In my review, I explore Countingup, a business current account backed by Sage and ING Bank, which includes its own accounting software.
I’ve used the account for several months, exploring its functionality, features, security protocols, fee structure and customer service. So how good is it?
By the end of this review, you should have a well-rounded perspective of the overall banking experience that Countingup provides.
I’ll also compare it against other top business accounts to see how it stacks up.
Now, let’s see what Countingup can offer you.
- 3 months free trial
- Fast sign up
- Simple and streamlined
- Share data easily with your accountantant
- Not as comprehensive as some competitors
- No free account
- Not FCSC protected as it’s an e-money account
Eligibility Criteria
- You must be at least 18 years old.
- You must be either a sole trader or the director of a limited company.
- You must be a UK resident.
- Other business types are not eligible.
- Businesses operating outside the UK are excluded.
FSCS Protection: No, Countingup is not FSCS protected.
Trustpilot Score: 2,342 Reviews with an average rating of 4.4/5.
- My Verdict
- Countingup At A Glance
- Pros and Cons
- Pros and Cons of Countingup
- Who owns Countingup?
- Is Countingup a Bank?
- Who Should Use Countingup?
- Features
- Pricing
- Countingup Mobile App and Web Platform Review
- How Secure is the Countingup Business Account?
- What’s the Customer Service like at Countingup?
- Countingup Customer Reviews
- Who is Eligible for a Countingup Account?
- How to Open a Countingup Account?
- Alternatives to Countingup
- Countingup Business Account FAQs
Countingup Business Account Review: My Verdict
I found Countingup to be an efficient, simple account that definitely has a place for sole traders and small businesses.
Account sign-up is easy and fast, and I found the app very effective at all the basic banking tasks you might expect: checking balance, making transfers, etc.
Countingup’s pricing is broadly comparable to competitors, although it doesn’t have a free account option.
It’s really the volume of your deposits which decides how much you’ll pay, and that changes automatically, which is a nice feature. Most will pay around £9 a month unless you take over £7,500 in turnover.
New users get a three-month free period without charges, which is a nice way to ensure the account meets your expectations.
Overall, this is a decent basic business bank account with plenty of useful features.
Their user base is small – only 50,000 users so far, which tells me they’re actively building the brand, and as that happens, I would expect more functionality and refinements to be added.
For most small businesses, I would still recommend Tide, which is a more comprehensive offering.
Nevertheless, if you want a good starter account, Countingup should be on your shortlist.
Countingup At A Glance
| Subsection | Details |
|---|---|
| Target Demographics | Sole traders, start-ups and small businesses |
| Inappropriate User Scenarios | Those needing physical branches, dealing in cheques or wanting FSCS Protection |
| Account Types | Tier 1, Tier 2 and Tier 3 |
| Financial Tools | Automatic expense categorisation, real-time profit and loss reports and integrated accounting software |
| Specialised Services | Accountant hub, collaboration tools and company formation services |
| Account Fees | £3/mo for Tier 1 £9/mo for Tier 2 £18/mo for Tier 3 |
| Transactional Fees | Fees on card payments, foreign transactions and ATM withdrawals |
| Extra Service Charges | Replacement card £5, Paypoint cash load fee 3% |
| Account Management Features | Real-time notifications, account dashboard |
| Accessibility Features | High mobile app ratings, user-friendly interface |
| Technology Integration | app-based management |
| Overdraft Availability | No overdraft facilities |
| Regulatory Compliance | Regulated by FCA with FRN 900010 |
| Customer Fund Protection | Funds are safeguarded in separate client accounts |
| Data Security Measures | Two-factor authentication, secure encryption, real-time monitoring |
| Customer Support | Monday to Friday 9am-5pm via email |
| Response Times | Fast responses |
| Overall Ratings | Trustpilot: 4.4 stars Google Play Store: 4.5 stars |
| Positive Feedback Themes | User-friendly, efficient customer service |
| Negative Feedback Themes | Issues receiving cards, limited accounting software, some poor customer service |
| Response to Feedback | Answered more than 50% of 1-star reviews |
| Eligibility Criteria | 18+ years old, UK residency, valid UK phone number |
| Rewards Scheme | Membership points for a variety of rewards |
Is Countingup the Right Choice for me?
