If you’re a UK business owner with a turnover under £2 million, finding a reliable account without the hurdles of a credit check can be a game-changer. The Card One Money Business Account aims to fill that gap, offering straightforward access to essential banking features for startups, sole traders, and credit-challenged companies.
In a financial climate where small businesses are expected to do more with less, this account is a practical tool for managing expenses, maintaining visibility over cash flow, and staying compliant, without the friction of traditional bank applications. With a transparent fee structure and no overdraft facility, it appeals to those who prefer predictability and control over their finances.
This review explores how the Card One Money Business Account performs, from everyday usability to transaction costs and fund security. If you’re deciding whether this account suits your business needs in 2025, read on to find out whether its offering matches your operational priorities.
Card One Money Business Account
Monthly Fee
£12.50Bank Transfers
£0Card Purchases
£0Overdraft
NoFSCS Protection
NoAccessibility
Access your Card One Money account via the web and mobile app
Card One Money Business Bank Account Review: Our Verdict
The Card One Money Business Account stands out as a robust tool for UK small businesses with an annual turnover below £2 million.
It offers a rapid online application process and no credit checks, significantly enhancing accessibility for startups and those with poor credit histories.
Its prepaid business cards are particularly effective for managing team expenses and streamlining budgeting processes. The account’s “pay-as-you-go” fee structure is beneficial as it eliminates bounced payments and overdraft charges, providing a financial cushion during cash flow fluctuations.
However, the absence of Financial Services Compensation Scheme (FSCS) protection could be a significant concern for businesses prioritising fund security. Additionally, its transaction-based fee model could become costly for companies that engage in frequent cash or cheque transactions or require same-day or international payments.
Card One Money Business Bank Account: At A Glance
This table efficiently outlines the key features of the Card One Money Business Account, helping you understand the financial implications, from the monthly fee to transaction fees.
| Feature | Details |
|---|---|
| Monthly Fee | £12.50 |
| Application Fee | £55 (Refundable if declined) |
| Unique Selling Points | No credit check required, account opened within 3 hours. |
| Expense Management | Prepaid business cards for team spending. |
| Transaction Fees | Electronic credit: £0.30 per transaction Cash & cheque deposit: 0.75% of value Faster Payment (Online, Next Day): £0.30 |
| Fund Protection | Funds safeguarded, not FSCS protected |
| Learn More | Visit Card One Money |
Card One Money Business Account Pros & Cons
- Rapid Application Process: The Card One Money Business Account boasts a swift account opening time of just three hours, making it an excellent choice for businesses that need quick access to banking services.
- No Credit Checks: This feature makes the account particularly suitable for startups or businesses with a challenging credit history, as it allows easier access to banking facilities without the hurdle of credit scrutiny.
- Expense Management Features: The account includes prepaid business cards, which help set spending limits and aid in effective budget management, which is crucial for maintaining financial discipline.
- Transparent Fee Structure: The account operates on a “pay-as-you-go” basis, which means there are no charges for bounced payments and overdrafts. This offers businesses flexibility, especially when cash flow is unpredictable.
- No FSCS Protection: Although funds are safeguarded, the lack of Financial Services Compensation Scheme (FSCS) protection could pose a higher risk than traditional banking institutions.
- Transaction-Based Fees: The account’s high transaction fees could be a significant drawback for businesses that frequently handle large cash or cheque deposits, potentially impacting overall profitability.
- Limited Accounting Software Integration: Despite supporting the Open Banking API, the absence of direct integration with major accounting software platforms like Xero or QuickBooks could lead to increased administrative burdens due to the need for manual data management.
What Are the Key Features of the Card One Money Business Account?
The Card One Money Business Account offers a flexible banking tool for small UK businesses. It is particularly beneficial for those requiring quick and efficient financial management.
No credit check required; application completed online
Fast setup with most accounts opened within three hours
One prepaid Mastercard® included; up to four additional cards available for team members
Real-time balance checks, payments, and transaction alerts
Transparent pay-as-you-go pricing model
Funds safeguarded under FCA rules (not FSCS-protected)
24/7 access via online portal and mobile app
Card One Money Business Account Fees
| Service | Fee |
|---|---|
| Account Setup | £55 (refundable if declined) |
| Monthly Fees | £12.50 |
| Additional Card Fee | £5 per card (max 4 additional) |
| Lost/Stolen Card Replacement | £3.95 |
| Electronic Credit (non-cash/cheque) | £0.30 each |
| Cash & Cheque Deposit | 0.75% of value |
| Faster Payment (Online, Next Day) | £0.30 each |
| Faster Payment (Online, Same Day) | £7.50 each |
| Faster Payment (Call Centre, Next Day) | £3.50 each |
| Faster Payment (Call Centre, Same Day) | £10 each |
| Standing Order & Direct Debits Paid Out | £0.30 each |
| CHAPS Payment | £30 each |
| International Payments In | £10 each |
| International Payments Out | £30 each |
| Card Payments in the UK & Online | Free |
| Card Payments Abroad | Value + 2.75% FX |
| ATM UK Cash Withdrawal | £1.50 |
| ATM Cash Withdrawal Abroad | £3.00 + 2.75% FX |
| Cash Advance (UK/Foreign) | £5.00 |
Relative to other challenger banks, Card One Money’s pricing is competitive, particularly for businesses that predominantly operate online. This model allows strategic transaction planning to circumvent higher fees linked to immediate or cash transactions.
