Tim Leonard
Kristina FoxMany or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.
Card One Money business account: at a glance
Card One Money is one of the many challenger banking providers to rise to prominence in recent years. Its business accounts are open to sole traders, partnerships, limited liability partnerships and limited companies.
Card One Money currently offers two types of business accounts: its Business Account is aimed primarily at smaller companies, while its Corporate Account is targeted towards larger companies. These accounts can be used for everyday business banking.
Find out more about Card One Money business accounts, including the benefits and features that might suit you.
Promotion
Card One Money Business Account
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Monthly Fee£12.50Plus a one-off application fee of £55.
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Card Purchase FeesFrom freeUK card purchases: free | Non-UK card purchases: 2.75% fee
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Bank Transfer FeesFrom 30pFaster Payments (next day online): 30p | Faster Payments (instant online): £7.50 | CHAPS: £30
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OfferNo monthly fee for the first 3 months
Learn more about how we bring you our review.
Card One Money business account pros & cons
Pros
- You can manage the account online, via a mobile app or over the phone.
- Your business account could be open on the same day that you apply.
Cons
- There is a minimum monthly fee of £12.50.
- Deposits are not protected by the Financial Services Compensation Scheme (FSCS).
- There is no face-to-face support as Card One Money has no branches.
These pros and cons are based on a survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022.
Card One Money business account key features
- Card One Money is a digital business account provider regulated by the Financial Conduct Authority (FCA)
- It’s an e-money account provider not a full bank, so deposits are not protected by the Financial Services Compensation Scheme (FSCS)
- This business account has a monthly fee and possible fees per transaction
- No credit facilities, such as business overdrafts or business loans, are available with this provider
Card One Money business account full review
Card One Money was established in 2007 under its original name of Spectrum Payment Services Limited (SPS). Rebranded to Card One Money in 2012, it now offers electronic money (e-money) accounts to both business and personal customers.
The Card One Money business account offers businesses the opportunity to open an online business account fast, and without a credit check.
We’ve gathered everything you might want to know about Card One Money’s business account offering below.
| Monthly fee | £12.50 minimum |
| Transaction fees | Yes (the first £12.50 of transaction fees each month is deducted from the monthly fee) |
| Account management | Online Via a mobile app Over the phone Via text |
| FSCS protection | No |
| Potential for same day set-up | Yes |
| Cash deposits | Yes (at the Post Office) |
| Cheque deposits | Yes (at Barclays branches) |
| Access to other banking services | No |
| Integration with accounting software and tools | Yes |
| International payments | Yes |
| Customer service | 0345 241 6775 Online contact form Web chat (online or via the app) [email protected] |
| Multiple user access | Yes |
| Trustpilot rating | 4.4 out of 5 (21 February 2023) |
Card One Money business account features
The following sections provide some important information about the key features of Card One Money business accounts.
Business account fees
By far the most important factor for business owners when comparing business accounts is the monthly price, according to half of those surveyed by NerdWallet, who chose it as one of their top three criteria.
- The Card One Money Business Account is £12.50 per month.
- Card One Money also offers a separate Corporate Account for businesses with an annual turnover above £2 million, which comes with custom pricing.
If you are interested in opening a corporate account, you can contact Card One Money for more details about costs.
Monthly fee
With the Card One Money Business Account, you will be charged per transaction and billed a minimum of £12.50 a month. This fee covers transaction costs up to that amount, though you will have to pay for each transaction if you exceed this limit.
For example, if you spend £10 on transaction fees in a month, you will be charged a monthly fee of £2.50 to bring your total to £12.50 a month. If you spend £5 on transaction fees in a month, your monthly fee will be £7.50 to satisfy the minimum payment of £12.50 a month.
If you spent over £12.50 on transaction fees in a month, you would pay the monthly fee plus the cost of any transactions over the monthly fee.
Day-to-day business banking transaction charges
There are fees for everyday banking activities with a Card One Money Business Account.
| Standing orders and direct debits paid out | 30p |
| Inbound electronic payment | 30p |
| Outbound next day, online payment | 30p |
| Outbound next day, over the phone | £3.50 |
| Outbound same day, online payment | £7.50 |
| Outbound same day, over the phone | £10 |
| Paying in a cheque | 0.75% of the cheque value (minimum 50p) |
| Paying in cash | £2 plus 0.75% of the cash paid in |
| ATM cash withdrawal in the UK | £1.50 |
Other fees
There are additional fees to consider, such as for applying for the account, withdrawing cash abroad and issuing extra debit cards, which can be found in the table below.
| Account application fee | £55 |
| Account closure | £10 (to redeem any remaining balance) |
| Purchases in a foreign currency | 2.75% of the transaction value |
| ATM withdrawal outside the UK | £3 plus 2.75% of the transaction value |
| Inbound international payment | £10 |
| Outbound international payment | £30 |
| Additional card | £5 per card, per month |
Easy account access
The second most important criteria when choosing a business account is how easy it is to access the account, according to NerdWallet’s survey of business owners.
