If you’re a UK business with unused cash sitting in your current account, the new Capital on Tap Business Savings Account offers a way to earn interest without locking up your funds. Backed by ClearBank, it combines instant access with a competitive rate and no fees.
Designed for business owners who prioritise flexibility, this account aims to make earning interest as simple as possible.
In this review, I’ll cover how it works, who it’s for, and whether it offers enough value to justify moving your surplus cash.
Verdict: Is the Capital on Tap Business Savings Account Worth It?
The Capital on Tap Instant Business Savings Account is an excellent choice for UK small business owners who prioritise immediate access to their funds. With penalty-free instant withdrawals and an interest rate that aligns with the Bank of England base rate, it ensures your returns are competitive and responsive to market changes.
Its simplicity and lack of fees enhance the account’s appeal. It offers no monthly withdrawal charges or penalties, setting it apart from many traditional savings accounts. However, businesses with larger deposits may find the absence of tiered interest rates a drawback if they aim to maximise returns.
This account is an ideal match for businesses dealing with seasonal cash flow fluctuations or requiring flexible fund access.
Capital on Tap at a Glance
| Feature | Details |
|---|---|
| Interest Rate | Competitive variable rate at 3.74% AER, aligned with the Bank of England base rate. |
| Minimum Balance | Only £1 required to start earning interest |
| Fees | No monthly fees or penalties for withdrawals, enhancing cost efficiency |
| Speed of Opening | Rapid online application, typically processed within minutes. |
| Unique Features | Immediate access to funds without notice, supported by ClearBank’s advanced technology. |
| Additional Information | FSCS protection up to £85,000 per person, per bank; interest is calculated daily and paid monthly |
Capital on Tap Business Savings Account Pros and Cons
- Competitive Interest Rates: The account offers a variable interest rate aligned with the Bank of England base rate, promoting growth in line with market conditions.
- No Monthly Fees: Eliminate monthly maintenance costs, enhancing your business’s saving potential.
- Ease of Application: A fully online and streamlined application process makes setting up your account quick and straightforward.
- Instant Access to Funds: Withdraw funds anytime without penalties, providing flexibility for managing cash flow.
- FSCS Protection: Deposits up to £85,000 are protected by the Financial Services Compensation Scheme, ensuring the security of your funds.
- Variable Interest Rate: The rate is tied to the Bank of England base rate and may fluctuate, potentially impacting returns.
- Limited Product Range: Currently, only this instant savings account is available, with no fixed-term or notice period options.
- Electronic Transactions Only: The account supports only electronic transactions, which may not suit businesses handling cash transactions.
- Single Nominated Account Requirement: All transactions must go through one designated UK business current account, limiting flexibility for businesses with multiple banking relationships.
Is The Capital on Tap Business Savings Account Right For Your SME?
The Capital on Tap Business Instant Savings Account offers UK-based SMEs flexible access to funds, ideal for those with fluctuating cash flows. It provides free deposits and withdrawals, allowing businesses to earn interest on surplus cash without access penalties. This feature supports companies that need liquidity alongside the opportunity to increase savings.
The account is also simple and easy to use for digitally savvy business owners, facilitated by a comprehensive suite of online tools accessible through the Capital on Tap portal and app. Additionally, the absence of monthly fees enhances its appeal for cost-conscious entrepreneurs.
However, businesses looking for fixed-term interest rates or notice periods for higher returns might find this account limiting due to its focus on liquidity over yield. Moreover, it may not be suitable for financial services companies or those needing multiple nominated accounts, as it restricts users to a single nominated account and has specific eligibility requirements.
What Are the Key Features and Benefits of the Capital on Tap Savings Account?
The Capital on Tap Business Instant Savings Account is tailored for UK small business owners, offering a range of features specifically designed to enhance financial management and growth.
Competitive Interest Rates: With an Annual Equivalent Rate (AER) of 3.74%, linked to the Bank of England’s base rate minus 0.57%, this account ensures your savings grow competitively, aligning with market shifts and bolstering your financial flexibility.
