💡 Want to learn more about term deposits? Find all information regarding these interest-bearing accounts on this page.
You have two solutions for closing your account: wait for its natural closure at the end of the contract, or close the account early.
What happens at the end of the contract?
When the period chosen for your term deposit has ended, your account will be closed automatically. Your funds and interest earned are thus deposited to your main Qonto account automatically in a couple of days.
Your term deposit is thus not renewed automatically. However, if you like, you can place your money in a new term deposit.
How do I close my account early?
You can also close your account at any time, even before its expiration.
Only Owners of the Qonto account, who are corporate officers and corporate officer representatives may close the account.
You will need to withdraw all of your funds on your account. Withdrawing only some of your funds is not an option.
Your funds will be deposited into Qonto main account within 31 days from the time your request has been received by My Money Bank. This period is imposed on all banks to guarantee the stability of deposits and effective control of short-term liquidity.
You will receive prorated interest payments based on the duration of your account, according to a predefined rate schedule. The closer your account expiration date, the higher your interest. The displayed interest amount might differ marginally.
No penalty will apply.
💡 Good to know: You will not be able to proceed to an early closure less than 31 days before the natural closure of your term deposit account. Indeed, since early closures require around 31 days to be effective, waiting for the natural closure will be more efficient.
How do I close my account?
On your web app, open the Business account > Account section, then select the account you would like to close and click on Close the account.
Please note that you will not be able to cancel an account closure once you have validated your request.
What are the tax consequences of closing the account?
Term deposits do not benefit from specific tax benefits. Term deposits are subject to taxation and, if applicable, to social security contributions as per the applicable regulations. For more information, visit this page created by our partner My Money Bank.
Please contact your accountant or financial advisor for more information on tax treatment applicable to your case.