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Countingup offers an e-money service that is easy to set up and use. Notably, it comes bundled with smart accounting tools to help streamline your business finances.
There are clear time-saving benefits to using the one app for all your business banking and accounting activity, and shared access with your accountant is likely to be a bonus. The financial insights and instant notifications may prove useful for sole traders and businesses at the smaller end of the scale, which the account is designed for. You will, however, need to be comfortable with doing everything through the mobile app.
Countingup Starter Business Account
Free for 3 months
Free
30p
Get your first 3 months free
- Must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
- Monthly deposit limit: 0 – £750
- If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
Learn more about how we bring you our review.
Key features
- Built-in accounting softwareYour Countingup business account comes with built-in accounting software that can automate your bookkeeping.
- Mobile banking appWith Countingup, all of your business banking is conducted through the provider’s mobile app.
- E-money accountCountingup is an e-money provider, not a licensed bank.
- Contactless MastercardYour Countingup business account comes with a free contactless Mastercard debit card.
Countingup business account pros & cons
Pros
- You can get a free three-month trial when you open a Countingup business account.
- You can open your Countingup business account on the same day that you apply.
- The Countingup business banking app is available on Android and iOS.
- You may be able to access business loans through Countingup’s partnership with Funder Finder.
Cons
- Since Countingup is an e-money account, not a full business bank account, deposits are not protected by the Financial Services Compensation Scheme (FSCS).
- You can only access your Countingup business account through the app.
- Countingup does not offer 24/7 customer support, you can only contact the support team via email.
- You cannot deposit cheques through Countingup.
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.
Countingup business account full review
Countingup offers business current account banking services with built-in accounting tools.
Through the app, you can carry out day-to-day banking transactions and manage your financial admin. This includes issuing and tracking customised invoices, expense management, instant payment notifications and tax estimates.
You can also share bookkeeping information with your accountant, which might make the tax year-end easier for you both.
It’s for sole traders, freelancers and small limited companies, and the monthly fee depends on your total monthly deposits and account activity:
- £3 a month: total monthly deposits of £0 to £750
- £9 a month: total monthly deposits of £750 to £7,500
- £18 a month: total monthly deposits of £7,500 or more
These prices aren’t fixed – your subscription fee may rise and fall depending on your total monthly deposits.
Countingup business account features: at a glance
| Monthly fee | £3 a month (monthly deposits of up to £750) £9 a month (monthly deposits of £750 to £7,500)£18 a month (unlimited monthly deposits) |
| Transaction fees | Yes (ATM withdrawals, cash deposits, account transfers, foreign currency transactions) |
| Account management | Mobile app |
| FSCS protection | No |
| Set-up time | Same day |
| Cash deposits | Yes (0.5%, with £2 min fee at Post Office, 3% at PayPoint) |
| Cheque deposits | No |
| Access to other banking services | No |
| International payments | Yes (through CurrencyFair) |
| Customer service | Email: [email protected] |
| Multiple user access | No |
| Create and send invoices | Yes |
| Integration with accounting software tools | No (but offers built-in accounting software) |
Where Countingup business account stands out
Flexible monthly pricing: Although Countingup doesn’t offer a free account, the flexibility of its pricing structure means your monthly subscription fee will rise and fall in line with your business performance, i.e. your total monthly deposits.
Built-in accounting software: Every Countingup business account comes with built-in accounting software. This means you can automate your bookkeeping, receive tax estimates, and easily share your data with your accountant.
Business data analysis: With your business banking and accounting in the same place, you can more easily keep track of your real-time profit and loss.
Customer reviews: Countingup has positive reviews on Trustpilot, App Store and Google Play, indicating that its limited customer service options may not be a problem.
Business loan matching service: While CountingUp is not a lender, its partnership with Funder Finder offers customers a free search tool for business loans of between £500 and £50 million that might match their specific situation.
Quick set-up: Countingup claims it opens most business accounts in less than two hours, meaning you can get started with your business banking almost immediately.
» MORE: What is a same day business account?
Where Countingup business account falls short
Account access and customer support: There is no access online, in a branch or over the phone with Countingup, only the mobile app. Similarly, the only customer support available is via email.
Account limits: There are a range of account limits depending on your business structure. For example, if you are self-employed, there is a maximum account balance limit of £60,000, a daily maximum Mastercard purchase of £10,000, and limits on your daily cash deposits. The same is true if you are a limited company, though your limits will be higher. For example, a limited company can only have a maximum account balance of £400,000.
Transactions: You will have to pay for every transaction you make through your Countingup business account.
FSCS protection: Due to Countingup being an e-money provider, 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 different account to the funds of its parent company, Prepay Solutions (PPS).
Cheques: While you can make cash deposits at the Post Office and PayPoint locations, you cannot deposit cheques.
Partnerships and charities: Countingup business accounts are not available to partnerships, charities, or trusts.
Countingup business account customer reviews
Countingup business customers have left reviews on a number of different platforms. These reviews are very positive.
- App Store: 4.7 out of 5, based on over 2,800 reviews
- Google Play: 4.54 out of 5, based on over 1,300 reviews
- Trustpilot: 4.4 out of 5, based on over 2,300 reviews
This information is correct as of 17 January 2024.
Countingup business account eligibility
In order to be eligible to open a Countingup business account, you must:
- have a smartphone
- be a sole trader or the director of a limited company
- be at least 18 years old
- be a UK resident, with a valid UK mobile number, a valid email address, and either a UK passport, driving licence or European ID card
If you are a limited company, there are further requirements. You must:
- be registered as active with Companies House
- be limited by shares
- have a maximum of two directors
- have all Persons of Significant Control be UK residents
- have all shares held by individuals
How to apply for a Countingup business account
To apply for a Countingup business account, you will need to take the following steps:
- Download the Countingup mobile app on your smartphone.
- Fill in some basic personal details and business information, including whether you’re a sole trader or your business is a limited company.
- Submit a selfie to confirm who you are.
- Wait for confirmation of your account details – Countingup says your account can be open in a couple of hours.
» MORE: How to open a business bank account in the UK
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
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.
You can view our full review methodology here.
Services offered by this provider may change over time. Always check Ts&Cs.