GoSolo is a digital business account. It has 4 different payment plans, with the most basic being free.
You can form a limited company at the same time as opening an account on GoSolo’s website with the paid plans. It doesn’t have any branches, so all customer service is online.
What is GoSolo?
GoSolo offers business accounts and limited company formation in one place. It also offers virtual company addresses and accounts for non-UK residents. It’s regulated as an e-money institution, so your money is kept in a ring-fenced account but won’t have the same protection that it would have in a bank if the company went bust.
GoSolo’s business accounts are open to directors of limited companies or those looking to register a business. They come with a range of features designed to save time and costs associated with starting and running a small business.
The basic version of the account doesn’t charge any annual fees. But it doesn’t come with account registration or a virtual address.
The 3 paid versions come with different inclusions. The first includes company registration, the second includes a virtual address on top of that and the third is for people who want to register an account as a non-UK resident.
How does the GoSolo business account work?
GoSolo can be accessed via an app and also via the website. Account management can be done from these platforms.
The online application for both company formation and bank account can be completed in minutes.
The card you’re sent in the post is the only physical aspect of your GoSolo account.
You can’t deposit cash or cheques, so if that’s important to you, you’ll need to look elsewhere.
When you sign up, you’re offered the chance to form a limited company (for an annual fee) or apply for an account as an existing business. Once you open an account, you have access to the following features:
Easy bookkeeping. The account page has a nifty “search and filter” feature to help you identify account transactions. You can also download and share account statements.
Invoicing. Manage invoices, see a description of a job and its pricing, see which invoices are active or paid and create new invoices all in one place. You can automate the sending of reminder emails to clients who are late with payment.
Secure payments. All new payments require 2-factor authentication.
Help. Customer service is provided either by email or in-app chat.
To be eligible for a GoSolo business account, you have to be a director of a limited company (or want to set up a limited company) where you are the only shareholder.
GoSolo business account fees and limits
GoSolo has a simple fee structure.
Local bank transfers are free, incoming and outgoing.
It charges 1.49% + 20p on all card transactions, so that includes payments and cash withdrawals. The cash withdrawal limit is £250 per transaction, £1,000 per day.
It’s worth noting that you cannot make any money transfers to accounts outside the UK from your GoSolo online banking page.
Is it safe?
GoSolo is a technology platform that allows its users access to electronic money business accounts that are supplied by third-party providers.
This means that customer funds are not protected by the Financial Services Compensation Scheme (FSCS). The scheme protects customer deposits of up to £85,000 in the event that the financial institution goes bust and has to stop trading.
By law, GoSolo customers’ cash is held in a “ring-fenced” account at a licensed bank, and isn’t controlled by GoSolo to ensure that customers’ money is not lost should GoSolo go bankrupt.
However, this is still slightly riskier than having your money in an account with an FSCS-registered institution. If the bank that is holding GoSolo customers’ money goes bust, then their money is not protected.
While the chances of both GoSolo and the bank that actually holds its customers’ money going bankrupt are very slim, there is still a slight risk when compared to simply banking with an institution that is FSCS-protected.
Where do I sign up?
You can sign up via the GoSolo website or the app.
GoSolo rates and fees
Product Name
GoSolo
Account fee
Free
Bank transfers
Free
Overseas card transaction fees
N/A
FSCS protected
Accounting integrations
Xero
Requires credit check
Overdraft
Interest (AER)
0% AER
Pros and cons of GoSolo
Pros
No annual account fee on most basic plan
Limited company formation on paid plans
Invoice directly from your GoSolo account page
Strong accounting and bookkeeping features, with Xero integration
Manage your card from your GoSolo account page
Cons
No international money transfers
No direct debits
Can’t deposit cheques or cash
No overdrafts or business credit cards available
Customer service information for GoSolo
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is GoSolo any good?
GoSolo offers a decent range of business accounts. Being able to register a business at the same time as opening an account is a useful perk if you’re not really sure how that process works. That said, other business account providers offer this service for a lower one-off fee than the annual fee of GoSolo’s paid accounts.
The fees and the account options are reasonable, but there are other online business banking providers offering more features, better functionality and greater customer convenience for less, such as Tide, Monzo and Starling Bank.
Get started by visiting GoSolo's website and sign up for an account. If you have read this review and decided that GoSolo’s account is not for you, you can also compare other business bank accounts on the market.
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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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