Card One Money Business Account Review

Card One Money Business Bank Accounts logo
  • Compare the latest product features of Card One Money's business account in the table below.
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Compare Card One Money Business Bank Accounts

    Offer
    No monthly fee for the first 3 months
    Card One Money logo

    Card One Money Business Account

    • Monthly Fee
      £12.50*
    • Card Purchases
      Free
    • Bank Transfers
      30p
    • Overdraft
    • Access
      App & Online
Information written by Tim Leonard , Kristina Fox Last updated on 02 December 2022.

Card One Money Business Account Review

Card One Money is one of the many challenger banks to rise to prominence in recent years.

Card One Money currently offers two types of business accounts: their Business Account is aimed primarily at smaller companies, while the Corporate Account is targeted towards larger companies.

The Card One Money Business Account caters for the business banking needs of smaller companies with an annual turnover of less than £2 million. You can apply for this business account online without the need for a credit check subject to verification of identity and residency, with Card One Money aiming to open most accounts within three hours of an application being completed.

Once the account is up and running, it’s ready to start receiving funds and making payments, either directly or by setting up direct debits and standing orders. You’ll automatically receive a company card within five working days for business spending, and can also order up to four prepaid business cards for use by others within your business.

Find out more about Card One Money business accounts, including the benefits and features that might suit you.

Pros and cons of the Card One Money Business Account

The Card One Money Business Account offers many benefits, as well as some disadvantages to be aware of.

Pros of the Card One Money Business Account

  • No credit check required subject to successful identity and residency checks.
  • Open to sole traders, partnerships, limited liability partnerships and limited companies
  • Potential for account to be opened within three hours
  • Up to four additional prepaid business cards for other staff
  • Cash can be paid in at any Post Office
  • Cheques can be paid in at Barclays branches
  • Make and receive international payments

Cons of the Card One Business Account

  • Application fee
  • Monthly fees varying depending on transactions
  • Various transaction and other fees can be applied
  • No credit facilities

What business bank account plans does Card One Money offer?

Card One Money offers two business bank accounts. Which account your business is eligible for depends on the size of your company’s annual turnover. The first of these accounts is the Business Account, for businesses with an annual turnover of less than £2 million.

They also offer a Corporate Account for larger companies with an annual turnover of £2 million or more.

What features does the Card One Money Business Account offer customers?

The main features of the Card One Money Business Account include:

  • opened without a credit check
  • 24/7 online and mobile access
  • check statements and spending
  • quick check using fast balance
  • manage and pay wages, invoices, bills
  • set up direct debits and standing orders
  • instant domestic payments
  • international payments
  • free text alerts notifying when bills are paid
  • cash can be paid in at any Post Office
  • cheques can be paid in at any Barclays branch
  • up to four extra cards for business use
  • control over cards, balances and permissions
  • cards can be loaded online or via the app
  • export statements to accounting software

How does the Card One Money Business Account compare to other traditional banks?

The table below compares Card One Money to other business banking providers. Find out which seems most suitable to your business.

Tide Starling Cashplus CountingUp Mettle Anna Revolut Card One Money Acorn Fair Everywhere Monzo
FCA regulated Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
FSCS protection Yes (with ClearBank) Yes Yes No No No No No No No Yes
Licensed bank No Yes Yes No No No No No No No Yes
Free UK transfers No (20p per transfer) Yes Yes (with limits) No (30p per transfer) Yes Yes (with paid plans, limits apply) Yes (with limits) No No No Yes
Cash deposits Yes (for a fee) Yes (0.7% fee, min £3) Yes (0.5% fee) Yes (for a fee) Yes Yes (1% fee may apply) No Yes (for a fee) Yes (for a fee) Yes Yes (£1 fee)
Free ATM withdrawals No (£1 fee) Yes No (fees apply) No (£1 fee) Yes Yes (with paid plans, limits apply) No (2% fee) No (£1.50 fee) No (£1.50 fee) No (£1.50 fee) Yes
Integration with accounting software Yes Yes Yes Yes (built-in) Yes Yes Yes Yes No Coming soon Yes (with paid account)
International transfers No Yes Inbound only Yes (through a partner) No Yes (through a partner) Yes Yes Yes Yes Outbound only
Create and send invoices Yes (for a fee) Yes (for a fee) No Yes Yes Yes Yes No No No Yes (with paid account)

Source: NerdWallet, November 2022

What do other Card One Money reviews say?

