Your Capital on Tap Instant Savings Account will be provided by ClearBank, a Bank authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Capital on Tap will assist ClearBank in operating the Capital on Tap Instant Savings Account by providing the day-to day servicing of the account through the Capital on Tap Platform, in particular being your point of contact for any questions you may have. Your deposits held by ClearBank are covered by FSCS up to £85,000 (subject to eligibility). Please note this limit is for all funds held by you at ClearBank. If you have other accounts held at ClearBank, including other Capital on Tap accounts in your name, the balances of these accounts may be amalgamated, with any amount exceeding that (except in special circumstances) unlikely to be protected.
These terms and conditions (the "Terms and Conditions") are between you and ClearBank Limited (“ClearBank”), allowing you to deposit funds in a bank account provided by ClearBank (referred to in these Terms and Conditions as the “Capital on Tap Instant Savings Account”) and to earn interest on those funds based upon the time that they are deposited and the interest rate applicable to such deposited funds. New Wave Capital Limited (trading as Capital on Tap) (“Capital on Tap”) assists ClearBank in operating the Capital on Tap Instant Savings Account and facilitates your use of the account by providing you with access to the Capital on Tap portal via a mobile app and the Capital on Tap website (together the “Capital on Tap Platform”).
These Terms and Conditions apply when you use the Capital on Tap Instant Savings Account.
You should read these terms along with any other agreement that you enter into with Capital on Tap for which Capital on Tap is entirely responsible. In addition to these Terms and Conditions, you must also agree to and comply with the Capital on Tap Terms and Conditions for the Capital on Tap Instant Savings Accounts in order to access and use your Capital on Tap Instant Savings Account. The Capital on Tap Terms and Conditions for the Capital on Tap Instant Savings Accounts can be found at https://www.capitalontap.com/en/.
1.1. The Capital on Tap Instant Savings Account is an interest-bearing savings account at ClearBank, a UK Bank.
1.2. During the account application and opening process, you will be required to provide Capital on Tap with your personal details and in some cases identification documentation before you are able to open a Capital on Tap Instant Savings Account.
1.3. If you change your mind and no longer wish to have a Capital on Tap Instant Savings Account, you can cancel or close it free of charge at any time by following the instructions set out in section 19.
2.1. Our details are: ClearBank Limited (company number 09736376) Borough Yards, 13 Dirty Lane, London, SE1 9PA.
2.2. We are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA under firm reference number 754568. If you would like further information about this, please see the FCA register at https://register.fca.org.uk, or call the FCA on 0300 500 8082.
3.1.We use the information and contact details you give us to provide your Capital on Tap Instant Savings Account and related services to you. It’s important that this is accurate and complete at all times.
3.2. If your details change or you no longer meet our eligibility requirements (such as being a UK tax resident and a corporate entity), you must tell us as soon as possible through the Capital on Tap Platform. This includes changes to your address, email address, contact numbers or name.
3.3. It’s important to look out for messages received by Capital on Tap in accordance with Capital on Tap Terms and Conditions.
4.1. To access your Capital on Tap Instant Savings Account, you must access the Capital on Tap Platform. You are responsible for ensuring that you have access to the latest version of the Capital on Tap Platform. If you have not accessed the latest version, or you have not upgraded your device’s operating system to access the latest available version, then you may not be able to access all of the features of your Capital on Tap Instant Savings Account.
4.2. Your Capital on Tap Instant Savings Account is not a current account, so it cannot be used for everyday use such as for day-to-day spending or receiving or sending money to or from other people. This also means that payments like wages, salary, benefits, or pension payments should not be paid into it directly from a third party. You must not open or use your Capital on Tap Instant Savings Account to hold money for someone else (including as a trustee or personal representative) or for the purpose of any type of charity.
4.3. When you open your Capital on Tap Instant Savings Account, you must provide Capital on Tap with the details of a UK pound sterling current account with a UK regulated bank which is held solely in your business’s name which satisfies the eligibility criteria to open a Capital on Tap Instant Savings Account and, if requested to do so by Capital on Tap, you must be able to provide any details and any identification documentation. This is known as your “Nominated Account.” You will need the account number and sort code of the account you want to set up as your Nominated Account. In certain circumstances, we may need additional documentation to verify that the Nominated Account is held in your business’s name. Capital on Tap does not accept all Nominated Accounts and reserves the right to decline your Capital on Tap Instant Savings Account on this basis, or if they are unable to verify your Nominated Account as an account held solely in your business name.