Conversely, businesses with frequent international dealings or substantial cash deposits may find these costs accumulate, potentially offsetting the benefits when compared to banks offering flat-rate fees or bundled transaction packages.
Ease of Use
The Card One Money Business Account offers a simple and easy to use online portal and mobile app, accessible 24/7, enabling business owners to manage their finances conveniently. The app, available on both the Apple App Store and Google Play, supports seamless account management on the go, allowing users to easily check balances, initiate payments, and receive real-time notifications.
Key usability aspects include:
- Navigation: The interface is intuitive and straightforward, featuring clearly marked sections for transactions, statements, and card management, streamlining daily financial operations.
- Transaction Speed: The account uses the Faster Payments scheme to ensure transactions are processed swiftly, which is essential for businesses needing quick access to funds.
- User Experience: Although the app handles basic functions effectively, it has received mixed reviews. Its current rating of 2.8 out of 5 stars on the Apple App Store indicates areas for enhanced user satisfaction.
- Customer Feedback: The app is generally appreciated for its anytime access to financial information, though some users report occasional technical issues that impact its functionality.
How Secure is the Card One Money Business Account?
The Card One Money Business Account employs rigorous security measures to effectively protect your funds and personal data. Here are the critical features that bolster its security:
- FCA Regulation: Card One Money is an FCA Authorised Payment Institution, ensuring compliance with stringent Financial Conduct Authority regulations, which uphold the highest standards of UK financial governance.
- Ring-Fenced Accounts: Your deposits are held in segregated accounts at prominent UK banks, such as Barclays and NatWest. This ring-fencing strategy ensures that, should the company face insolvency, your funds are protected and separate from the company’s operational liabilities.
- Data Protection: Card One Money prioritises GDPR compliance, ensuring the robust protection of your personal and financial information with clear communication about your rights and data management procedures, fostering transparency and trust.
It is crucial to note that the Card One Money Business Account does not come under the Financial Services Compensation Scheme (FSCS). Unlike traditional banks, it does not offer the FSCS’s safeguard of up to £85,000 per person. You should carefully consider this lack of FSCS protection and evaluate how it aligns with your risk tolerance, balanced against the benefits of easy account access and no credit checks.
How Does Card One Money Support Business Customers?
Card One Money’s customer service is designed to meet the specific needs of SMEs, offering a variety of contact methods such as phone, email, and live chat. Phone support is available weekdays from 08:30 to 17:00, and live chat extends service until 13:00 on Saturdays, accommodating businesses that operate beyond conventional hours.
Furthermore, an automated phone service operates around the clock and is available 24/7 for urgent requirements like checking account balances or blocking a lost or stolen card. This ensures that support is continuous and accessible at any time.
The comprehensive range of support options and extended service hours underscore Card One Money’s commitment to providing accessible and responsive customer care. This is particularly crucial for SMEs that rely on dependable support to manage their business finances effectively.
How Do Customers Rate the Card One Money Business Account?
The Card One Money Business Account boasts a robust Trustpilot rating of 4.5 out of 5 stars, reflecting feedback from approximately 849 to 898 users, classifying it as “Excellent”. Key aspects of positive feedback include:
- Efficient Support: Customers commend the swift response times and effective issue resolution through phone, email, and online chat services.
- Professional Service: The customer service team, based in the UK, is consistently praised for their friendly, courteous, and knowledgeable demeanour.
- Proactive Communication: Account holders value the timely notifications about unused funds in closed accounts.
In contrast, Reviews.Io presents a starkly different picture with a lower rating of 1.8 out of 5 stars from 77 reviews. Common points of criticism include:
- Account Closures: There are frequent reports of unexpected account closures without sufficient explanation or reimbursement of fees.
- Fee Concerns: A significant number of users express dissatisfaction with the high monthly fees associated with the account.
- Application Issues: There are recurring grievances regarding declined applications and complications with the £55 application fee refund process.
Furthermore, the official Card One Money banking app holds an average rating of 2.8 out of 5 stars on the Apple App Store. These varied ratings suggest that while customer service generally receives positive reviews, underlying systemic or operational issues may affect overall user satisfaction.
What Are the Eligibility Requirements for the Card One Money Business Account?
To qualify for the Card One Money Business Account, your business must adhere to the following criteria:
- Age and Residency: Applicants must be at least 18 years old and possess a UK residential address.