Countingup is a great choice for start-ups and sole traders wanting a simple and cost-effective account.
Its built-in accounting software and expense categorisation make light work of tracking profits, expenses and taxes.
Countingup is not a bank and, therefore, lacks the robust security of traditional and challenger banks. Those wanting maximum security on high bank balances should use high-street banks.
Another limiting quality for larger businesses is that due to it being a small and fairly new company, its features and services are not as comprehensive as other banking services such as Monzo or Tide.
All in all, Countingup is great for tech-savvy small businesses wanting a quick account set-up with a straightforward business banking solution that offers tools to help manage day-to-day finances.
Pros and Cons of Countingup
Pros
- Fast account opening process – You can complete signup online in minutes
- Contactless debit card included – Allows for easy in-person and online payments
- Deposit options – Ability to deposit cash at Post Offices and PayPoints
- Invoicing capabilities – Create, send, and track invoices within the app
- Expense tracking – Upload receipts and track spending through expense capture
- Tax features – Get real-time tax estimates and make tax payments
- Accountant integration – Provides the ability to share data with external accountants
- Intuitive mobile app – Well-designed app interface for managing account
- Free 3-month trial – Gives the ability to test service at no cost initially
Cons
- No cheque deposits – Lack of option to pay in checks
- Transaction fees – Charges fees for transfers, withdrawals, etc.
- Monthly fees – Ongoing subscription fee based on deposit tiers
- Not FSCS protected – Funds not protected under £85,000 guarantee
- Limited customer support – Only provides email and chat, no phone
- Slow payments – Transfers and payments can take a few days
- Limited accounting features – Lacks some expected accounting tools
- Small bank network – ATM access more limited than major banks
Who owns Countingup?
Countingup was established in 2017 by a trio of seasoned professionals: Tim Fouracre, Mike Moate, and James Hayhow.
Tim Fouracre, Countingup’s CEO and Founder, brings over two decades of financial technology experience to the team. Before establishing Countingup, Fouracre led Clear Books, a cloud-based accounting software company he co-founded in 2007.
Mike Moate, the CTO and Co-Founder of Countingup, also shares more than 20 years in the software industry and held the position of CTO at Clear Books before co-founding Countingup.
The third Co-Founder, James Hayhow, who serves as the COO, has a solid background in financial services spanning over a decade, having previously been the Head of Product at Clear Books.
Countingup’s founding was initially supported by a £2.3 million seed funding round led by investor Will Neale, former CEO of Sage UK and Ireland.
In 2018, the company secured an additional £9.1 million in Series A funding led by Framework Venture Partners, a venture capital firm that invests in early-stage technology companies.
Founding Partner of Framework Venture Partners, Peter Misek, is also an investor in Countingup.
With its headquarters located in London, England, Countingup has grown to over 50 employees and has successfully assisted over 50,000 businesses across the UK.
Is Countingup a Bank?
Countingup is not a bank but a financial technology company that offers a business current account (e-money) built for sole traders and small limited companies.
The Countingup business current account is issued by Prepay Technologies Ltd. E-money issuers cannot participate in the FSCS, and therefore your account is not protected by FSCS in case of insolvency.
Who Should Use Countingup?
Sole traders and freelancers with moderate cash flow would benefit most from Countingup due to its competitive pricing on monthly deposits between £750-£7,500.
Due to Countingup’s app-only interface, those who are tech-savvy and want to manage their business finances on the go would find this quite helpful.
Those wanting a quick account setup with minimal requirements would also benefit from Countingup’s sign-up process.
In contrast, those wanting extra security, such as FSCS protection, would find Countingup’s services quite limited in this area and would benefit more from mainstream challenger and high-street banks.