You can access your account on the Card One Money website or via the dedicated app. It’s also possible to manage your account by phone using the provider’s automated phone line or text service. All of these options are available 24 hours a day, seven days a week.
Card One Money is a digital-only banking provider. There are no branches, so if you’d prefer to manage your money by talking to someone face to face, this might not be the best option for your business.
Account set-up
A quarter of business owners from our survey felt that the ability to set up an account quickly was important when searching for a business account. It may be possible to get an account on the same day with Card One Money, so it could be an option for you if you’re looking to set up quickly.
According to Card One Money, applying online can take 10 minutes. If you’re approved for an account, you may be able to start using it within three hours. You’ll receive your account number and sort code straightaway. Your card and password should follow in the post within five business days.
FSCS protection
The third most important criteria for business accounts, according to our NerdWallet survey, is that deposits are protected by the Financial Services Compensation Scheme (FSCS).
Card One Money is not a UK bank but an Authorised Payment Institution (API), providing electronic money (e-money) services. E-money is not covered by FSCS, which means that the scheme would not protect your deposits with this provider if it were to fail.
However, Card One Money is authorised by the Financial Conduct Authority (FCA) as an API and must follow safeguarding practices to protect your money in case of its insolvency. For Card One Money, this means customer deposits are segregated in a separate account from the provider’s own funds. Other providers may take out insurance to cover the value of customer deposits.
Mobile phone app
Being able to manage your money via an app was another key consideration for business owners in our survey, with this feature ranked fourth most important overall.
Fortunately for app-loving business owners, Card One Money has an app through which you can access your account. It is accessible 24/7 using an Android or Apple device.
Customer service
You can contact Card One Money’s customer service team in the following ways:
- Telephone – 0345 241 6775, from Monday to Friday: 8:30am-5pm (excludes public holidays)
- Live chat – Monday to Friday: 8:30am-5pm & Saturday: 9:30am-1pm (excludes public holidays)
- Email – [email protected]
You can contact Card One Money about general queries through its mobile app, but for account-specific questions you would need to call an adviser or log in online. Additionally, as a digital provider, Card One Money does not have branches to provide face-to-face support.
Customer service opening times are mostly limited to typical working days and hours. However, this may not be an issue for business customers. 24/7 customer service and support was not a major consideration when choosing a business account according to our survey, ranking joint ninth alongside international banking facilities.
Customer reviews
The Card One Money app has received generally favourable reviews on Trustpilot. Reviews from app stores were less stellar and were based on a smaller number of reviews.
It’s worth noting that these reviews may come from personal or business account customers.
- Trustpilot: 4.4 out of 5, based on over 550 reviews.
- Apple App Store: 2.8 out of 5, based on over 50 reviews.
- Google Play: 3.7 out of 5, based on over 180 reviews.
This information is correct as of 21 February 2023.
Card One Money business account eligibility
To be eligible to open a business account with Card One Money, you must:
- be over 18 years old
- live in the UK
- run a UK-registered business (sole trader, limited company or business partnership)
- have an annual turnover of less than £2 million
In addition, you must not trade in a prohibited industry, such as weaponry, unlicensed gambling, or illegal goods and services.
Card One Money does not conduct credit checks on business account applicants. If you successfully pass its identity and residency checks, you can open a business account.
You may be asked to provide more information if your ID or address cannot be verified automatically. You may have to produce documents, such as your passport, driving licence or a utility bill dated within the last three months.
If you have a turnover exceeding £2 million per year, you may be eligible for Card One Money’s corporate account. You can contact the provider online for more details.
How to choose a Card One Money business account
There are a number of questions that you may want to ask yourself when deciding whether to open a Card One Money business account or when looking at other providers:
- Do you want to pay a monthly fee or pay per transaction?
- How would you like to manage your account (i.e. online, via an app, in branch)?
- Do you prefer to bank digitally or would you like the option of face-to-face banking in a branch?
- Are you willing for you and your business to undergo a credit check as part of your business banking application?
- Do you want your deposits to be protected by the Financial Services Compensation Scheme (FSCS)?
How to apply for a Card One Money business account
To open a Card One Money Business Account, you’ll need to follow these steps:
- Apply online.
- Submit proof of ID and address.
- Wait for approval.
Apply online
To set up an account with Card One Money, you can submit an online application.
You’ll need to provide proof of ID and UK residency. However, unlike with some banking providers, there are no credit checks needed.
Card One Money suggests completing the online application form can take as little as 10 minutes. There is a one-off application fee of £55 to be paid upon application.
Submit proof of your identity and address
Once you’ve applied, Card One Money will need to verify your identity and address. If this can’t be completed automatically, you might be asked for additional information. Copies of any documents requested can be emailed to Card One Money or you can post originals or photocopies.
Proof of identity documents can include your passport or driving licence. Proof of address documents must be less than three months old (unless you are using your driving licence) and might include a utility bill, bank or credit card statement, or council tax statement.
Wait for approval
Once your identity has been verified and your application has been approved, your account could be open within three hours.
You’ll receive your sort code and account number, so you can begin making payments. Your company bank card will arrive in the post within five working days, and your password will be sent separately.
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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