Capital account, one without credit (5)
I believe the answer is:
accra
'capital' is the definition.
(capital of Ghana)
'account one without credit' is the wordplay.
'account' becomes 'ac' (abbreviation for account).
'one' becomes 'a' (a thing is one thing).
'without' is an insertion indicator ('without' can be similar in meaning to 'outside').
'credit' becomes 'cr' (abbreviation).
'ac'+'a'='aca'
'aca' placed around 'cr' is 'ACCRA'.
(Other definitions for accra that I've seen before include "Capital of Ghana, African fritter" , "Largest city of Ghana" , "West African capital" , "foreign capital" , "Main city of Ghana" .)