- Business Registration: Your business should be registered in the UK, which accommodates Sole Traders, Limited Liability Partnerships (LLPs), and Partnerships.
- Turnover Requirement: The account is tailored for businesses with an annual turnover not exceeding £2 million. Businesses surpassing this threshold are generally referred to as the Corporate Account.
- Exclusions: Businesses operating from a PO box or mailbox address, or those involved in sectors like pornography, unlicensed prescription drug sales, narcotics, weapons, unlicensed gambling, or other prohibited goods or services, are ineligible.
- Cash and Cheque Handling: If your business frequently deals with high volumes of cash and cheques, consider that this may incur additional costs or restrictions with this account.
How to Apply for a Card One Business Account: Step-by-Step
- Prepare Required Documents: Before initiating your application, ensure you have all necessary documentation at hand. This includes a valid form of identification (passport or driving licence), a recent proof of address (such as a utility bill or bank statement), and company registration details if you apply for a business account.
- Visit the Card One Money Website: Navigate directly to the Business Account application section on the Card One Money website. The entire application process is conducted online, eliminating the need to visit a branch.
- Complete the Online Application Form: Carefully fill out the application form with your personal and business details to avoid any delays in processing. The form is designed to be user-friendly and can be completed in just a few minutes.
- Pay the Application Fee: A one-off application fee of £55 is charged, which is refundable should your application not be successful. This fee ensures some financial security as you proceed with the application.
- Submit Your Application: After completing the form and paying the fee, submit your application. Card One Money’s lack of a credit check typically speeds up the approval process.
- Await Confirmation: Your application is usually processed quickly, and account details are often provided within three hours of submission. Once your application is approved, you will receive your account number and sort code.
- Receive Your Business Card: Your physical business card should arrive within five working days. For security purposes, the PIN for your card will be sent to you separately.
Comparing Card One Money with Other Business Accounts
The Card One Money Business Account distinguishes itself from both challenger banks and traditional high-street banks in several critical areas, such as fees, application speed, and unique features.
Below is a comparative analysis that highlights how it measures up against competitors like Starling Bank and Barclays Business Account:
| Feature | Card One Money | Starling Bank | Barclays Business Account |
|---|---|---|---|
| Application Fee | £55 (refundable if declined) | None | None |
| Monthly Fee | £12.50 | Free | £8.50. New customers get the first 12 months free |
| Transaction Fees | Pay-as-you-go model | Free UK transactions | Charges for certain transactions |
| Application Speed | Within 3 hours | Instant to a few days | Typically up to 5 days |
| Credit Check | No | Yes | Yes |
| FSCS Protection | No | Yes | Yes |
| Expense Management Tools | Prepaid business card | Comprehensive | Limited |
| Learn More | Visit Card One Money | Visit Starling Bank | Visit Barclays |
Key Differences
- Speed and Accessibility: Card One Money excels with a rapid application process and no credit checks, making it particularly suitable for new businesses or those with poor credit histories. This starkly contrasts with banks like Barclays, which conduct credit checks and have longer processing times.
- Fee Structure: While Card One Money’s pay-as-you-go model ensures cost transparency, it may become costly for businesses with frequent transactions. Conversely, Starling Bank offers significant savings with free UK transactions, making it an attractive option for high-volume businesses.
- Protection and Risk: A notable drawback of the Card One Money account is the lack of FSCS protection, which both Starling and Barclays provide. This makes them more suitable for businesses prioritising fund security.
- Expense Management: Card One Money’s provision of prepaid business cards facilitates effective spending control among team members, a feature more restricted in traditional banks like Barclays.
Common Questions about Card One Business Account
How do I deposit cash into my Card One Money Business Account?
To deposit cash into your Card One Money Business Account, visit any PayPoint location across the UK. Please note that a fee of 0.75% applies to each deposit. This fee can be particularly significant for businesses that regularly handle large volumes of cash.
How does cashback work with the Card One Money Business Account?
The Card One Money Business Account does not currently offer cashback features. Instead, it provides a transparent fee structure and robust expense management tools, essential for effective business financial management.
What are the contact methods for customer support at Card One Money?
Card One Money offers several channels for customer support to ensure you can get help when you need it:
– Phone: For immediate assistance during business hours, you can call 0345 241 6775.
– Email: For non-sensitive enquiries, email customer.services@cardonemoney.com.
– Live Chat: For real-time support, use the live chat feature available on the website during specified hours.
What should I do if my Card One Money Business Account application is rejected?
If your application is rejected, you are entitled to a refund of the £55 application fee. You should contact customer support directly to discuss the reasons for rejection and explore possible alternatives.
Are any fees associated with bounced payments or overdrafts at Card One Money?
Card One Money does not charge bounced payments or overdraft fees, which provides some financial leeway in managing your business’s cash flow. This policy helps maintain smoother financial operations without worrying about additional costs for minor banking errors.