4.4. You can only transfer funds into your Capital on Tap Instant Savings Account from your Nominated Account.
4.5. It’s really important that you give Capital on Tap the correct details of your Nominated Account, including if you have changed or switched accounts to another provider, so that payments are made to the correct account. We will try to get your money back if you accidentally give us the wrong details. However, we will not be responsible if your money can’t be recovered or if it is delayed getting to the correct Nominated Account.
4.6. You can change your Nominated Account through the Capital on Tap Platform. If, for any reason, a payment you requested us to make to the Nominated Account is returned to us, we will contact you about returning the money to you.
4.7. There may be limits that apply to your Capital on Tap Instant Savings Account including payment transaction limits. Details of any applicable limits applied to your Capital on Tap Instant Savings Account can be found in the Capital on Tap Terms and Conditions.
4.8. If you exceed your payment transaction limits this will be dealt with in accordance with the Capital on Tap Terms and Conditions.
5.1. To earn interest on the money you put in the Capital on Tap Instant Savings Account, you must deposit it into the Capital on Tap Instant Savings Account.
5.2. In most cases the money will reach ClearBank within 2 hours. However, it may take up to three working days for the money to get to ClearBank depending on the payment scheme through which your funds are deposited.
5.3. Subject to section 5.4, all amounts received electronically by us before 11:59:59pm on any working day will be cleared on the day of receipt and interest is calculated from that day.
5.4. We will return any funds received from an account other than your Nominated Account.
5.4. There may also be times when we have to stop money coming into your Capital on Tap Instant Savings Account for legal or regulatory reasons or where we reasonably believe that accepting the credit may damage our reputation.
6.1. You can make payments from your Capital on Tap Instant Savings Account by bank transfer only to your Nominated Account, or such other accounts which Capital on Tap may make available to you through the Capital on Tap Platform and in accordance with the Capital on Tap Terms and Conditions.
6.2. You can give us instructions and consent to a payment from the Capital on Tap Platform by providing all the information requested.
6.3. Subject to section 7, payment instructions authorised through the Capital on Tap Platform will be processed immediately. Your funds will usually be received into your Nominated Account within 2-3 hours of your instructions.
6.4. As we start processing your payment instructions immediately, it is not possible to cancel your instructions once they have been made.
7.1. You will not be able to submit a payment instruction through the Capital on Tap Platform unless you have provided all the information required, including telling us when the payment should be made.
7.2. We will follow your payment instructions, unless:
7.3. Sometimes we or Capital on Tap need to make checks or ask you for further information before we can carry out a payment instruction, which may delay the payment.
7.4. Unless we are prevented by a legal, regulatory or security reason, you will be notified through the Capital on Tap Platform when an instruction has not been followed. Where possible, we will tell you why this has happened and how you can resolve the issue.
8.1. You will receive interest on funds held in your Capital on Tap Instant Savings Account.
8.2. The interest rate applicable to your Capital on Tap Instant Savings Account varies and tracks at a fixed margin below the Bank of England base rate (“Tracking Rate”). This means the Tracking Rate will change in line with the increase or decrease in the Bank of England base rate. The applicable Bank of England base rate can be found here: https://www.bankofengland.co.uk.
8.3. The Bank of England base rate can change at any time. If it does, the resulting change to the Tracking Rate applicable to your Capital on Tap Instant Savings Account will take effect without notice from the day after the Bank of England announces the change. Neither we nor Capital on Tap have to give you prior notice of this change coming into effect.
8.4. You can always see the applicable Tracking Rate on the Capital on Tap Platform and in the latest Summary Box provided to you by Capital on Tap. Capital on Tap may vary the Tracking Rate applicable to your Capital on Tap Instant Savings Account in accordance with the Capital on Tap Terms and Conditions for Capital on Tap Instant Savings Accounts. If Capital on Tap decreases the Tracking Rate, you will be given 14 days’ notice before the change comes into effect, unless such decrease is due to a reduction in the Bank of England base rate.
