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Savings FAQs |
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Who can open a Capital One Account? |
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Capital One Savings accounts are available for the personal use of individuals who are UK residents only. You must be aged 18 or over. You can open a joint account where each person can pay money in or make a withdrawal without the signature of the other account holder. Savings accounts cannot be opened for businesses, clubs, charities, other organisations or trustees. |
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How do I open an account? |
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You can open an account in two different ways - whichever suits you best! Over the internet, visit the relevant online account opening form on this web site By phone, call 0800 085 1711 and we will take you through the account opening process or we can send you an application pack. |
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How can I make my initial deposit? |
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If you apply online for a Capital One savings account you can make an initial deposit as part of your application. Alternatively, you can make a deposit by personal cheque or by arranging an electronic transfer with your bank (eg BACS or CHAPS). Personal cheques should be made payable to "Capital One Savings" followed by the first name and surname of the account holder. We will provide with your Welcome Pack the details you will need to transfer your money electronically. |
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When will my account be opened? |
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If you have applied online for a Capital One savings account your account will normally be opened within 5 working days of making your application. This may take longer if we need further information from you to help us prove your identity and address to satisfy UK anti-money laundering laws. We will send out your Welcome Pack and advise you of your next steps within 5 working days of making your application. If you have applied for a Capital One savings account by telephone or by post, your account will normally be opened within 5 working days of receiving your Account Opening Form. This may take longer if we need further information from you to help us prove your identity and address to satisfy UK anti-money laundering laws. We will send out your Welcome Pack and advise you of your next steps within 5 working days of receiving your Account Opening Form. |
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What if I change my mind about the account? |
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If you open a savings account, you will have 14 days after your account is opened to change your mind and close the account. We will return your initial deposit if this happens. |
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How soon will my money start earning interest? |
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Your money will start to earn interest on the second business day after the day on which we receive your cheque . Where a deposit is received electronically, interest will start to be earned on the business day we receive the funds. |
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How often will I receive interest on my investment? |
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You can choose for interest to be paid annually or monthly. You can choose to have interest added to your account, paid into a different Capital One Savings account or transferred to another UK bank/building society account held in your name. Interest cannot be paid by cheque. |
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How often will I receive a statement? |
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If you choose to have interest paid monthly, you will receive a statement every 6 months. If you choose to have interest paid annually you will receive a statement every 12 months. Additionally you will receive an annual summary of all your savings accounts with us. If your account can be operated online you can log in and view your statement at any time. |
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How can I find out more about your online account management service? |
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Click here for additional information on how to manage your Bonus Saver (Issue 2) account online |
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How will I know that my account has been opened? |
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We will process your application and send you a Welcome Pack. The Welcome Pack will either confirm your account is open or explain what other steps need to take place before your account is opened. You will also be issued with a customer identification number and password which you can use to log in and manage your account once it has been opened. |
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How do I log on for the first time? |
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You will be able to log on for the first time once you have received both your Customer identification number and your password. These will be sent to you separately, after your welcome pack. Once you have received this information simply enter the details in the appropriate places on the Log in Screen and click 'Log in'. If you have applied online for a Capital One savings account details of how to Log in will be included in a confirmation email. |
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Why cant I log in to my account? |
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You can go online or use the telephone in order to clarify your account balance. In addition you can go online or use the telephone to make one-off transfers out of your Bonus Saver (Issue 2) account. |
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What happens if interest rates change? |
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If the Bank of England Base Rate changes you will receive a letter within 30 days advising you of this change and informing you of your new rate. |
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Can I add more money to my account? |
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Once you have made your deposit, you cannot add further money to this fixed term account. However, you can open another Capital One Savings account at any time if you wish to save more money. |
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Can I take money out of my account? |
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You can make up to three withdrawals per calendar year, but each withdrawal will be subject to the following interest deduction based upon your account balance:
Simply call our Customer Services Team and they will provide you with the details you need to make your withdrawal. Alternatively, complete and return a transaction slip contained within your Welcome Pack. |
