CardOneMoney Current Accounts

CardOneMoney is an independent business offering current accounts and payment services. It changed its brand name from CardOneBanking in May 2019. It is FCA-registered and has been in operation since 2007.

Providing you can supply proper identification, you should be able to open a CardOneMoney current account online. The business does not carry out credit checks on those applying to open a CardOneMoney current account, however the services it offers are more limited than those offered to people with more conventional bank accounts.

Holders of a CardOneMoney current account can pay cash in at some banks and Post Office branches. They can also set up Standing Orders and Direct Debits, use bill payment facilities in the form of Faster Payment, and access an online account with text alerts and an automated telephone service. The account comes with access to a Prepaid Debit Mastercard Card.

The Prepaid card allows you to transfer money from the income being paid into your account each month onto the card. This means account holders can use their card to make online payments and buy things in stores, for example.

CardOneMoney does offer its online account to people with poor credit histories providing they can supply the right identification, prove they live in the UK and are over 18.

The account opening process is free but the account does carry a monthly fee. In addition there are fees for various card transactions, including for taking cash out of an ATM in the UK. There are also charges for adding a second card holder. It’s important that you think about how you will use a current account when assessing whether the account and the fees charges are acceptable for you.

The Prepaid Debit Mastercard that is available to account holders can be loaded with cash before you spend it. This can be done automatically or manually. It does not have any overdraft facility and you cannot, therefore, spend any money you have not loaded onto the card yourself.

Limits on minimum and maximum amounts loaded to the card apply, so check this will work for you when deciding which account to sign up for.

Yes. There are no branches for CardOneMoney and you only need to provide some details online to receive your account number and sort code. There is no requirement for a signature or face-to-face meeting in order to open an account with CardOneMoney.

Yes. The account gives you access to Faster Payment, which you can use to transfer cash to other bank accounts or to pay bills. You can do this online or through the telephone service.