of the recipient bank failing