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Can I have my interest paid without tax deducted? |
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Tax will be deducted at the basic rate unless you notify us that you wish to receive your interest payments without tax deducted. We will complete the necessary paperwork on your behalf. Please note that a separate declaration needs to be made for separate account holders. Please contact your local tax office if you are unsure whether you should pay tax, or if you are a higher rate taxpayer. |
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What should I do if I have a complaint? |
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We do our very best to offer the highest standards of customer service. However, if you need to make a complaint, please contact us for a copy of our complaints procedure which includes details of the Financial Ombudsman Service. |
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Do you subscribe to the Banking Code or the Financial Ombudsman Service (FOS)? |
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Yes, we subscribe to the Banking Code, details of which can be found at the following website address (www.bankingcode.org.uk). We also subscribe to the Financial Ombudsman Service (FOS) which is set up to provide consumers with an independent free service for resolving complaints with financial firms. Their contact details are: |
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How can I find out more about your online account management service? |
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Click here for additional information on how to manage your Base Beater Savings account online |
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How will I know that my account has been opened? |
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We will process your application and send you a Welcome Pack. The Welcome Pack will either confirm your account is open or explain what other steps need to take place before your account is opened. You will also be issued with a customer identification number and password which you can use to log in and manage your account once it has been opened. |
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How do I log on for the first time? |
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You will be able to log on for the first time once you have received both your Customer identification number and your password. These will be sent to you separately, after your welcome pack. Once you have received this information simply enter the details in the appropriate places on the Log in Screen and click 'Log in'. If you have applied online for a Capital One savings account details of how to Log in will be included in a confirmation email. |
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Why cant I log in to my account? |
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If you are having trouble logging in to your account please call us on 0800 085 0011* Monday to Friday 8am 8pm, Saturday 9am 5pm and Sunday 10am 4pm. You can use the telephone in order to clarify your account balance. In addition you can use the telephone to make one-off transfers out of your Base Beater Savings Account.
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What happens if interest rates change? |
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If the Bank of England Base Rate changes we will pass on the change to you within 5 working days. You will receive written notification within 30 days advising you of this change and informing you of your new rate. |
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There seems to be problems with the website, my form won't submit? |
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If you are experiencing problems with the web site please contact us via telephone or email. Contact details are provided on the Contact Us page. |
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If I apply online is it safe? |
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Yes - we use a secure session' using SSL encryption technology whenever sending confidential information over the Internet. In a secure SSL session, information passed back and forth between your computer and the computers at Capital One is encrypted. Capital One can support up to 128 bit encryption which at present is the most secure available. |
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Can I manage my account online? |
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Yes, our Base Beater Savings, Easy Access (Issue 5) & Bonus Saver accounts can be managed online. Click here to apply for a Base Beater Savings account & Click here to apply for a Bonus Saver (Issue 2) account. All other accounts are serviced by post and phone. |
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I've submitted the details on the internet, but do not have a printer to print a copy of the details I have submitted, can I have a copy? |
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Please contact our customer services team on 0800 085 0011 and we will send you a copy within 3 5 working days |
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Can I email you with account specific questions? |
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No, for your personal & account security, we advise you not to send any account or personal specific details by e-mail as we are unable to confirm your identity. If you have account specific questions please call us on 0800 085 1711 Monday to Friday 8am 8pm ,Saturday 9am 5pm and Sunday 10am 4pm. Calls may be recorded/monitored for quality and training purposes. Calls may be recorded/monitored for quality and training purposes. |
Account Charges
Are there any charges on my Capital One Savings Account ?
The following charges relate to certain services that may be carried out on your account at your request. They may change from time to time and we will tell you when this happens. Please call if you would like us to explain any of these charges.
- CHAPS fee (telegraphic transfer of money) - UK only £25
- Account records - £10
- Breakdown of account statements - £20
- Duplicate Section 975 Certificate - £10
- Duplicate statements - £10
Withdrawals & Deposits
How can I get money into my savings account?
1. Direct Debit
You can complete a direct debit form which will allow us to pull funds electronically from your bank account. We can send you the form, you can download it from the internet, or you can complete it during an online application.
You can choose to have the direct debit as a one off or a regular monthly deposit. For regular monthly deposits, you have to tell us on which day of the month it should be.
The direct debit takes 5 business days to set up initially.
It takes 3 business days for each electronic transfer to reach your savings account.
