This week, business credit card and spend management platform Capital on Tap announced the launch of their new business savings account offering.
The Capital on Tap Instant Savings account, powered by ClearBank, comes with unlimited deposits starting from £1, with no maximum balance restrictions, and zero monthly fees.
To find out more about the launch, TechRound caught up with Alex Miles, COO at Capital on Tap to hear more about the new offering and what it means for the company.
Tell us about Capital on Tap’s new savings account
Our new Instant Savings account is a significant step forward for small businesses. It offers market-leading interest rates with unlimited deposits starting from just £1, and no maximum balance restrictions. There are zero monthly fees, and the account provides instant access to funds.
All eligible deposits are protected by the Financial Services Compensation Scheme up to £85,000, ensuring security for our customers. This account is seamlessly integrated into our existing customer portal, creating a comprehensive financial ecosystem for businesses.
What makes this offering stand apart from competitors?
What sets us apart is the combination of high-interest rates, instant access, and integration with our existing credit and spend management solutions. We’ve eliminated the traditional compromise between liquidity and competitive returns that small businesses often face.
Our implementation was completed in just under 6 months, demonstrating our agility in bringing innovative products to market. Our partnership with ClearBank ensures a secure and reliable banking infrastructure, further enhancing our offering.
How can this new savings account help small businesses in particular?
This account addresses a critical gap in the market where businesses traditionally face barriers to accessing competitive savings products. It offers the flexibility to deposit and withdraw funds as needed, which is crucial for businesses with fluctuating cash flows.
The competitive interest rate helps businesses make their money work harder, while the instant access ensures they can seize opportunities when they arise. By integrating savings with our existing credit solutions, we’re providing a one-stop financial hub that simplifies money management for SMEs.
What advice would you give to SMEs about managing their finances?
I’d advise SMEs to diversify their financial tools, balancing credit facilities with savings products to optimise cash flow and earning potential. It’s crucial to prioritise liquidity while also focusing on long-term financial security.
Take advantage of integrated financial solutions to streamline operations and gain better oversight of your finances. Stay informed about market-leading rates and new financial products that can benefit your business. Always ensure you have a safety net – our new savings account can be an excellent tool for this, offering both competitive returns and instant access when needed.
What can we hope to see from Capital on Tap in the coming months?
We’re excited about our continued growth and expansion. We recently ranked highly in the Financial Times’ inaugural Europe’s Long-Term Growth Champions 2025 list, which is a testament to our progress. Looking ahead, we’re committed to further expanding our support for UK SMEs.
We’re exploring new solutions to enhance our offerings for our SME client base. Our goal is to continue evolving into a comprehensive financial solutions hub for small businesses, combining spending, saving, and rewards in one seamless platform.