No Monthly Maintenance Fees: The absence of monthly maintenance fees makes this account especially attractive for budget-conscious business owners, directly enhancing savings by eliminating routine costs.
Flexible Deposit and Withdrawal Options: This account provides instant access to your funds, enabling penalty-free deposits and withdrawals. All transactions are electronically processed through a nominated UK business current account, simplifying your financial management.
Advanced Account Management Tools: Manage your savings effortlessly with the Capital on Tap online portal and mobile app. These tools offer real-time account balance monitoring, transaction history reviews, and seamless fund transfers, increasing your business’s operational efficiency.
These features collectively support your business’s financial stability and growth, making the Capital on Tap Business Instant Savings Account a robust tool for managing your business finances.
How Competitive is the Pricing and Value of the Capital on Tap Business Savings Account?
The Capital on Tap Business Instant Savings Account offers a competitive 3.74% AER, only 0.57% below the Bank of England base rate. This makes it an attractive option for UK businesses seeking to maximise interest earnings with immediate fund access. The account applies a uniform interest rate to all balances from £1, eliminating the complexities of tiered rates.
This account stands out by not charging monthly fees or withdrawal penalties. It is particularly beneficial for businesses with variable cash flows, as it allows free fund access without financial penalties.
The account prides itself on transparency, with no hidden fees for standard transactions. However, it is advisable to thoroughly review the full terms and conditions to understand any potential specific charges.
Compared to other accounts that often include fees or tiered rates, Capital on Tap offers straightforward, competitive value, making it a top contender among UK business savings accounts.
Ease of Use
The Capital on Tap Business Instant Savings Account is tailored for UK business owners, emphasising simplicity and efficiency. Registration requires only basic business details and linking to a UK business’s current account. Its user-friendly online platform allows easy navigation and easy access to essential features such as account details, transaction history, and deposit and withdrawal management.
The mobile app enhances financial management on the go, providing real-time balance updates and transaction alerts to keep you informed. Although the app lacks biometric logins for the savings account, it incorporates comprehensive security measures, including fingerprint and facial recognition for other services.
While integration with accounting software like Xero and QuickBooks is primarily available for credit products, the account supports straightforward data export. This feature simplifies financial management and seamlessly integrates with your existing accounting systems.
How Does Capital on Tap’s Customer Service and Support Stand Out?
Capital on Tap provides a versatile range of customer service options tailored to the needs of business savings account holders. It ensures they can choose their preferred communication method: phone, email, or secure messaging via their online portal.
- Immediate Assistance: Phone support offers instant help, which is ideal for urgent issues.
- Quick Email Response: Expect email replies within 24 hours, suitable for complex queries.
- Efficient Problem Solving: The team excels at resolving issues on the first attempt, from account linking to transaction disputes.
Capital on Tap’s support team is skilled in everything from account setup to dispute resolution, boosting customer satisfaction and allowing business owners to concentrate on their operations. Direct contact with customer service provides personalised and effective support for specific or complex issues not addressed in the FAQs.
What Do Customers Say About Capital on Tap’s Business Instant Savings Account?
Capital on Tap’s Business Instant Savings Account is well-received on platforms like Trustpilot, where users particularly praise its easy access and flexible, penalty-free withdrawals. This feature is crucial for businesses requiring quick access.
However, concerns about the variable interest rate, linked to the Bank of England base rate, highlight potential challenges during economic fluctuations. While the digital interface is generally applauded for its user-friendliness, occasional technical issues with the mobile app are noted.
For a comprehensive understanding, exploring detailed user reviews on Trustpilot can provide varied perspectives and experiences.
What Are the Eligibility Criteria for a Capital on Tap Savings Account?
To open a Capital on Tap Business Instant Savings Account, your business must meet the following criteria:
- It must be a non-financial, active entity registered in the UK.
- Compliance with local tax laws and regulatory frameworks is mandatory.
- Businesses in the financial services sector are ineligible due to Financial Services Compensation Scheme (FSCS) regulations.
