Get down to business with our Card One Money review
If you’re starting a small limited company or becoming a sole trader and want an easy online setup, the Card One Money business account might be up your street.
Card One Money is a relative newcomer to the British banking scene, having been established in 2007. The company offers payment services, as well as personal current accounts and business banking accounts.
The brand has been owned by financial group FairFX since August 2017, and Card One Money now operates over 600,000 personal accounts and 24,000 business customer accounts. This account has been selected as one of our recommended business accounts.
What’s on offer with the Card One Money business account?
Card One Money has designed its business bank account specifically for small businesses, and you can apply if you are a sole trader, partnership or limited company.
One of the biggest draws is that you can set up the account through a speedy online process, with no credit check required. Card One Money says most accounts are open within three hours.
Once up and running, you can use the account to receive payments, pay bills, set up direct debits and standing orders, and generally keep track of your business finances.
The account can be managed either online or through a mobile banking app, plus you can contact the call centre over the phone. Card One Money does not have a branch network, but you can visit any high street bank to withdraw money from the account over the counter. You can pay in cash and cheques at any Barclays branch.
One great perk of the account is that it comes with a Prepaid Corporate Mastercard, which is eligible for Card One Money’s cashback rewards programme. This means you can earn cash rewards of up to 3.5% at more than 35 high street retailers when you shop using the card.
What are the fees of the Card One Money business account?
You must be a registered UK business to open an account (Card One Money will check this), and there is a £55 application fee.
There is an ongoing monthly fee of £12.50 to have the Card One Money business bank account, plus other transaction fees on top of that. These include a charge to deposit cash or cheques (0.75% of the deposit value), and a 30p fee for electronic credits.
In terms of debits, same-day Faster Payments made out of the account online are charged at £7.50 (rising to £10 if actioned via the call centre), while next-day Faster Payments are 30p, or £3.50 via the call centre. Making a CHAPS or international payment costs £30 per transaction.
Standing order payments are also 30p each, while text confirmation of credit and debits into and out of the account are sent to you for free.
The Prepaid Corporate Mastercard also comes with a number of charges. These include a £1.50 ATM withdrawal fee in the UK, while using ATMs abroad will cost £3 plus 2.75% of the value of the cash withdrawal. It is free to use the card to make purchases in the UK, but for purchases made overseas there is a fee of 2.75% of the transaction value.
If you want to check your card balance by SMS, that will cost 15p per text (plus any network charges).
There is a maximum balance limit of £5,000 available on the Mastercard, and up to 4 additional card holders can be added at a cost of £5 each.
Overdrafts and failed payments
There are no credit lines on offer with this account, which means there is no overdraft facility. However, this also means that the account can’t get into debt. Card One Money will notify you by text (for free) if there are insufficient funds available to make a scheduled payment, and won’t make the payment if that remains the case. There are no charges for failed payments.
What does the Card One Money business app look like?
What if I want to cancel my Card One Money business account?
The Card One Money business bank account operates as a “pay as you go” business account, which means you can close the account at any time.
Is my money safe with Card One Money?
Card One Money does not have its own banking licence, which means that its accounts are not specifically covered by the Financial Services Compensation Scheme, which protects customer deposits of up to £85,000 if a financial institution goes bust.
However, Card One Money is authorised by the Financial Conduct Authority to operate as an Authorised Payment Institution in the UK, which means it must safeguard customer funds in a ring-fenced account at a UK bank.
Card One Money rates and fees
Product Name
Small Business Account
Account fee
£12.50 per month (waived in first 3 months)
Bank transfers
From £0.30
Overseas card transaction fees
2.75%
FSCS protected
Accounting integrations
FreeAgent, Sage, Wave, Xero
Requires credit check
Overdraft
Freeze card from app or online banking
Instant notifications
Interest (AER)
0% AER
Current account switch guarantee
Pros and cons of Card One Money
Pros
Quick application process
No credit check required
Cashback rewards available on the associated Mastercard
No failed payment fees
Cons
Quite a few charges involved compared to some other business accounts, including the £55 application fee, £12.50 monthly account fee and various other transaction fees
No credit or overdrafts available
How to contact Card One Money
Card One Money doesn’t have any branches of its own, but there are several other ways you can contact the customer services team.
By phone Telephone number: 0345 241 6775 (calls will cost 11p per minute, plus your phone company’s access charge). Telephone number for lost and stolen cards: 0871 811 1881 (calls are charged at the same rate as above) Lines are open: Monday to Friday 8.30am-5pm (closed weekends and bank holidays).
By live chat Open on the website: Monday to Friday 8.30am-7pm; Saturdays 9.30am-1pm (closed Sundays and bank holidays).
By post Card One Money PO BOX 3634 Chester CH1 9NL
Customer service information for Card One Money
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
The Card One Money business account’s fees are hefty – you’ll find cheaper monthly fees and transaction charges elsewhere, plus the £55 application fee is steep. But Card One Money is one of the few providers that doesn’t conduct any type of credit check – something that will really appeal to business owners with bad credit, or those that can’t put their hands on all of the documentation required to open some of the other business accounts out there. The cashback programme that comes with the Prepaid Corporate Mastercard is also an unusual perk.
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Michelle Stevens is a deputy editor at Finder, specialising in banking, finance, credit and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
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