Any businesses who deal with high amounts of cheques may also find Countin Up’s services lacking, and would benefit more from other providers.
Countingup Features
| Countingup Account Features | Availability |
|---|---|
| In-built Accounting Software | ✓ |
| Easy Account Opening Process | ✓ |
| Overdraft | ✕ |
| Contactless Mastercard | ✓ |
| Time-saving Financial Administration | ✓ |
| Real-time Business Insights | ✓ |
| Invoicing and Billing System | ✓ |
| Automated Transaction Categorisation | ✓ |
| Receipt Capture | ✓ |
| Instant Notifications | ✓ |
| Account opening in minutes | ✓ |
| Real-time profit and loss reports | ✓ |
| Send invoices and get paid easily | ✓ |
| Unique card payment link for customers | ✓ |
Countingup strives to be more than just a business account, offering a plethora of bookkeeping, tax, and accounting features.
These functions are specifically designed to suit the needs of both sole traders and limited companies with up to two directors.
The integrated solution combines a business account and accounting software in one application, automating the time-consuming aspects of financial administration.
Countingup wants business owners to spend less time on bookkeeping and tax administration and more time on their core operations.
Invoices can be created and sent directly from the app, and a unique card payment link allows customers to pay you with just a few taps.
Countingup’s live business insights feature means that, with all your financial data in one place, it provides real-time insights into business finances. This includes profit and loss reports, tax estimates, and information on unpaid invoices.
Countingup Fees & Charges
| Subscription Fee | Monthly Deposits |
|---|---|
| £3/month | £0 – £750 |
| £9/month | £750 – £7,500 |
| £18/month | £7,500+ |
| Transaction Type | Fee |
|---|---|
| Account Transfers In/Out | 30p |
| Direct Debit Out | 30p |
| Foreign Transactions | 3% of transaction value |
| ATM Withdrawal | £1 per withdrawal |
| Post Office Cash Load | 0.5% of load amount (£2 min fee) |
| PayPoint Cash Load | 3% of load amount |
| Replacement Card | £5 |
What are the Countingup Account Limits?
| Limits | Self-employed | Limited Company |
|---|---|---|
| Maximum Account Balance | £60,000 | £400,000 |
| Maximum Mastercard purchase per day | £10,000 | £10,000 |
| Cash deposit via Post Office per transaction | £2,000 | £2,000 |
| Cash deposit via Post Office per day | £5,000 | £7,000 |
| Cash deposit via PayPoint per transaction | £500 | £500 |
| Cash deposit via PayPoint per day | £1,000 | £2,000 |
| Incoming UK Faster Payment per day | £30,000 | £100,000 |
| Incoming UK Faster Payment per month | £120,000 | £400,000 |
| Incoming UK BACS/CHAPS per day | £30,000 | £100,000 |
| Incoming UK BACS/CHAPS per month | £120,000 | £400,000 |
| Card purchases per day | £10,000 | £10,000 |
| Card purchases per month | £60,000 | £200,000 |
| Cash withdrawal via ATM per day | £500 | £500 |
| Outgoing UK Faster Payment per day* | £30,000 | £100,000 |
| Outgoing UK Faster Payment per month* | £120,000 | £400,000 |
| Outgoing UK Direct Debit Payment per day | £30,000 | £100,000 |
| Outgoing UK Direct Debit Payment per month | £120,000 | £400,000 |
| Contactless payments | £100 | £100 |
Countingup Mobile App and Web Platform Review
The Countingup mobile app, available on both iOS and Android devices, has a user-friendly interface that allows for instant invoicing, receipt capture, and built-in accounting software.
I found it simple and straightforward for the most part.
The real-time tax estimates feature has been particularly useful, offering a quick glance at what I might owe, significantly simplifying my financial planning.
Some users have reported that the only hiccup is occasional slow responsiveness and a somewhat challenging transaction history navigation.
The Countingup web platform complements the mobile platform, serving as a more extensive version which includes a convenient banking dashboard, cash flow forecasting, budgeting tools, and versatile reporting tools.
