Card One Money business account review
Card One Money is a UK-based digital banking provider offering business and personal accounts with a focus on financial inclusivity. It provides an alternative to traditional high-street banks, catering to individuals with poor credit histories and businesses needing easy account setup.
Key features of Card One Money
1. Business and personal current accounts
- No credit checks: Available to individuals with low or no credit history.
- UK account number and sort code: Enables seamless transactions.
- Visa prepaid debit card: Offers controlled spending and easy access to funds.
- FSCS protection does not apply: As it is an e-money institution, not a traditional bank.
2. Business banking services
- Fast account setup: Business accounts approved within 24 hours.
- Integrated invoicing tools: Helps businesses manage payments efficiently.
- Automated payment alerts: Keeps users informed about due bills and incoming funds.
- Multi-user access: Assign permissions for employees to manage payments.
3. Money management tools
- Mobile and online banking: Access accounts anytime, anywhere.
- Budgeting tools: Helps users manage spending and track financial goals.
- Direct debits and standing orders: Set up and manage recurring payments.
- Instant notifications: Real-time updates for all transactions.
4. Prepaid debit card
- Contactless payments: Supports Apple Pay and Google Pay.
- ATM withdrawals: Available in the UK and abroad, with fees applied.
- Spending controls: Helps limit transactions to avoid overspending.
Card One Money fees and pricing
1. Account fees
- Business account fee: £12.50 per month.
- Personal account fee: £4.95 per month.
- One-off setup fee: £55 for business accounts; £12.50 for personal accounts.
2. Transaction fees
- UK bank transfers: Free for standard transactions.
- ATM withdrawals: £1.50 per withdrawal in the UK.
- Foreign currency transactions: 2.75% charge applies.
3. Additional costs
- Card replacement fee: £5.00 for lost or damaged cards.
- Faster Payments: £3.50 per transaction.
- Cash deposits via PayPoint: Fees vary based on deposit amount.
Pros and cons of Card One Money
Pros
- No credit checks, making it accessible to all applicants.
- Fast account setup, especially for businesses.
- Prepaid debit card with spending controls.
- Integrated invoicing tools for business customers.
- 24/7 account access via mobile and online banking.
Cons
- Monthly fees apply, even for personal accounts.
- No FSCS protection, as funds are not held in a traditional bank.
- ATM withdrawal fees are higher than traditional banks.
- Limited international banking features compared to mainstream banks.
How Card One Money compares to competitors
| Feature | Card One Money | Tide | Starling Business | Revolut Business |
|---|---|---|---|---|
| Business current account | Yes | Yes | Yes | Yes |
| Monthly fee | £12.50 | Free – £49.99 | Free | Free – £100+ |
| Credit check required | No | No | Yes | No |
| FSCS protection | No | No | Yes | No |
| Integrated invoicing | Yes | No | No | Yes |
| Prepaid debit card | Yes | Yes | No | Yes |
| Ideal for | Poor credit users, SMEs | Startups, SMEs | SMEs, freelancers | Freelancers, SMEs |
Who should use Card One Money?
- Individuals with poor credit: Ideal for those who struggle to get approved for traditional bank accounts.
- Small businesses and sole traders: Offers fast approval and invoicing tools.
- People needing a prepaid account: Provides better spending control.
- Businesses that don’t need FSCS protection: Suitable for those comfortable with e-money institutions.
Our verdict
Card One Money is a digital banking alternative catering to individuals with poor credit and businesses needing quick, hassle-free accounts. While it offers fast setup, spending controls, and invoicing tools, the lack of FSCS protection and high fees may be drawbacks for some users.
For businesses and individuals seeking an easy-to-open account with no credit checks, Card One Money provides a convenient, accessible, and flexible banking option.