8.5. Interest is calculated on a daily basis on cleared funds in your Capital on Tap Instant Savings Account and is paid monthly in accordance with section 6.1 of the Capital on Tap Terms and Conditions.
8.6. All interest is paid gross i.e. without any deduction for tax.
8.7. Where an interest payment period incorporates the leap year day of 29th February, the daily interest will be calculated to include that extra day. This means that the interest credited to your account may differ at these times.
8.8. If we receive funds from an account specified in section 4.4 on a working day, we will start paying interest on that deposit from that working day.
8.9. Any funds received before 11:59:59pm (UK time) will be credited to your Capital on Tap Instant Savings Account on that day and we will not pay interest on that deposit until it is credited.
8.10. Interest is earned up to and including the day prior to withdrawal of funds or closure of the Capital on Tap Instant Savings Account.
8.11. The Tracking Rate may be varied in accordance with section 6.2 of the Capital on Tap Terms and Conditions.
8.12. From time to time, separately from, and not as part of, the services we provide to you, Capital on Tap may award or give you directly cash bonuses, rewards, other promotions, or incentives pursuant to the Capital on Tap Terms and Conditions which you should check for full details concerning such awards or gifts.
9.1. Where possible, the bank or financial institution with which your Nominated Account is held (the “Sending Bank”) will ask us to verify that your full name matches the name linked to the account number and sort code of your Capital on Tap Instant Savings Account. This step is performed before you finalize the payment instruction from your Nominated Account and submit the payment. This extra security step is called “Confirmation of Payee.”
9.2. As the receiving bank, we will check our records and will provide a response, which may include a “Match,” a “Close Match,” “No Match,” or that a “check is not possible” (or another applicable response corresponding to the circumstances). If it is a Close Match, the Sending Bank will receive the full name that is linked to the sort code and account number for your Capital on Tap Instant Savings Account. As the holder of the Nominated Account, you will be asked to confirm if you wish to proceed with the payment instruction once you are informed of the results of the Confirmation of Payee check. If you need to change the payment instruction, you are able to do this prior to giving your confirmation to the Sending Bank to proceed with the payment.
9.3. If Capital on Tap makes it available to you, you can request Capital on Tap to opt out of your details being checked by the payment service provider of your Nominated Account and you will have the option to opt back in again at any time in accordance with the Capital on Tap Terms and Conditions.
10.1. We do not charge you fees for using your Capital on Tap Instant Savings Account.
10.2. There might be costs, fees, charges, or taxes that you have to pay that are outside of our control and not charged by us. For example, Capital on Tap may charge for the services it provides. Please also check with your Nominated Account provider for any fees or charges applicable to their services.
11.1. You can view your Capital on Tap Instant Savings Account balance at any time by accessing the Capital on Tap Platform.
11.2. Information about your Capital on Tap Instant Savings Account, including details of payments into or out of your Capital on Tap Instant Savings Account, are available to view and can be downloaded through the Capital on Tap Platform. We suggest you download this information for your own records.
12.1. You must take reasonable steps to keep safe any security details relevant to the access and use of your Capital on Tap Instant Savings Account, such as any passwords or PINs used to access the Capital on Tap Platform, and you should never share your security details with anyone. If someone makes an unauthorised payment out of your Capital on Tap Instant Savings Account because you have failed to keep safe your security details, we will not normally refund the payment.
12.2. If you think that someone might have unauthorised access to your security details, or your account security has been compromised then you must let Capital on Tap know as soon as you can. You can contact Capital on Tap through the live chat or by using one of the methods specified in section 21 of the Capital on Tap Terms and Conditions. In these circumstances, your access to your Capital on Tap Instant Savings Account may be suspended until we are satisfied that there is no longer a security risk, or your login details may be reset.
13.1. You should check your monthly statements and transaction history through the Capital on Tap Platform on a regular basis to identify any potential unauthorised access to or use of your Capital on Tap Instant Savings Account and to check for transactions which you do not recognise.
13.2. If you think a transaction that was not authorised by you has been processed or that a transaction has not been carried out in accordance with your instructions, you must contact Capital on Tap immediately by using one of the methods specified in section 21 of the Capital on Tap Terms and Conditions.