These additional features provide a detailed understanding of your account balances, transactions, and spending trends.
However, I suspect that individuals without any accounting experience might find the platform a bit daunting.
How Secure is the Countingup Business Account?
Countingup is secure for the following reasons, though less so than a fully regulated bank.
Countingup provides an e-money account through its partner Prepay Technologies Ltd (PPS), an FCA-authorized e-money institution, meaning they keep customer funds separate from company funds through a process called “safeguarding.”
Safeguarding guarantees that customers’ money is completely protected and not available to third parties like banks or creditors.
PPS undergoes annual independent audits to ensure proper safeguarding procedures.
Safeguarding has no limits – all money within Countingup accounts is fully protected, unlike traditional banks that protect funds under the FSCS £85,000 limit.
In the unlikely event that PPS becomes insolvent, Countingup notes returning funds may take longer than an FSCS claim.
An administrator may also deduct some costs from the money, meaning customers could get back slightly less than their full balance.
However, Countingup states that with safeguarding, all money within Countingup accounts remains completely safe and protected.
Is Countingup FSCS protected?
As an e-money institution, PPS cannot participate in FSCS protection.
What’s the Customer Service like at Countingup?
In reviewing Countingup, I had several interactions with their customer service to assess the level of support provided.
You can access the support only by sending an email to support@countingup.com using the email address linked to your Countingup account.
While the responses were prompt and efficient, the lack of phone, in-app support or live chat makes it less easy to contact them than other major banking competitors.
That said, the team consistently responded promptly and efficiently to my emails, demonstrating a good understanding of the issues at hand and providing helpful solutions.
Another thing to note is that Countingup’s customer service operates between 9 am and 5 pm, Monday to Friday.
Countingup Customer Reviews
Overall, Countingup has a Trustpilot score of 4.4 out of 5 based on 2,453 reviews, with 81% being 5-star reviews and 9% being 1-star.
It’s important to note that Countingup has replied to more than 50% of all 1-star reviews and 100% of the 1-star reviews made within the last 12 months, with response times usually being within a day.
On Google Play, Countinup has an average rating of 4.5 out of 5 from 1,302 reviews.
Countingup also scores well on Smart Money People, with an overall rating of 4.86 out of 5 stars.
Trustpilot
Positive Reviews
Many positive reviews highlight Countingup’s ease of use and praise its fast account setup process and smooth onboarding.
Other users have spoken highly of Countingup’s customer service and how they’ve been assisted with haste upon encountering an issue.
Lastly, a number of reviews have expressed their appreciation of its accounting features like invoice generation and expense tracking.
Negative Reviews
Some users have reported issues with receiving cards, either with them not arriving or taking much longer to arrive than they should.
Others have expressed their issues with Countingup’s limited accounting software, making it harder to perform certain tasks.
There were also reports of bad customer service when users tried to resolve issues, with responses being repetitive or simply not responding.
Google Play
Positive Reviews
Most users praise Countingup’s intuitive features, which help them manage their day-to-day finances with ease.
Other users have commended the speed at which Countingup sets up your account and the speed at which they have received cards.
Users also commend Countingup on its customer support’s speed of response and how helpful it has been in resolving issues.
Negative Reviews
Lots of users report that their accounts have been closed without being given a reason and that their funds stay frozen in the account, sometimes even after the issue has been resolved.
Some reviews say that they’ve been unable to open an account without being given a reason despite providing the required information.
Once again there are a number of reviews that mention dealing with customer support and their emails either taking weeks for a response or being completely ignored.
Who is Eligible for a Countingup Account?
You are eligible to open a Countingup account if you are:
- A sole trader or the director of a limited company,
- At least 18 years old, and
- A UK resident.
