Card One Money offers both personal and business bank accounts that don’t require credit checks or complex application processes.
But are these accounts any good?
In this review, I will take a closer look at the Card One Money business account specifically and explore its pros and cons. As someone with a detailed knowledge of every bank account on the UK market, I’ve judged it accordingly, explaining what works and what doesn’t.
By the end of this review, you will understand whether Card One Money is the right choice for you.
- No credit check
- Speedy Application
- Cashback rewards programme
- No charges for failed payments
- UK Call centre
- Application fee is £55
- There isn’t any overdraft
- There is a minimum £12.50 per month account fee
- Withdrawals and transfers come with a cost
Card One Money Business Bank Account Review: My Verdict
The Card One Money business account has a number of qualities which make it worth considering.
Firstly, I appreciated the quick and straightforward application process and the absence of a credit check requirement. As someone that speaks with many SME directors struggling to find a viable bank account, this inclusivity will help many get started.
I also approve of the opportunity to earn cashback rewards on business spending through the associated Mastercard.
Another thing Card One Money really gets right is their lack of failed payment fees. This means that if a payment fails due to insufficient funds, you won’t be charged any additional fees, providing some financial flexibility and peace of mind.
Similarly, the Card One Money business account has no overdraft fees or charges. There are small charges for depositing cheques, however, and a £55 application fee, refundable if they don’t approve you for any reason.
Overall, I found it a good, simple bank account. Alternatives would be Tide, if you are eligible, or Cashplus, neither of which have credit checks.
Card One Money Business Bank Account: Overview
Card One Money offer two accounts for businesses: the ‘Business’ for those with a turnover of less than 2 million and the ‘Corporate’ account for those turning over £ 2 million or more.
Card One is a challenger bank focusing on convenience and control, but especially on applicants who might not pass an account requiring a credit check.
They claim over 80,000 customer accounts so far, boasting of the ability to open an account in just 3 hours. Another perk of using Card One Money Business is that it comes with a prepaid Corporate Mastercard, which qualifies for Card One Money’s cashback rewards programme. Their reward programme means businesses can earn cash rewards of up to 3.5% at more than 35 high street retailers.
Card One Money Pros and Cons
Pros
- No credit check
- Speedy Application
- Cashback rewards programme
- No charges for failed payments
- UK Call centre
Cons
- £55 application fee
- No overdraft
- Minimum £12.50 per month account fee
- Withdrawals and transfers come with a cost
About Card One Money
Card One Money was established in 2007 as Spectrum Payment Services Limited (SPS), initially providing personal current accounts. 2012 Card One Money introduced business accounts and payment services under its brand name.
In 2017, Card One Money was acquired by Equals Group PLC, becoming part of their portfolio of money management brands. Card One Money has over 600,000 personal account customers and 24,000 business account holders.
Card One Money aims to provide accessible accounts by offering quick and easy online applications without requiring lengthy credit checks or branch visits. Its business accounts are tailored for small and medium enterprises including sole traders, partnerships and limited companies.
Rates & Fees
| Fee Description | Fee Amount |
|---|---|
| Application fee | 2.75% of the transaction value (purchase transaction) |
| Monthly fee | £12.50 |
| Standing order and Direct Debit paid out | £0.30 |
| Bounced payment fee | Free (for rejected standing orders and Direct Debits) |
| Foreign currency transactions | Next-day online payment |
| SMS balance enquiry | £0.15 |
| Cheque credit | 0.75% (minimum charge £0.50 per cheque) |
| Statement copy up to three months | £5.00 |
| Collections/admin letter | £5.00 |
| Subject access | Free |
| Giro paying in book | £10.00 |
| Cheque credit returned | £5.00 |
| Cash advance | £5.00 |
| First card | Free |
| Additional card | £5.00 / month |
| Replacement card | £3.95 |
| Transfer funds from card to account | £5.00 / transaction |
| Maximum card balance | £5,000.00 |
| ATM within the UK | £1.50 |
| ATM outside the UK | £3.00 + 2.75% of transaction value |
| Same-day online payment | £0.30 |
| Next day over-the phone payment | £7.50 |
| Same-day over-the-phone payment | £3.50 |
| Same day over the phone payment | £10.00 |
| CHAPS payment | £30.00 |
| Electronic credit | £0.30 |
| International payments (in) | £10.00 |
| International payments (out) | £30.00 |
| Closure (cancellation or redemption) | £10.00 to redeem any balance on card after closure |
Contact Number
Card One Money can be reached on 0345 241 6775
Mon – Fri: 08:30 – 17:00 (excluding public holidays)
Is the Card One Money account safe?
While Card One Money accounts are not covered by the Financial Services Compensation Scheme (FSCS), measures have been taken to protect customer funds:
- Card One Money is authorized by the Financial Conduct Authority (FCA) as a regulated payment institution. This requires adherence to strict operational standards.
- Your funds are held separately from Card One Money’s funds in ring-fenced accounts at major UK banks like Barclays. In the event of insolvency, these segregated funds would be used to repay customers first.
- Any money on your Card One Money card is kept in a safeguarded account by Equals Money International Limited at Barclays Bank.
- Card One Money upholds high-security standards for customer data in line with UK data protection laws. Its operations are monitored by the Information Commissioner’s Office (ICO).
What’s the Customer Service like at Card One Money?
Card One Money emphasizes providing helpful and responsive customer service through various channels:
- A UK-based customer service team can be reached via email, live online chat, or phone.
- The call centre is open Monday to Friday from 8:30 am – 5 pm, with additional availability on Saturdays from 9:30 am – 1 pm.
- Email and live chat support is also offered during extended weekday hours (8:30 am – 7 pm) for added convenience.
- Customers can call the team on 0345 241 6775 or email customer.services@cardonemoney.com for any account inquiries or changes.
- Live chat provides real-time assistance online during working hours.
Card One Money Business Bank Account Reviews and Ratings
Card One Money has 650+ Trustpilot reviews with an average rating of 4.5 and a score of excellent.
Many customers highlight the helpfulness and efficiency of the UK-based support team.
Common themes in positive reviews:
- Quick response times and issue resolution via phone, email, and online chat. Customers mention fast assistance from agents who solved their problems.
- Friendly and courteous service. Agents are described as polite, patient and professional.
- Reliable support is accessible through multiple channels like phone, email, and live chat.
- Proactive service e.g. contacting customers about unused funds in closed accounts. Demonstrates attention to customer needs.
- Knowledgeable representatives who take time to explain things clearly. Especially helpful for those less tech-savvy.
- Customers compliment specific agents for providing excellent service during interactions.
Negative reviews primarily focus on:
- Account closures without explanation or refund of fees paid.
- Monthly fees are too high in some customers’ opinions.
- Declined business account applications without refund of the £55 application fee.
They have less satisfactory ratings on Reviews.Io, with a 1.8-star rating out of 77 reviews.
Their banking APP gets a 2.8-star rating on the Apple Store out of 46 ratings.