The Card One Money app has received generally favourable reviews on Trustpilot, including reviews for personal accounts. Reviews from app stores were less stellar.

Trustpilot: 4.5 out of 5, based on 500 reviews, with 85% rating it as ‘5-star’.

Apple App Store: 2.7 out of 5, based on 50 reviews.

Google Play: 3.7 out of 5, based on 188 reviews.

This information is correct as of 2 December 2022.

Conclusion

The Card One Money Business Account offers smaller businesses the opportunity to open an online business account fast and without a credit check.

The account offers most of the basic payment features you would expect, such as 24/7 online management and text alerts when bills have been paid. International payments can be made and received and up to four extra prepaid cards can be requested allowing employees to bill business expenses and you to keep track of what is being spent.

The main considerations before opening a Card One Money Business Account should be the set-up and monthly fees, and the range of charges that are applied to various transactions and payments.

Card One Money FAQs

What is Card One Money business banking?

Card One Money was established in 2007 under its original name of Spectrum Payment Services Limited (SPS). Initially the company focused on offering current accounts to personal customers before launching its first business accounts in 2012 under the Card One Money and Acorn Account brands.

SPS was acquired by Equals Group PLC in 2017, with Card One Money operating alongside the Equals Money and FairFX brands to provide a wide range of personal and business financial services.

In 2022, Card One Money has around 600,000 personal current account customers, and a further 24,000 business bank customers. As well as its business account, Card One Money offers the corporate account catering for businesses that have a turnover in excess of £2 million a year.

Is Card One Money a bank?

Card One Money isn’t a bank, it’s an Authorised Payment Institution (API). So it can’t use the customer deposits it receives to fund lending activity, such as personal loans or mortgages.

Is my money safe with Card One Money?

As Card One Money isn’t a registered bank, customer deposits are not covered directly by the Financial Services Compensation Scheme (FSCS). However, as an API, Card One Money is regulated by the Financial Conduct Authority (FCA), which means it must take certain steps to protect the customer funds it holds.

This includes segregating customer money to keep it separate from its own finances, and holding these funds in a safeguarded account at a registered bank. That way, your money should be protected and repaid to you should Card One Money become insolvent.

Separately, for the day-to-day protection of your account from fraud, you’ll be asked to set up two-step authentication when you first log in to your Card One Money Business Account.

How does a Card One Money Business Account work?

You apply for the Card One Money Business Account online, with the potential for your account to be open within three hours. Once open, you can use your account as you would almost any other business account. This includes to pay wages and bills, make purchases, receive payments, and check on your balance.

Cash deposits can be made at the Post Office and cheques banked at branches of Barclays. Cash withdrawals can be made from most ATMs with the Mastercard Acceptance Mark using your bank card and PIN, subject to transaction limits.

It’s also possible to share statements from your Card One Money account with accounting software, such as Wave, Xero, Sage and FreeAgent.

How does the Card One Money Business login work?

When you open a Card One Money Business Account, you’ll be notified of your username via SMS. It will also be included in the letter you receive with your card, or Card One Money can provide it over the phone. You’ll be sent the password you need to access your account separately.

When logging in for the first time, you’ll also be asked to supply answers to five security questions that will be personal to you. From then on, each time you log in, you’ll also need to successfully answer one of these questions to gain access to your account.

Does Card One Money have an app?

Yes, the Card One Money app can be downloaded from the Apple App Store and Google Play.

Does Card One Money offer traditional support?

If you need assistance, the Card One Money office is available to answer your calls and reply to emails Monday to Friday. There is also a live chat service.

How can I open a Card One Money Business Account?

To open a Card One Money Business Account, you’ll need to complete the relevant form online and pay £55. Card One Money suggests completing the form can take as little as 10 minutes, and your account may be opened within three hours.

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.

Once your identity has been proven, Card One Money will contact you with your sort code and account number to allow you to begin making payments. Your company bank card will arrive in the post within five working days, and your password will be sent separately.

» COMPARE: Business bank accounts

About the author:

Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more

Kristina is a writer at NerdWallet. A recent graduate trading French for finance, she has experience creating content for student newspaper Cherwell and an edtech company. Read more

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