If you are seeking to open a Limited Company account, your business needs to:
- Be registered as active with Companies House
- Be limited by shares
- Have up to two directors, including yourself (Currently, Countingup cannot support businesses with more than two directors)
- Have all Persons of Significant Control as UK residents
- Have all shares held by individuals and not by a holding company or another business
Furthermore, because Countingup is an app-based platform with no physical branches, you also require the following:
- A smartphone with the Countingup app installed (minimum supported version iOS 13+ and Android 6+)
- A valid UK mobile number
- A valid email address
- A valid form of identification, such as a UK passport, driving license, or European ID card
Who is Not Eligible for a Countingup Account?
- Partnerships, charities, Community Interest Companies, Charitable Incorporated Organisations, trusts, and companies limited by guarantee
- Trading in weapons, explosives, or armaments
- Cryptocurrency & Non-Fungible Token (NFT) trading
- Stock Market/Forex Trading
- Money Service Businesses (such as foreign exchange, loan providers, money transfers)
- Gambling and betting activities
- Trading in precious metals, stones, and bullion
- Sale or trade of cannabidiol (CBD) products
- Activities of religious organisations and political parties/organisations
- Social/Community Clubs, not-for-profit services, and escort services
- Regulated businesses where the applicant is unable to provide the licence required to operate
How to Open a Countingup Account?
To open a Countingup business account, follow these steps:
- Provide Personal Details: You will need to provide your full legal name, current residential address, date of birth, a valid UK mobile number, and a valid UK email address.
- Provide Business Details: You will need to specify the name of your business, its type (whether it’s a limited company or sole trader), a description of the business, and VAT registration details if it’s registered.
- Additional Verification: In some instances, Countingup may need more information to help them verify your identity and/or your business. If this is the case, their Customer Support Team will call or email you for more information.
If you’ve been asked for more information and would like to discuss your application further, you can contact the support team via email and they will send you a link to book a call at a time that suits you.
Alternatives to Countingup
| Feature | Countingup | Starling | Revolut | Monese | Cashplus |
|---|---|---|---|---|---|
| Monthly Cost (standard account) | £3 | FREE | FREE | FREE | FREE |
| UK registered bank account | ✕ | ✓ | ✕ | ✕ | ✓ |
| Personal account | ✕ | ✓ | ✓ | ✓ | ✓ |
| Business account | ✓ | ✓ | ✓ | ✓ | ✓ |
| Direct debits/Standing orders | ✓ | ✓ | ✓ | ✓ | ✓ |
| Overdraft | ✕ | ✓ | ✕ | ✕ | ✓ |
| Loan | ✕ | ✕ | ✕ | ✕ | ✓ |
| Budgeting features | ✓ | ✓ | ✓ | ✓ | ✓ |
| Fee-free spending abroad | ✕ | ✓ | ✓ | ✓* | ✕ |
| Fee-free cash withdrawals abroad | ✕ | ✓ | ✓* | ✓* | ✕ |
| Current account interest | ✕ | ✓ | ✕ | ✕ | ✕ |
| Cash Deposits | ✓ | ✓ | ✕ | ✓ | ✓ |
Countingup Business Account FAQs
How is my money protected with Countingup?
Countingup safeguards your money through a process known as safeguarding, which means your business’s money is kept separate from Countingup’s and isn’t available to any creditors, banks or third parties. It’s important to note, however, that, unlike traditional banks, Countingup does not participate in the Financial Services Compensation Scheme (FSCS), so your account is not protected by FSCS.
How can I sign up for a Countingup account?
You can sign up for a Countingup account on their website or through their mobile app. You’ll need to provide some basic personal and business information and some form of identification.
Does Countingup charge any fees for its services?
Yes, Countingup charges a monthly account fee, the amount of which can vary depending on the plan you choose. There are also transaction fees for some types of transactions, such as international payments and ATM withdrawals.
Can I use Countingup for my accounting needs?
Countingup’s built-in accounting software automatically categorises your expenses, generates real-time profit and loss reports, and helps you keep track of your VAT returns. It also provides real-time tax estimates and is Making Tax Digital (MTD) compliant, so you can file your VAT returns electronically.
