CardOneMoney business account review

What can you expect from the CardOneMoney business bank account? Find out all the details here.

Posted

Fact checked
CardOneMoney
We say
★★★★★
Finder expert rating
Quick application process
No credit or overdrafts available
Promoted
Tide

Try Tide as an alternative to CardOneMoney

  • Award-winning, smart, simple business account
  • The hassle-free account for your business
  • Get your sort code and account number in minutes

What is CardOneMoney?

CardOneMoney 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 CardOneMoney now operates over 80,000 customer accounts.

What’s on offer with the CardOneMoney business account?

CardOneMoney 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. CardOneMoney 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. CardOneMoney 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 also deposit cheques via any Barclays branch and pay in cash at the Post Office.

One great perk of the account is that it comes with a Prepaid Corporate Mastercard, which is eligible for CardOneMoney’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 CardOneMoney business account?

You must be a registered UK business to open an account (CardOneMoney will check this), and there is a £55 application fee, refundable if you are not approved for any reason.

There is an ongoing monthly fee of £12.50 to have the CardOneMoney 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. CardOneMoney 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 if I want to cancel my CardOneMoney business account?

The CardOneMoney 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 CardOneMoney?

CardOneMoney 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, CardOneMoney 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.

Promoted
Tide

Try Tide as an alternative to CardOneMoney

  • Award-winning, smart, simple business account
  • The hassle-free account for your business
  • Get your sort code and account number in minutes

Pros and cons of CardOneMoney

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

Our verdict

The CardOneMoney business account is pretty heavy on the fee side of things – there are cheaper monthly fees and transaction charges available elsewhere, plus the £55 application fee is fairly steep.

However, CardOneMoney 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.

How to contact CardOneMoney

CardOneMoney 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: 0871 811 1881 (calls will cost 11p per minute, plus your phone company’s access charge).
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
CardOneMoney
PO BOX 3634
Chester
CH1 9NL

Compare CardOneMoney against its competitors

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free spending abroad and at home in any currency, instant payment alerts, automatic categorisation
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
Cashplus business
£69
First year's annual fee refunded.
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
First year's annual fee refunded.
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
loading

Compare up to 4 providers

Business banking accounts ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our team evaluates business banking accounts to determine their value against similar products on the market.
Learn the details of our methodology and scoring.

Read more on this topic

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site