How can I close my term deposit?
Updated over a week ago

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 if I choose to wait until the end of the contract?

Once you will reach the period chosen for the end of the term deposit, the system will be closed automatically. Don't worry! The funds and the interests will be deposited into your main Qonto account.

Please keep in mind that the contract won't be renewed automatically, however you will be able to chose whether or not you want to invest in a new term deposit.

💡You can view your closing contract from the section Business Account > Accounts of your web app, by clicking on […] next to the related saving account and selecting the contract you want.

What happens if I choose to close the account early?

The early closing option allows you to 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.

  • 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.

What are the deadlines for returning funds in the event of an early closing?

Your funds will be returned to you within a full approximate delay of 2 or 31 days after My Money Bank has received your notice:

2 days delay:

  • If your account was opened between 05/05/2022 and 05/24/2023 for an amount less than €1M.

31 days delay:

  • If your account was opened before 05/05/2022.

  • If your account was opened after 05/05/2022 for an amount greater than 1M€.

  • If your account was opened after 05/24/2023, regardless of the amount.

💡Good to know: Please note that it will be impossible for you to request an early closure of your fixed-term account less than 31 days before its maturity if your account holds more than 1 million euros, as this requires 31 days to take effect.

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.

As for end-of-contract closures, you can view the closing contract in the Business Account > Accounts section of your web application, by clicking on […] next to the related account and selecting the contract you want.

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.

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