Jump to a section
Applying for the Capital on Tap Instant Savings account, powered by ClearBank, is an exciting opportunity for small business owners to make the most of their business funds. We understand that being declined can be frustrating. If you've recently faced a rejection, know that you're not alone, and there may be simple reasons behind it. In this article, we'll walk you through the common eligibility issues and provide clear guidance on how to address them, potentially opening the door for a successful reapplication.
Who can apply?
Currently, our Instant Savings account is exclusively available to Capital on Tap Business Credit Card customers. It’s important to note that only the main account holder has the authority to open the account, deposit funds, and make withdrawals. While you may have authorised users on your credit card, they won't have access to the savings account. This ensures you maintain complete control over your business savings, providing an extra layer of financial security.
Why was my application declined?
We understand that a declined application can be disappointing. To help you understand why this might have happened and what you can do about it, we've outlined the most common reasons below:
1. FSCS protection eligibility
The Financial Services Compensation Scheme (FSCS) uses Standard Industrial Classification (SIC) codes to determine which businesses are eligible for protection. Your company's SIC code plays a crucial role in your application's success. If your business falls under a category that's not covered by FSCS protection, we may be unable to approve your application.
Business categories that are not covered by the FSCS and therefore do not qualify for an Instant Savings account include:
-
Banking and credit services
-
Insurance and pension services
-
Investment and asset management
-
Financial market operations and infrastructure
We know navigating eligibility requirements can be tricky, so if you're unsure about your classification, consider consulting with a business advisor before applying.
2. Business bank account verification
A valid business bank account registered under the exact legal name of your company is essential for opening a Capital on Tap Instant Savings account. This requirement helps us verify your business identity and ensure secure financial transactions. If there's any discrepancy between your business's registered name and the name on your bank account, your application may be declined. To avoid this, double-check that your business bank account details perfectly match your official business registration documents before applying.
3. Business status and tax obligations
To qualify for a Capital on Tap Instant Savings account, your business must be an active, non-financial entity with tax obligations exclusively in the United Kingdom. This requirement ensures compliance with UK financial regulations and simplifies account management. If your company engages in financial activities or has tax responsibilities in other countries, you may not be eligible for this savings account. Before applying, review your business structure and tax status to confirm you meet these criteria. If you're unsure about your company's classification or international tax obligations, consulting with a qualified tax advisor is recommended.
Additional verification requirements
To ensure the security of your account and comply with financial regulations, we require all applicants to verify key details before opening a Capital on Tap Instant Savings account. This verification process applies to all customers, even if you've recently updated your information.In some cases, additional verification may be required.
Here's what you need to know:
-
Device registration: If you're using a new device, we'll ask you to complete an identity verification process.
-
Information updates: We may request updated information if your current details are incomplete or outdated.
These steps help us maintain the highest standards of account security and ensure a smooth application process. To expedite your application, please have your most recent business documents and identification ready. If we require any additional information, we'll guide you through the process promptly and securely.
The bottom line
If your application wasn't successful this time, don't be discouraged. Many issues can be resolved, allowing you to reapply successfully in the future. Here's your action plan:
-
Review eligibility criteria: Carefully go through all requirements to ensure your business qualifies.
-
Update your information: Keep your business details current to streamline the approval process.
-
Check your SIC code: Verify that your business falls within an eligible category, as certain industries are not covered by FSCS protection.
-
Verify bank account details: Ensure your business bank account is correctly registered under your company's exact legal name.
Remember, our support team is here to help. If you have any questions or need clarification about your application, don't hesitate to reach out.
By understanding and meeting these eligibility requirements, you're setting yourself up for a smoother application process. Once you've ticked all the boxes, you'll be well-positioned to unlock the full potential of your Capital on Tap Instant Savings Account and boost your business's financial growth.
