Savings Account

What Is the Capital on Tap Business Savings Account?

The Capital on Tap Business Savings Account is a free, instant-access savings account offering daily interest with no deposit cap or management fees, available to eligible UK businesses. Offered in partnership with ClearBank.

How do I apply for a Savings account?

Existing credit customers: Log in to your Capital on Tap portal or app and select the Savings tab. Having a Credit account does not guarantee approval as eligibility criteria is assessed separately.

If your application was previously declined, you can recheck your eligibility at any time via the portal. If you have become eligible, your account will be approved.

New customers: Apply at capitalontap.com/en/business-savings-account.

Can I have more than one Savings account?

No. Only one Savings account is permitted per business. This applies whether the account is standalone or linked to a Credit account.

Can I open a joint Savings account?

No. Savings accounts are limited to one business with a single Main Account Holder. Joint accounts are not available.

How do I deposit funds into my Savings account?

• Deposits must be made by bank transfer from the nominated business bank account on file.
• Cash deposits are not accepted.
• The minimum deposit amount is £1.
• Deposits are processed via Faster Payments and most transactions are instant.
• Your deposit details (sort code, account number) are available on the Savings tab in your portal. Use your business name as the payment reference.

Note: Automated deposits are not currently available.

How do I withdraw funds from my Savings account?

Withdrawals can only be made to the nominated business bank account or your Capital on Tap credit account by the Main Account Holder. There is no limit on how often you can withdraw and withdrawals are generally processed within 24 hours, including weekends.

To cancel a pending withdrawal, contact our support team through chat or by calling 020 8962 7401.

How does interest work on my Savings account?

Interest is calculated daily on your account balance and paid monthly. The rate is variable, linked to the Bank of England base rate.

The current rate can be found on your app or portal. This may change if the Bank of England base rate changes.

What does AER stand for?

AER stands for Annual Equivalent Rate - the total interest you could earn on your savings over a year, taking into account compound interest. For the Capital on Tap Instant Savings account, the interest is calculated daily and paid monthly into your account. This standardised way of displaying interest makes it easier to compare different savings accounts.

How can I estimate my interest earnings?

Use the Interest Estimator on the Capital on Tap website:

1. Enter your expected Savings balance.
2. Input the current interest rate.
3. Select your preferred view: daily, monthly, or yearly.

What is the FSCS, and how does it protect my money?

The Financial Services Compensation Scheme (FSCS) protects eligible deposits up to £120,000 if a bank or financial institution fails. If this happened, the FSCS would automatically return your money up to that limit.

Your savings are held by ClearBank, a UK-regulated bank. If Capital on Tap were to fail, your funds would not be affected as ClearBank holds them independently and is FSCS-protected.

If your balance exceeds £120,000, the amount above the protected limit is not guaranteed.

Who can transfer funds between Savings and Credit?

Can I integrate my Savings account with accounting software?

Yes. The Savings account can be connected to Xero, FreeAgent, or Sage.

If you already have an existing credit accounting integration, you will need to disconnect and reconnect. You can then choose to integrate your Savings account, your Credit account, or both.

Alternatively, you can export transactions as a CSV file directly from the portal.

How do I change my nominated bank account?

The nominated bank account for your Savings account is the same account used for your Credit Card Direct Debit. To update it:

1. Log in to your online portal or mobile app.
2. Go to the Payments tab.
3. Select Update Direct Debit details.
4. Enter your new business bank account details.

The account name must exactly match the business name on file with us.

Note: If you have both a Credit and a Savings account, updating your business bank account will automatically change the nominated bank account for both products.

How do I close my Savings account?

Contact our support team by calling 020 8962 7401.

To be eligible to close:

• Your account balance must be £0.
• There must be no pending deposits or withdrawals.
• The nominated bank account must be active.

Download your statements before closing as you will not have access to them once the account is closed. Your final statement will be emailed to you within 2 business days.

What happens if I close my Savings account?

Closing a Savings account is permanent and it cannot be reopened.

However, you can apply for a new Savings account, which will have new account details, and can be linked to a Credit account or be a standalone Savings account.

Can my Savings account be closed automatically?

Yes, if you hold a standalone Savings account and your balance has been £0 for an extended period with no deposit activity, your account will be automatically closed.

To ensure your account is kept, you simply need to deposit a minimum of £1. If your account has already been closed under this process, you are welcome to re-apply at any time.

Note: This applies to standalone Savings accounts only.

What happens if the Main Account Holder leaves the business?

The Savings account must be closed. Ownership cannot be transferred to a new director or account holder.

Why was my deposit returned?

The most likely cause of a deposit being returned is when it's not from the Business Bank account on file. Please check that you are making the deposit from the linked bank account.

Why was my application declined?

Your application may be declined for a variety of reasons, including your business' SIC code, a mismatch in the legal name, or if you have non-UK tax obligations. You are welcome to reapply after 6 months.

Why is my rate lower than what is advertised?

We have promotional rates that may be higher than the standard rates. These promotional rates only apply to new Capital on Tap customers and last for 60 days. After the 60-day period you will be reverted to the standard rate.