Hold your customers’ funds separate from yours.
Segregated Accounts at EMBank
Clarity is something that cannot be compromised, neither in your business nor in your banking.
When you send payments on the behalf of customers, you must be sure these transactions have been executed exactly as you intended. Equally important is being able to clearly identify incoming funds.
To this end, we offer segregated accounts, perfectly tailored for Payment Service Providers (PSPs) and other financial institutions. That way, you will always be able to identify which funds belong to which clients whenever.
In addition, customer funds are clearly separated from the financial institution’s own funds at all times.
Who Is An Eligible Candidate for Segregated Accounts?
A segregated account is an account that is held by a financial institution for the sole purpose of holding and safeguarding investments for a specific individual or entity. In order for an individual or entity to be eligible for a segregated account, they must meet certain criteria set forth by their ruling financial regulator. Some of these criteria may include being a high net-worth individual or having a minimum investment amount. Please enquire with us regarding your eligibility at EMBank.
Segregated Account Application
Segregation of funds, such as client funds from business funds, is not only a sign of good practice but is often also a regulatory requirement. At EMBank we understand how challenging this obligation can be for most businesses.
This is where our segregated multi-account solution comes into play.
* We, EMBank, will process your personal data indicated herein to register your application and contact you as per your preferences.
Frequently Asked Questions
What is a Segregated Account?
A segregated account is a type of account used by financial institutions to protect client assets from a financial institution’s creditors in the event of insolvency. The account is held in a separate legal entity from the financial institution’s other assets, and the assets in the account are not available to creditors of the financial institution in the event of insolvency.
How to open Segregated Accounts?
To open a segregated account, you will need to contact your bank and request an account application. Once you have completed the application, you will need to fund the account with an initial deposit. Once the account is open, you can begin transferring funds into and out of the account as needed. Please enquire with us regarding the current regulations at EMBank.
What are the benefits of segregated accounts?
Segregated accounts offer a number of benefits, chief among them being security and peace of mind. When funds are held in a segregated account, they are effectively ring-fenced and cannot be used by the business for any other purpose. This protects the client’s funds in the event that the business becomes insolvent and ensures that the client will always have access to their funds.
Segregated accounts also offer greater transparency, as the client can see exactly where their money is being held and how it is being used. This gives the client more control over their finances and helps to build trust between the business and the client.
How is a segregated account different from a regular account?
A segregated account is an account held by a financial institution that is segregated from the institution’s own funds and protected from the institution’s creditors in the event of bankruptcy. A regular bank account is not segregated and is not protected from the bank’s creditors in the event of bankruptcy.
What are the disadvantages of segregated accounts?
First, segregated accounts can be more expensive to set up and maintain than other types of investment accounts. This is because the company must create and maintain two separate account balances, which requires additional accounting and administrative work.
Second, segregated accounts can also create conflicts of interest between the company and its investors. For example, if the company wants to invest in a new project that will require more capital than what is currently in the segregated account, the company may have to ask the investors to transfer money out of their segregated accounts and into the company’s operating account. This can create tension between the company and its investors, as investors may not want to risk their money on a potentially risky venture.
Finally, segregated accounts can also limit the flexibility of a company’s investment strategy. For example, if a company wants to sell some of its investments in order to raise cash, it may not be able to do so if all of the investments are held in segregated accounts. This can hamper a company’s ability to respond to changes in the market or take advantage of new investment opportunities.
If you want to hear more about our segregated accounts
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We know that one size does not fit all, so we are working hard providing you various options to choose from. Let’s talk about how we can help you accelerate your business with the correct type of accounts.
Meet your daily banking needs and regulatory requirements.
Keep the customer funds safe and fulfil regulatory obligations.
Simple to open and allows you to instantly deploy authorised capital.
Term Deposit Accounts
Ideal account to store and manage your funds in a safe way.
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