13.3. If we need to tell you that there has been (or we suspect there has been) fraudulent activity on your Capital on Tap Instant Savings Account or that the security of your Capital on Tap Instant Savings Account may be at risk, we will contact you using the contact details registered to your Capital on Tap Instant Savings Account.
14.1. We can stop or suspend your ability to access your Capital on Tap Instant Savings Account and/or to make payments from your Capital on Tap Instant Savings Account if, for example:
14.2. Unless we are prevented by a legal, regulatory or security reason, we will normally tell you before or immediately after blocking access to your Capital on Tap Instant Savings Account and, if possible, explain why this has happened. We will do this via the Capital on Tap Platform, or we will email you using the contact details registered to your Capital on Tap Instant Savings Account.
15.1. You should contact Capital on Tap through the Capital on Tap Platform or by phoning us on 020 8962 7401 as soon as you can if you think that a payment from your Capital on Tap Instant Savings Account is incorrect or unauthorised, or if security details relating to your Capital on Tap Instant Savings Account have been lost or stolen. If, in any event, you don’t tell us within thirteen (13) months, then you might not be entitled to a refund.
15.2. Subject to section 15.1 above, the table below shows what we (or Capital on Tap or another subcontractor acting on our behalf) will do when something goes wrong.
|
What went wrong? |
Our liability to you |
|
We incorrectly made a payment out of your Capital on Tap Instant Savings Account - because we didn’t send it to the account you specified in accordance with section 4.4. |
We will refund the payment amount and any charges linked to that payment. |
|
A payment from your Capital on Tap Instant Savings Account was unauthorised, unless: you’ve been deliberately or grossly negligent with your security details; or we can prove you acted fraudulently. |
We will refund the unauthorised payment amount and any charges linked to that payment, except where the security details relating to your Capital on Tap Instant Savings Account have been lost or stolen, we will not refund you for the first £35. You will receive a full refund for any unauthorised payments which take place after you have notified us of the unauthorised payment or that the security details relating to your Capital on Tap Instant Savings Account have been lost or stolen. |
|
The payment you asked us to make to your Nominated Account is late due to our error. We were late adding a payment you received to your Capital on Tap Instant Savings Account due to our error. |
We will put you back to the position that you would have been in if we had not made the error. |
|
You made a mistake and gave us the wrong payment details for a payment |
If you make a mistake, we will use our reasonable efforts to help fix the problem (which might mean getting your money back), but we can charge a fee for this. If we can’t recover the payment, then we will not be able to refund the payment to your Capital on Tap Instant Savings Account. If the payment has been received by the recipient’s bank, then you will need to ask them about obtaining a refund. You can contact Capital on Tap if you need information about the payment to help you try and recover it. |
16.1. If we have to give you a refund, we will do this as soon as we can and no later than the end of the next working day following the day that we receive your request. When we say working day, we mean Monday to Friday but not UK bank holidays.
16.2. In certain circumstances we may need to investigate your claim further to check that you are entitled to a refund. If we find that you are not entitled to a refund, but we have already paid it, we will reclaim the refund.
16.3. If funds are added to your Capital on Tap Instant Savings Account because of a system error or a mistake, you agree that we can automatically reclaim those funds. If you believe the funds were not received by error or by mistake, you may log a complaint about this issue.
17.1. Except for things in section 15 above and things which we cannot limit or exclude in respect of our liability to you at law (including liability to you for fraud or fraudulent misrepresentation, or for any of the regulatory duties we owe you), we will not be liable to you, including for any of the following:
18.1. Why we can make changes
We can amend these Terms and Conditions if:
we are making changes to the way the Capital on Tap Instant Savings Account operates or its features, or we are introducing new services relating to the Capital on Tap Instant Savings Account, including changes to technology, the systems we use or our relationship with other providers that help us to run the Capital on Tap Instant Savings Account;
it is necessary to comply with a change in law, regulation, or related guidance, or to reflect changes in the banking industry standards or market practice.
18.2. Telling you about changes
Except as set out in section 8, we will usually give you 30 days’ notice of any changes to these Terms and Conditions, other than changes to the Tracking Rate which applies to your Capital on Tap Instant Savings Account which will be notified to you in accordance with the Capital on Tap Terms and Conditions for Capital on Tap Instant Savings Accounts. The date when the change will take effect will be included in the notice. In some cases, you may not be notified in advance of a change being made, for example:
18.3. If you are not happy with the changes
19.1. You can close your Capital on Tap Instant Savings Account at any time and in accordance with the Capital on Tap Terms and Conditions. If you close your Capital on Tap Instant Savings Account, you will need to withdraw all funds from the Capital on Tap Instant Savings Account prior to closing it.
