What are the pros and cons of signing up with Acorn for your business bank account? Lets find out.

Acorn Business Account: Overview

Acorn is a simple business bank account requiring no credit checks, branch visits or signatures. It’s aimed at small businesses with a turnover of £2m Per Annum or under, and especially who need a ‘no credit check’ account.

You can open an Acorn account in as little as 24 hours assuming you pass the identity checks. You will then have access to online banking and the use of a prepaid Mastercard. You get an account manager, and up to four debit cards.

Pros and Cons


  • Key USP is that it doesn’t require credit checks
  • No branch visits or signatures needed for set up
  • Online Banking, phone and SMS available
  • Can withdraw money via any Barclays Bank, an pay in via the Post Office


  • Very basic functionality without unique features
  • Opening a new account comes with a £60 fee
  • £12.50 monthly account fee
  • Not FSCS protected
  • Most things come with small fees which will soon add up

About Acorn Business Banking

Acorn Bank is actually a trading name of Spectrum Card Services, which is is an Authorised Payment Institute (API) rather than a bank. The main difference between an API and a bank is that Acorn are not licensed to use the customer’s money for any purpose such as lending.

The are no bricks and mortar branches of Acorn but they have a UK call centre based in Chester for customer service enquiries.

Opening an account is easy via their website, and they claim some 8000 business customers already in the UK, and some 60,000 domestic customers.

Rates & Fees

Account NameAcorn Business Account
Account Application Fee£60
Account Charges£12.50 per month
Bank transfersFree
Overseas card transaction fees2.75%
FSCS protectedNo
ATM Use (UK)1.50
Requires credit checkNo
Interest (AER)0% AER

Contact Number

0871 811 1883.

Calls cost 11p per minute, plus your phone company’s access charge.

Acorn Bank Account Reviews and Ratings

As of 2022, there are 19 Trustpilot reviews at an average of 2.5 Stars. Overall, the comments aren’t positive, with a variety of claims made about the problematic service offered by Acorn.

There are no live reviews on Reviews.co.uk. Acorn Account isn’t included in the Which? list of ‘Best & Worst Banks’.

Right now this seems to be bank really catering to those who need a ‘no credit check’ account and who need basic services without accounting software integrations or other more advanced functionality.