GoSolo business banking review
GoSolo is a UK-based digital business banking platform designed for entrepreneurs, freelancers, and small businesses. It provides a business current account and company formation services, helping startups establish and manage their finances efficiently.
Key features of GoSolo
1. Business current accounts
- Quick digital setup: Open an account online in minutes.
- UK account number and sort code: Supports business transactions.
- FSCS protection up to £85,000: Ensuring deposit security.
- No monthly fees: Cost-effective solution for startups and small businesses.
2. Company formation services
- Free UK limited company registration: Helps entrepreneurs set up a business.
- Companies House integration: Automates the incorporation process.
- Registered business address options: Provides virtual address services.
3. Expense and invoice management
- Invoice creation and tracking: Generate and manage invoices within the platform.
- Automated bookkeeping: Categorises expenses for easier financial management.
- Real-time transaction notifications: Keep track of business payments instantly.
4. Payment processing and banking tools
- Faster Payments support: Instant transfers within the UK.
- Business debit card: For everyday transactions.
- Recurring payments and direct debits: Helps automate business expenses.
5. Digital banking experience
- Mobile and web-based platform: Full banking functionality via an intuitive interface.
- Secure banking features: Two-factor authentication and fraud detection tools.
- Integration with accounting software: Compatible with Xero and QuickBooks.
GoSolo fees and pricing
1. Business account fees
- No monthly account fees.
- No setup fees for company formation.
- Transaction fees apply for international payments.
2. Transaction fees
- UK bank transfers: Free.
- International payments: Subject to FX charges and processing fees.
- ATM withdrawals: Charges may apply.
3. Additional costs
- Premium business services: Includes virtual address and additional support.
- Replacement debit card fee: Small charge for lost or damaged cards.
Pros and cons of GoSolo
Pros
- Free UK company formation with a business account.
- No monthly fees, making it ideal for startups.
- FSCS protection for deposits.
- Integrated invoicing and bookkeeping tools.
- Secure online and mobile banking platform.
Cons
- Limited international banking services.
- No cash deposits, as it is a fully digital bank.
- No lending or credit services like overdrafts or loans.
- ATM withdrawal fees apply.
How GoSolo compares to competitors
| Feature | GoSolo | Starling Business | Tide | Revolut Business |
|---|---|---|---|---|
| Business current account | Yes | Yes | Yes | Yes |
| Monthly fee | Free | Free | Free – £49.99 | Free – £100+ |
| Free company formation | Yes | No | No | No |
| Integrated invoicing | Yes | No | Limited | No |
| International payments | Yes (fees apply) | Yes | Yes | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | No | No |
| Ideal for | Startups, freelancers | SMEs, freelancers | Startups, SMEs | Freelancers, SMEs |
Who should use GoSolo?
- Entrepreneurs and startups: Ideal for those launching a new business.
- Freelancers and sole traders: Provides essential banking features with no fees.
- Businesses needing invoicing and bookkeeping tools: Simplifies financial management.
- Companies looking for free formation services: Helps register UK limited companies with ease.
Our verdict
GoSolo is a cost-effective digital banking solution designed for startups, freelancers, and small business owners. It provides free company formation, no monthly fees, and integrated financial management tools, making it an attractive choice for new businesses.
However, its limited international banking, lack of cash deposits, and absence of lending services may not suit businesses with more complex needs. For entrepreneurs looking for a simple, low-cost business account with invoicing tools, GoSolo offers a streamlined and efficient banking alternative.