Capital on Tap Teams Up with ClearBank to Launch Business Savings Accounts

Capital on Tap Teams Up with ClearBank to Launch Business Savings Accounts

Capital on Tap has partnered with ClearBank to introduce business savings accounts, providing small businesses with an easy way to earn interest on their deposits. This new service is integrated directly into Capital on Tap's existing user portal, offering interest-bearing accounts with deposits held by the Bank of England.

The partnership aims to help businesses build financial security, as stated by Capital on Tap COO Alex Miles. ClearBank, which started the project in 2023, has described the launch as the "quickest" embedded banking service it has rolled out since its founding in 2015.

The service entered the market after an initial beta test phase in October and is now available to the public. Capital on Tap is reportedly in discussions with ClearBank to develop further solutions aimed at supporting its SME client base.

This announcement follows ClearBank's successful acquisition of a Credit Institution Licence from the European Central Bank (ECB) in August 2024, allowing the company to expand its services into Europe.