19.2. If you are closing your Capital on Tap Instant Savings Account within fourteen (14) days of opening it, and you have paid us any fees, we will refund them.
19.3. We can close your Capital on Tap Instant Savings Account and end these Terms and Conditions by giving you one month’s notice where we need to do so in accordance with applicable law or our agreement with Capital on Tap. If we close your Capital on Tap Instant Savings Account, Capital on Tap will send the funds in the Capital on Tap Instant Savings Account to your Nominated Account prior to closing it.
19.4. If you have not funded your Capital on Tap Instant Savings Account within one month of opening it, we can close the account without notice.
19.5. We may, however, end these Terms and Conditions immediately and close your Capital on Tap Instant Savings Account if any of the following happen:
20.1.If you would like to make a complaint in relation to your Capital on Tap Instant Savings Account, you should contact Capital on Tap in one of the following ways:
20.2. More details about the complaints handling process are available from https://www.capitalontap.com/en/legal/complaints/.
20.3. If your complaint relates to the Capital on Tap Instant Savings Account or any payment transaction relating to those services and after having received Capital on Tap’s final response you are still unhappy or not satisfied, and you are: (a) a microenterprise which employs fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed £2 million; (b) a charity which has an annual income of less than £6.5 million; or (c) a trustee of a trust which has a net asset value of less than £5 million; or (d) a small business which has an annual turnover of less than £6.5 million and employs fewer than 50 persons or has a balance sheet total of less than £5 million, then you may, if your complaint falls within the Financial Ombudsman Service’s jurisdiction, be able to complain to the Financial Ombudsman Service (FOS) at: http://www.financial-ombudsman.org.uk/. You can also call or write to the FOS on 0800 023 4567 or at Exchange Tower, Harbour Exchange, London, E14 9SR.
20.4. Further information about your eligibility and the details of the service can be obtained from the FOS website.
20.5. Alternatively, you can contact the Centre for Effective Dispute Resolution Service and seek advice about an alternative way to resolve your dispute. Contact details for the Centre for Effective Dispute Resolution are:
21.1. ClearBank is covered by the Financial Services Compensation Scheme (FSCS), which is the UK’s deposit guarantee scheme. If we are unable to meet our financial obligations, you may be entitled to compensation from the FSCS.
21.2. The FSCS only protects certain depositors and there are maximum limits on the amount of compensation that can be claimed. More information is available on our FSCS Information Sheet at (ClearBank | FSCS protection).
22.1. By agreeing to these Terms and Conditions, you are providing your explicit consent to us processing your personal data for the purpose of providing the Capital on Tap Instant Savings Account services to you. This does not affect any rights and obligations you or we have under data protection legislation.
22.2. For further information regarding our use of your personal data and your associated data protection rights, please refer to our Privacy Policy which can be found here https://www.clear.bank/privacy-notice-
2021 and the Capital on Tap Privacy Policy which can be found by following this link: https://www.capitalontap.com/en/legal/privacy-policy/.
23.1. We may transfer our rights and obligations under these Terms and Conditions to another company within the ClearBank group of companies at any time where we reasonably believe you will not be treated less favourably as a result of the transfer. We will give you two (2) months’ prior written notice of this.
23.2. You cannot transfer any of your rights or obligations under these Terms and Conditions unless we have agreed this with you in writing.
23.3. We may delegate the performance of any of our obligations under these Terms and Conditions to another person. Even if we have delegated, we will still be responsible to you for our obligations under these Terms and Conditions.
23.4. If a court or relevant authority decides that we can’t rely on a particular part of these Terms and Conditions, then this will not stop the rest of the Terms and Conditions from applying to you.
23.5. These Terms and Conditions are between you and us, and no other person shall have a right to enforce any of the provisions of these Terms and Conditions.
24.1. These Terms and Conditions and all matters arising out of the use of your Capital on Tap Instant Savings Account are subject to English law and the courts of England and Wales have exclusive jurisdiction.