Best Business

Acorn Account Business Banking

About Acorn Account

Editorial Team

Acorn Account offer an online-only business account to small UK businesses. The account was set up under Spectrum Payment Services Limited, who also own Card One Money and Fair Everywhere, back in 2007. If you have bad credit then Acorn Account could be for you since they state they don't turn anyone away for having a bad credit score.

See our full Acorn Account business account review and see how they compare with other UK business account providers.

Acorn Account pros & cons

Pros of Acorn Account

  • Quick and easy to set up with no credit checks required
  • SMS, phone, and online banking are all available
  • Access to your own personal account manager
  • Deposit cash & cheques at Post Office branches

Cons of Acorn Account

  • No FSCS protection
  • Costs £60 to open an account
  • Offers one of the highest monthly fees

Acorn Account business account

Acorn Account has the one business account offering, specifically designed for small businesses.

Acorn Account charge for most services including a 30p fee for Faster Payments, direct debits and even standing orders. The £60 application fee includes your first Giro paying in book.

You can spend internationally but using your card aboard charges 2.75% the amount for card purchases and £3, plus 2.75%, for ATM withdrawals.

All of Acorn Account's standard business fees are:

Account nameAcorn Business Account
Application fee£60
Monthly fee£12.50
Bank transfers30p
Card purchasesFree
ATM withdrawals£1.50
Cash deposits (Post Office)£2 plus 0.75% of deposit amount
Cheque deposits0.75% cheque amount (min 50p)
Interest (AER)0%


To be eligible for Acorn Account you must:

  • Be a sole trader or limited company
  • Be a UK resident (all owners must be UK residents, if applicable)
  • Be a UK-based business
  • Be 18 or over
  • Have an annual turnover of less than £2 million
  • Have an Android or iOS device
  • Have a UK phone number

Opening an account

Here's how to open an Acorn Account for business:

  1. Download Acorn Account's app from the App Store or Google Play, or sign up from their website
  2. Complete their digital application - Acorn Account will confirm your eligibility
  3. Verify your ID - you'll need to upload a picture ID and a video of yourself
  4. Once approved (usually within 24 hours), you can start banking

Acorn Account reviews

Acorn Account has a poor 2.4-star average on Trustpilot, from 24 reviews, with over 88% being 1-star.

While users on Google Play score them 3.5 stars, from 10 reviews and 2.9 out of 5 on the App Store, based on 15 ratings.

Information is correct as of 25th January 2024.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Acorn Account:

No, it costs £60 to apply and then £12.50 per month to hold an account.

No, Acorn Account is not a bank but rather a financial technologies company that is a brand name of Spectrum Payment Services Limited, who are regulated by the Financial Conduct Authority (FCA) but not covered by the Financial Services Compensation Scheme (FSCS).

No they don't conduct any credit checks, just identity checks