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CardOneMoney Business Bank Account review

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CardOneMoney provides business bank accounts that are ideal for those who need to avoid a credit check, which could be if you’ve had previous issues with borrowing in the past and now have a bad credit score.

This account gives you a secure space to manage your business finances, while keeping on top of expenses through free text alerts and easy access to your account balance. Have a look at our full review below, which should give you an idea whether CardOneMoney is the best business account provider for you.

Our verdict

Overall, CardOneMoney provides an ideal solution for customers who may have struggled with money in the past but would not only like to make improvements to their credit score, but also open up their own business.

Money Guru Rating: 4.5/5

Pros and Cons

 Offers online business bank account

 No credit check required

 Access your account online 24/7

 Pay bills using faster payments

 Free direct debits

 Free text alerts

 Support provided by UK call centre

 Get up to 4 additional prepaid corporate Mastercards

 Ideal for business customers with poor credit score

 Application fee is £55

 No option of free introductory period

 Account costs a minimum of £12.50 per month

 Fees for cash withdrawal and transfers

 Additional cards cost £5 each

Business owners looking for a hassle-free way of organising their finances and keeping track of expenses should look no further than CardOneMoney’s business bank account. They are a good option for those who may have struggled with borrowing previously and have a poor credit score, or those with a thin credit file.

Ensure you’re kept up to date with free text alerts for each transaction, as well as easy-access to your account through a smart phone, tablet or computer. Additionally, you can use their automated telephone service, or SMS service to check your balance on-the-go.

Products

  • Business Bank Account – a hassle-free business account with no credit check and no late fees. However, you will have to pay a £55 application fee and £12 monthly fees. You can apply for up to 4 prepaid corporate Mastercard debit cards for you and your employees to use

Eligibility criteria

  • Must be over the age of 18
  • Acceptable form of ID (Passport or Driving Licence)
  • Registered business address
  • Business details such as Companies House registration number

App features

Whilst there isn’t a smartphone app available for CardOneMoney, you can still access your account through their online portal, make use of their telephone banking service or you can use their SMS service to find out your balance and move funds to your prepaid Mastercard.

This ensures that you can still access your account on the go, though for a full overview of your account balance and a list of transactions, you will have to sign in online. This might not suit every business owner, but it will certainly be ideal for those spending a lot of time within their business premises with access to the internet.

Security

Your CardOneMoney account is protected by a username and password that you can set up yourself and then change when you need to. You may also have a memorable word that you can use to protect your account, along with a pin number for your prepaid Mastercard.

CardOneMoney uses the latest technology to secure your account and ensure you have access to your money as and when you need it. Your balance is kept secure with their chosen banking provider, meaning if anything was to happen to CardOneMoney as a company, your money would still be safe.

Spending abroad

Card payments made outside of the UK with a CardOneMoney prepaid Mastercard will have a charge of 2.75% on top of the amount you’re spending. As for withdrawing cash, this will cost £3 and a further 2.75% as well, so it might be best to avoid this unless you really have to.

However, you will be provided with an IBAN and SWIFT code if you would like to make or receive international transfers, which you can find when you login online.

Fees and charges

As standard, CardOneMoney will charge you a £55 application fee (which is refunded if you are rejected for any reason) and you will then have to pay £12.50 per month to use your account.

In addition, the following fees or charges will be applicable when using your account:

  • Transfer into your account – 30p
  • Cash or cheque deposit into your account – 0.75%
  • Standing order – 30p
  • Cash withdrawal in the UK - £1.50
  • Cash withdrawal outside of the UK - £3 plus 2.75% of the total
  • Card payment outside of the UK – 2.75%

Depending on whether you need to use the Faster Payments System or send money via CHAPS, you may also have an additional fee to pay.

Support

You can get your questions answered in the first instance by checking online FAQs on the CardOneMoney website, which should give you all the basic details about your account you should need. You can also get in touch with their customer support team over the phone, or email them with a longer query if you require.

Summary - 4.5/5

Overall, CardOneMoney provides an ideal solution for customers who may have struggled with money in the past but would not only like to make improvements to their credit score, but also open up their own business. Whilst the fee structure might initially put you off, this is a great fast-track alternative for those who might already be actively improving their score, but still have aspirations of making their own business venture a success at the same time.

Whilst you aren’t able to use a mobile app, this will suit those who need to use a computer frequently anyway, so will not lose out by just accessing their account via a web browser. A versatile account that is easy to navigate and will give the user a reliable and safe space to keep their business finances.

Are you thinking of opening a CardOneMoney account? Check out our comparison tables to see all of our available business bank accounts, using the button below.

Robert Bester

Updated on 3rd March 2020