2. Cheque
You can send us a cheque made payable to: Capital One Savings followed by the first name and surname of the account holder. Please also note the name of the account holder and the Capital One Savings account number on the back of the cheque.
You can deposit a cheque directly into our clearing bank account which is held at Barclays:
- Cheque made payable to: Capital One Savings followed by the first name and surname of the account holder.
- Account number 40174173
- Sort code 20-32-53
Reference your 9-digit savings account number on the deposit slip.
3. Instruction to your bank
You can request your bank to do an electronic transfer from your bank account to your Capital One savings account.
BACS transfers usually take business 3 days to reach us.
CHAPS transfers usually reach us on the same business day.
Give your bank the following information:
- Bank account: 40174173
- Bank account name: Capital One Savings
- Sort code: 20-32-53
Quote your 9-digit savings account number as the reference.
How can I get money out of my savings account?
1. Electronic transfer
We can do an electronic transfer to your nominated bank account.
You can request this over the internet, phone or by the post.
BACS transfers usually take 3 business days to reach your bank account.
CHAPS transfers usually reach your bank account on the same business day but is more expensive.
2. Cheque
You can request a cheque over the phone or by post. We will send it to you by first class post.
What is a nominated account?
This is a facility which allows our customers to link their Savings account to another bank account in their name commonly their current account. If you sign a direct debit mandate form it allows you to deposit money into your Savings account by requesting that we pull the funds from your bank account. You can also use the facility to make withdrawals/push funds back to your bank account.
You can set up a nominated account when you open your Savings account, or at any time afterwards.
To allow us to pull a deposit from your bank on your behalf you need to complete a direct debit mandate form. We can send you the form, you can download it from the internet, or your can complete it during an online application.
You can request either a regular monthly deposit on the same day each month or you may choose to have the details set up so you can contact us at any time in the future to request one off deposits.
When you request a withdrawal from your savings account to be pushed to your bank account, we can use your nominated account to do this. Therefore, if you only want to withdraw/push funds electronically we do not need a direct debit mandate form. If you have not provided us with nominated bank account details you can telephone us to add this information to your account.
What do I need to tell my bank if I want them to process a deposit to my savings account?
You will need to tell your bank the following information:
- Bank account name: Capital One Savings
- Account number: 40174173
- Sort code: 20-32-53
Please quote your 9-digit savings account number as reference on the deposit slip, and also note the name of the account holder and the Capital One Savings account number on the back of the cheque.
I want to set up regular deposits to my savings account from 2 different bank accounts. Is this possible?
We can only link one bank account to your savings account at any one time. This means we can only set up a regular deposit from one of your bank accounts.
If you want regular deposits from more than one of your bank accounts you can do this by contacting your bank directly. Many banks offer the facility to make regular payments on your behalf by standing order. You would have to discuss this directly with your bank to find out if they offer this facility and whether you would be charged a fee for this service.
I want to set up a regular deposit but I also want to withdraw to a different bank account?
We can only link one bank account to your savings account at any one time.
This means if you set up a regular deposit to pull funds electronically from one bank account, then the requested withdrawals will have to go to the same bank account.
You can contact us to change your nominated bank account but this would result in replacing your existing nominated bank account and any regular deposits you had set up previously from it would be cancelled.
Option 1 - Capital One process a Withdrawal / push funds electronically to your bank account from your savings account:
Withdrawal from your savings account: We can offer you a withdrawal by electronic transfer, which would normally take 3 days to reach your chosen bank account. You can request this over the internet, phone or by the post.
Deposit to your savings account: You could then set up the regular payment instruction with your bank where you want the deposit to come from so they can push funds to your Capital One savings account. Most banks offer the facility to make regular payments on your behalf by standing order. You would have to discuss this directly with your bank to find out if they offer this facility.
Option 2 Capital One process a Deposit / pull funds electronically from your bank account to your savings account:
Deposits into your savings account: Set up a direct debit with Capital One to deposit/pull funds electronically from your bank account to your savings account. This can be used for regular monthly deposits or ad hoc deposits. To allow us to do this you will need to complete a direct debit form.
Withdrawals from your savings account: We can offer you a withdrawal by cheque, which would be sent to you by first class post. You can request a cheque over the phone or by post.
