Best Card One Money Business Banking
About Card One Money
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How it worksCard One Money have been helping UK businesses manage their money with their online business account offering since 2007 and in 2017 they were acquired by Equals Group PLC, who also own Acorn Account and Fair Everywhere. You can apply in minutes and without undergoing a credit check, making the Card One Money business account a suitable choice for businesses with bad credit.
See our full Card One Money business account review and see how they compare with other UK business bank account providers.
Card One Money pros & cons
Pros of Card One Money
- No credit checks are required to open
- Rated 'excellent' on Trustpilot
- No charges for failed payments
- Quick application & opening process
- Dedicated account manager
Cons of Card One Money
- One of the few to charge an application fee
- Expensive monthly account fee
- Deposits are not FSCS protected
- No credit options or overdrafts
Card One Money business accounts
Card One Money have two business accounts available:
- Business - for businesses with an annual turnover of less than £2 million. Costs £12.50 per month.
- Corporate - for companies that turnover more than £2 million each year. Comes with custom pricing.
Here is a summary of fees for the two Card One Money accounts:
| Account name | Card One Business Account | Corporate Account |
| Application fee | £55 | Custom |
| Monthly fee | £12.50 | Custom |
| Bank transfers | 30p | Custom |
| Card purchases | Free | Custom |
| ATM withdrawals (UK) | £1.50 | £1.50 |
| ATM withdrawals (outside UK) | £3 + 275% of amount | £3 + 275% of amount |
| Cash deposits (Post Office) | £2 plus 0.75% of deposit amount | Custom |
| Cheque deposits | 0.75% cheque amount (min 50p) | Custom |
Eligibility
To be eligible for a Card One Money 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 Android or iOS device
- Have a UK phone number
Since the accounts are dependent on turnover, businesses will need to make sure they are within the correct turnover limits for the account they apply for.
Opening an account
Here's how to open a Card One Money business account:
- Download Card One Money's app from the App Store or Google Play, or sign up from their website
- Complete their digital application with no credit checks - Card One Money will confirm your eligibility
- Verify your ID - you'll need to upload a picture ID and a video of yourself
- Once approved (usually same day), you can start banking
Card One Money reviews
Card One Money has an excellent Trustpilot score of 4.5 stars from nearly 800 reviews, with 85% giving them 5 stars.
While the Card One Money app on the Apple store only gets 2.7 stars out of 5 from over 60 ratings.
The Card One Money app on Google Play is rated slightly better with 3.8 out of 5 stars, based on nearly 200 reviews.
Information 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 Card One Money:
Card One Money isn't a bank, it's an Authorised Payment Institute (API) operating under Payment Services Regulations and authorised by the Financial Conduct Authority (FCA).
No, they charge an application fee and a monthly account fee.