GoSolo Business Banking

About GoSolo

GoSolo are digital account app looking to offer better business banking to sole traders and limited companies. One way they do this is with their fee-free accounts, and company formation. Since GoSolo are an online banking provider, they have no physical branches nor do they provide any face-to-face support, but you'll still be able to do all the things a full bank account offers

See our full GoSolo business account review and see how they compare with other digital business accounts.

GoSolo pros & cons

Pros of GoSolo

• Offer a free business account
• Built-in accounting & bookkeeping features
• No card purchase fees
• Hassle-free company formation
• Partner offers & discounts

Cons of GoSolo

• Deposits aren't protected by the FSCS
• No credit or overdraft facilities available

GoSolo business accounts

The GoSolo Business Account is free to open and use but there are different packages, with varying costs, that include the account.

All of the plans come with partner offers and discounts worth over £20,000 and the following:

• Business Account package - free business account with an array of business tools
• New Company package - costs £29 a year which includes the above as well as UK limited company formation
• All-Inclusive package - costs £199 for the year and comes with the business account, free company formation and a virtual business address

Here is a summary of fees for the GoSolo Business Account:

Security & protection

GoSolo, like other digital account providers, are not a bank but they are still authorised by the Financial Conduct Authority (FCA) as an electronic money institution.

Since they are not a licensed bank they are not protected by the Financial Services Compensation Scheme (FSCS) but they hold all of their customers' money in segregated, ring-fenced accounts at a UK high street bank, so your money is not completely should anything happen to GoSolo.

GoSolo also take a proactive approach when dealing with fraud, helping their customers understand typical scammer behaviours to be on the lookout for and two factor authentication for all outgoing payments, so there are never any nasty surprises.

Eligibility

To be eligible for a GoSolo business account you must:

• Have a limited company or are the sole director (registered with Companies House), or
• Want to register your business where you will be the only director
• Be a UK resident (Account Only & All-Inclusive), or
• Be a non-UK resident (Global Founder)
• Be over the age of 18
• Provide valid a ID and proof of address

Opening an account

Here's how to open a GoSolo business account:

1. Download GoSolo's app from the App Store or Google Play or sign up via web app
2. Complete their digital application with no credit checks & form your company for free (if applicable) - GoSolo 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

GoSolo reviews

GoSolo users score them pooly with 3.2 stars on Trustpilot, from 79 reviews, with only 39% rating them 5-star.

The GoSolo app on the Apple Store has 5 stars from just 89 ratings.

While on Google Play they have 3.6 out of 5 stars, based on 61 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 GoSolo: