Savings account closure (UK Only)
A guide to closing your Savings account.
Overview
This article outlines the process for closing your Savings account with Capital on Tap. It provides a simple, step-by-step guide to ensure a smooth and easy process.
How to close your Savings account
To begin the account closure process, please call our customer support team to request the closure. Please be aware that only the main account holder can request an account closure.
Important: Before you close your account, please ensure the following:
- The Savings balance is £0.
- There are no pending withdrawals or deposits on your account.
- Your nominated bank account is active so that any final interest payments can be made.
After the account is closed, you will no longer have access to your historical statements in the portal, so please download them for your records before you request the closure.
Note: If you have both a credit and a Savings account, you must close both accounts, as they are linked. If you only want a Standalone Savings account, you can reapply for one once the linked accounts have been closed.
Once the closure has been processed, you will receive a confirmation email.
FAQs
What happens when I close my Savings account?
The account closure process typically takes up to two business days. Once the closure is complete, a final interest payment will be paid into your nominated bank account. You will also receive your final statement via email within one business day.
Can I re-open my Savings account after it's been closed?
No, the closure is irreversible. If you wish to have a Savings account again, you can open a new one with new details.
Can I have multiple Savings accounts?
No, you can only have one Savings account at a time.
Can I redeem my Savings interest as cashback?
Interest will always be paid into your Savings account. If you close your account mid-cycle, the interest will be paid to your business bank account instead.