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Card One Money business accounts are open to sole traders, partnerships, limited liability partnerships and limited companies.
The provider currently offers two types of business accounts: a Business account aimed primarily at smaller companies, and a Corporate account targeted towards larger companies. These accounts can be used for everyday business banking.
Smaller businesses should be aware of the need to pay a £55 application fee, alongside a monthly maintenance fee, to open an account with Card One Money.
Card One Money Business Account
£12.50
Free
30p
n/a
- Available to Limited Companies, Sole Traders and Partnerships
- For companies with an annual turnover of less than £2 million
Eligibility Criteria
- Available to Limited Companies, Sole Traders and Partnerships
- For companies with an annual turnover of less than £2 million
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Learn more about how we bring you our review.
Key features
- One-off application feeSmall businesses are charged a one-off £55 application fee.
- Monthly feeBusinesses with an annual turnover of less than £2 million pay a monthly fee of £12.50 (transaction fees up to £12.50 will be deducted from this fee).
- E-money accountCard One Money is an e-money account provider and not a full bank, so deposits are not protected by the Financial Services Compensation Scheme (FSCS).
- Multiple user accessYou can get up to four other cards attached to your account, with varying levels of access.
Card One Money business account pros & cons
Pros
- You can manage the account online, via a mobile app or over the phone.
- Your Card One Money business account could be open on the same day that you apply.
- You can attach up to four extra business Mastercards to your account, with the ability to grant each card holder different levels of access.
- Despite being an online-only provider, you can deposit cash and cheques at Barclays branches.
Cons
- There is a minimum monthly fee of £12.50.
- Small businesses pay a one-off £55 application fee.
- Deposits are not protected by the Financial Services Compensation Scheme (FSCS).
- There is no face-to-face support, as Card One Money has no branches.
- You cannot access credit facilities, such as an overdraft, credit card or business loan.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
Card One Money business account full review
Card One Money was established in 2007 under its original name of Spectrum Payment Services Limited (SPS). Rebranded to Card One Money in 2012 and acquired by Equals Group PLC in 2017, it now offers electronic money (e-money) accounts to both business and personal customers.
Card One Money offers businesses the opportunity to open an online account without a credit check.
The provider offers two accounts: Business and Corporate.
Business
The Card One Money Business account is for companies with an annual turnover of less than £2 million.
No credit check is required to open the account. However, you will need to pay a £55 one-off application fee, on top of a monthly fee of £12.50. You will also have to pay for each transaction you make through your account, although these are deducted from your monthly fee.
For example, if you racked up £5 in transaction fees, your monthly account fee would be £7.50.
With a Card One Money business account, you can:
- manage and pay your bills, invoices and wages
- add up to four additional spending cards
- export accounting statements
- pay cash and cheques into Barclays branches
- make and receive international payments
Corporate
The Corporate account is a custom plan, meaning the monthly fee and transaction charges will vary from business to business. It is for larger companies with an annual turnover greater than £2 million.
On top of the same features as the Business account, a Card One Money Corporate account also includes:
- a dedicated account manager
- bulk payments
- open banking API integration
- multi-account for each individual brand
Card One Money business account features: at a glance
| Business Account | |
|---|---|
| Monthly fee | £12.50 |
| Transaction fees | Yes (the first £12.50 of transaction fees each month is deducted from the monthly fee) |
| Account management | Online Via a mobile app Over the phone Via text |
| FSCS protection | No |
| Set-up time | Same day |
| Cash deposits | Yes (at Barclays branches) |
| Cheque deposits | Yes (at Barclays branches) |
| Access to other banking services | No |
| International payments | Yes |
| Customer service | Over the phone: 0345 241 6775 – Monday to Friday, 8.30am to 5pm, Saturday 9.30am to 1pm Online contact form Web chat (online or via the app) [email protected] |
| Multiple user access | Yes (with a £5 per month fee for an extra card) |
| Create and send invoices | Yes |
| Integration with accounting software tools | Yes |
Where Card One Money business account stands out
Multiple user access: With Card One Money, you can add up to four cards to your account. You can then choose what level of account access each user has, based on their position in your company.
Cash and cheque deposits: Despite being an online-only provider, you can deposit cheques and cash (up to £500 a week) into your Card One Money account via Barclays branches.
Account access: Although it lacks branch access, you can manage your Card One Money account online, via the app and over the phone, whether that’s by calling its 24/7 automated service or texting to top up your prepaid card.
Where Card One Money business account falls short
No free accounts: At minimum, you will need to pay £12.50 a month to have a business account with Card One Money.
£55 one-off application fee: Unlike almost all other business account providers on the market, to open a Card One Money account, small businesses will have to pay a £55 application fee.
FSCS protection: Card One Money is an e-money provider, meaning your deposits are not protected by the Financial Services Compensation Scheme (FSCS). However, the provider is regulated by the Financial Conduct Authority (FCA), and safeguards your funds by keeping them in a separate account held by the card issuer Fair Payments Ltd.
Access to overdraft and credit facilities: You cannot access an overdraft, credit card or business loan with Card One Money.
Charities: You cannot open a Card One Money business account if you are a charity.
Card One Money business account customer reviews
Card One Money has received generally favourable reviews on Trustpilot. Reviews from app stores were less stellar and were based on a smaller number of reviews.
It’s worth noting that these reviews may come from personal or business account customers.
- Trustpilot: 4.4 out of 5, based on over 940 reviews.
- App Store: 2.6 out of 5, based on over 60 reviews.
- Google Play: 3.9 out of 5, based on over 200 reviews.
This information is correct as of 2 October 2024.
Card One Money business account eligibility
To be eligible to open a business account with Card One Money, you must:
- be over 18 years old
- live in the UK
- run a UK-registered business (sole trader, limited company or business partnership)
- have an annual turnover of less than £2 million (Business) or over £2 million (Corporate)
In addition, you must not trade in a prohibited industry, such as weaponry, unlicensed gambling, or illegal goods and services.
Card One Money does not conduct credit checks on business account applicants. If you successfully pass its identity and residency checks, you can open a business account.
You may be asked to provide more information if your ID or address cannot be verified automatically. You may have to produce documents, such as your passport, driving licence or a utility bill dated within the last three months.
How to apply for a Card One Money business account
To open a Card One Money Business Account, you’ll likely need to follow these steps:
- Apply online and pay the £55 application fee.
- Submit proof of ID and address. Proof of identity documents can include your passport or driving licence. Proof of address documents must be less than three months old (unless you are using your driving licence) and may include a utility bill, bank or credit card statement, or council tax statement.
- Wait for approval. Card One Money does not carry out credit checks and you may be able to open your account on the same day you apply.
Review methodology
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Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
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Services offered by this provider may change over time. Always check Ts&Cs.