GoSolo business account review
GoSolo is a digital banking “toolkit”. We look at the features and fees of this account.
GoSolo is a newly launched digital account aimed at small businesses and comes with a free company formation service and invoicing.
You can form a limited company at the same time as opening an account on GoSolo’s website. The firm doesn’t have any branches, so all customer service is online.
What is GoSolo?
GoSolo is a challenger banking brand which offers business accounts and limited company formation in one place. 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. More on this below.[scroll link]
GoSolo’s business accounts are open to directors of limited companies, or those looking to register a business, and come with a range of features designed to save time and costs associated with starting and running a small firm.
The basic version of the account doesn’t charge any monthly fees and the company formation service is also free. However, the basic account appears to limit you to issuing only five invoices – you have to upgrade if you want more.
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.
When you sign up, you’re offered the chance to form a limited company for free 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 two-factor authentication.
- Help. Customer service is provided either by email or WhatsApp 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
One of GoSolo’s big selling points is its low fees. The main charges customers face are:
- A 20p charge on all transfers into or out of your GoSolo account. Transfers between GoSolo customers are free
- A £1 charge on each cash withdrawal
- A £5 card replacement fee if a card is lost or stolen after 12 months of the account opening
- No fees when you make card payments either within the UK or abroad
It’s worth noting that you cannot make any money transfers to accounts outside the UK from your GoSolo online banking page.
The first 500 people to open a GoSolo account benefit from zero fees on all transactions and cash withdrawals.
Is it safe?
Like some other fintech business banking services, GoSolo isn’t a licensed bank. But it is authorised by the Financial Conduct Authority to operate as an “electronic money institution”.
This basically means that GoSolo is allowed to provide certain financial services, but it doesn’t hold its customers’ money.
This also means that customer funds are not specifically 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?
At the moment, any customers wishing to apply for a GoSolo account have to do it via the GoSolo website or via the app.
GoSolo rates and fees
Free or 0.20p depending on type of account
|Overseas card transaction fees||N/A|
|Requires credit check|
|Interest (AER)||0% AER|
Pros and cons of GoSolo
- No monthly account fee
- Free limited company formation
- Invoice directly from your GoSolo account page
- Strong accounting and bookkeeping features
- Zero fees on card payments in the UK or abroad
- Manage your card from your GoSolo account page
- No international money transfers
- No direct debits
- Can’t deposit cheques
- No overdrafts or business credit cards available
Our verdict: Is GoSolo any good?
GoSolo is still at a pretty early stage in its development, with a fair few features promised on the way. As a one-stop shop for those running a small business, this has the potential to be a nifty toolkit.
But while its fees are reasonable, there are other online business banking providers offering more features, better functionality and greater customer convenience with a similar fee structure.
To unlock its premium offering, you need to pay a monthly £5 fee.
To be fair, it’s worth reiterating that it’s still pretty early days for GoSolo’s offering and once it makes its mobile app available, it could very well become a much more competitive option.
All in all, while it shows promise as a digital bank account for small business owners, it’s still lacking the features to make it a truly attractive alternative to the likes of Tide or Starling Bank’s business accounts.
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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