- Eligible business structures include Limited Companies (Ltd), Limited Liability Partnerships (LLP), and Sole Traders.
- A valid UK business current account registered in your business’s name is required for proof.
- No minimum turnover requirement exists, but your business should be operational.
This checklist helps ensure your business meets all necessary criteria, facilitating a smoother application process.
How to Apply for a Capital on Tap Savings Account: Step-by-Step Guide
Applying for a Capital on Tap Business Instant Savings Account involves a few key steps:
- Prepare Your Documents
– Ensure your business is registered in the UK and that you have an active UK business current account.
– Gather identification for the business owner(s), such as a passport or driving licence, and compile business registration and tax information. - Complete the Online Application
– Visit the Capital on Tap website and navigate to the Business Instant Savings Account section.
– Select ‘Apply Now’ and complete the online form with your business details, including the company name, registration number, and contact information. - Undergo Verification
– Upload the necessary documents via the online portal.
– Capital on Tap will verify your business’s eligibility and identity, potentially consulting public records or requesting additional details. - Receive Approval
– You will be notified via email once your application is approved.
– Approved applicants will receive login credentials to access their account through the Capital on Tap portal. - Set Up Your Account
– Log in with the provided credentials.
– Connect your nominated UK business current account for easy fund transfers.
– Begin managing your savings with immediate access to your funds.
Following these streamlined steps, you can efficiently set up your Capital on Tap Business Instant Savings Account, enhancing your business’s financial management capabilities.
Alternatives to Capital on Tap Business Savings Account
| Capital on Tap Instant Access Savings Account | Monzo Instant Access Savings Pot | Revolut Business Savings Account | Tide Instant Saver Account | Allica Bank Instant Access Savings Pot | |
|---|---|---|---|---|---|
| Variable Interest Rate | Up to 3.74% AER | Up to 1.5% AER | Up to 3.51% AER | Up to 4.22% AER | Up to 4.33% AER |
| Min balance | £1 | No minimum | No minimum | £1 | £1 |
| Max balance | No limit | £500,000 | £500,000 – £2 million, depending on the plan | £1 million | £5 million |
| Account Fees | £0 | £0 | £0, but requires a paid banking plan, starting at £30/month | £0 | £0 |
| FSCS Protected | ✅ | ✅ | ✅ | ✅ | ✅ |
| Learn More | Visit Capital on Tap | Visit Monzo | Visit Revolut | Visit Tide | Visit Allica Bank |
Final Thoughts and Recommendations
The Capital on Tap Business Instant Savings Account offers UK small business owners significant flexibility. It provides immediate access to funds and has no withdrawal penalties, enhancing cash flow management. Its interest rate, linked to the Bank of England base rate, remains competitive and adjusts to economic fluctuations.
However, the interest rate’s variable nature means it could change with economic conditions, and electronic transactions’ limitations may not accommodate businesses that handle cash frequently.
Explore your options with Capital on Tap today and see how this account could benefit your business.
Capital on Tap Savings Account FAQs
The Capital on Tap Business Instant Savings account, managed by ClearBank, is tailored for UK businesses seeking immediate access to their funds while earning interest. This account enhances business liquidity without imposing withdrawal penalties.
This account features a variable interest rate, currently 0.57% below the Bank of England base rate, adjusting as the base rate changes. The Annual Equivalent Rate (AER) is 3.74%, ensuring competitive returns.
The Capital on Tap Business Instant Savings account has no monthly withdrawal fees or penalties, offering a cost-effective tool for managing your business finances.
Eligibility extends to active non-financial UK businesses that comply with local tax obligations, including Limited Companies, Limited Liability Partnerships, and certain sole traders.
Account management is streamlined through the Capital on Tap online portal and mobile app, enabling easy monitoring of balance and transaction history and efficient deposit and withdrawal management.
Your funds are secure in the Capital on Tap Business Instant Savings account, protected under the Financial Services Compensation Scheme (FSCS) up to £85,000 per eligible person, per bank. More details are available on the FSCS website.
