Card One Money – a business bank account alternative

Card One Money review – An alternative business account without credit checks 

Starting a business is hard enough in itself, but if you have a bad or adverse credit history that task becomes all the more difficult, as all highstreet business bank accounts require the business owner to undergo a credit check.

Some digital companies have taken advantage of this and have developed new products for businesses. These digital challengers, don’t require a credit check, making it easy to get an account up and running. Perfect for those with bad credit histories.

We’ve previously, compared what we consider to the best business accounts for who might otherwise struggle to open a highstreet bank account, but in this article we’re going to dig a little deeper into the Card One Money account.

What is the Card One Money business account?

According to Card One Money, the business account is specifically designed for small business, and offers telephone and online account support. There are no credit checks, you just need to prove your address and identity, and pay the application fee, which is refundable if your application isn’t successful. The new account can be up and running in minutes, making it great for those who can’t wait to start taking payments.

The Card One Money website specifically addresses the issue of those with a poor or bad credit history.

You can get a Card One Money Business Account, regardless of credit history.

The account holder will receive a Mastercard debit card, with a maximum of five additional cardholders able to be added to the account. The is loaded, or topped up from the funds in your main account, and can be used for spending at the online, or at the point of sale, both in the UK and abroad.

What can I do with the account?

• Receive and make electronic payments in your business’ name
• Setup standing orders and direct debits
• Pay in cash (via Barclays Branches)
• Pay in Cheques (via Barclays Branches)
• Withdraw money
• Access your account via app or online
• IBAN and SWIFT details provided for for international payments
• Set up direct debits
• Earn cash rewards of up to 3.5% at more than 35 major retailers

What can’t I do?

• Write cheques (but you can deposit them)
• Visit a branch (there are none, but customers can use Barclays)

How much does it cost?

There’s an initial application fee of £55, and an on-going monthly charge of £12.50. The monthly management fee is inclusive of transactional fees and charges. Bear in mind, that most traditional bank accounts have a cover charge ranging from £5-10 per month which equates to £60-£120 per year anyway. Though some challengers might well be cheaper.

In addition to the costs above, the account also carries charges for Faster Payments (£7.50), standard transactions (£0.30), and international payments in and out; £10 in, £30 out. As such it’s important to make sure you’re aware of what exactly you’ll be charged for and work that into your business planning.

Just as with other banking fees, all of these costs can be offset against tax, reducing your liability for the year incurred.

Who can apply for a Card One Money business account?

Sole traders, Limited Companies, Newly established businesses and partnerships are eligible to apply. Non UK Residents and non-UK registered Companies can also apply, however cards cannot be provided to non UK residents.

As there’s no credit check, this account could be a lifeline for those looking to open a business bank account but have been prevented doing so by a poor credit history.

Importantly, for some content creators Card One Money also allows OnlyFans creators to open a business account.

Customer support

In an effort to save costs many accounts these days limit customer support to in-app chat, with calls to support number solely reserved for reporting lost/stolen cards or suspected fraud.

We’re pleased to say that isn’t the case with Card One Money. You can speak to a human with any queries during business hours. The customer service team is available Monday-Friday 08:30-17:00 and aims to answer calls within 10 seconds. However, if you do prefer live chat then it’s also available Monday-Friday 08:30-17:00 and Saturdays 09:30-13:00.

Our verdict

Card One Money, and digital challengers like it, now rival traditional bank accounts in terms of features and functionality, while typically offering better customer support.  Not being held back by legacy systems and infrastructure means the digital experience is often more developed too. Card One Money is no exception here, but it’s not without its caveats.

The application fee, and monthly service fee are higher than some of its competitors. It charges for cash withdrawals (ATM), and foreign spending is expensive. There’s also the way the account is managed to consider. With funds being split between the account, and the card. In one sense it means you can only spend what is loaded onto the card and thus provides an extra layer of security, on the other hand, having to load up the card could be seen as a hassle.

For those that have exhausted other avenues, challenger banks and e-money business accounts can be the difference between getting your business up and running, or falling at the first hurdle. The ability to speak to human customer services rather a chat bot, could make this winner as it’s not something all digital challengers offer.

Additionally, non-residents looking open a business account in the UK would be well served by Card One Money, and having access to IBAN and SWIFT details is going to be useful for some, but you’d be better off using a separate multi currency account if your business is regularly going to send or receive payments abroad.

The good

• No credit checks
• Online and in-app account access
• UK call centre
• International payments
• Open an account in just three hours
• pay in cheques

The bad

• £55 application fee (refundable)
• £12.50 monthly fee

Apply for a Card One Money account