Starting a business comes with countless decisions, and choosing the right business account ranks among the most important. Many entrepreneurs face weeks of waiting for account approval, complex credit checks, and expensive banking fees that drain precious startup capital. Card One Money promises to change this experience by offering same-day account setup with no credit checks required.
This comprehensive review examines every aspect of Card One Money’s business banking solution. We explore pricing structures, account features, application processes, and real-world usability to help you determine whether this financial service meets your business needs. Our analysis covers transaction costs, international payment capabilities, prepaid card options, and customer support quality based on official documentation and service specifications.
- What is Card One Money?
- Card One Money Account Features and Benefits
- Card One Money Pricing Structure and Costs
- Card One Money No Credit Check Policy
- Foreign Currency and International Transaction Costs
- Card One Money Application Process
- Account Management and Digital Banking Features
- Business Card Options and Team Management
- Customer Support and Service Quality
- Advantages and Disadvantages of Card One Money
- Is Card One Money Right for Your Business? Final Verdict
What is Card One Money?
Card One Money operates as a trading name of Equals Money UK Limited, an FCA Authorised Payment Institution that specializes in business financial services. The company positions itself as “the business account for everyone,” focusing on accessibility and speed rather than traditional banking requirements.
Unlike conventional banks, Card One Money removes common barriers that prevent businesses from accessing financial services quickly. The service targets entrepreneurs who need immediate access to business banking without lengthy approval processes or credit history requirements. This approach makes it particularly attractive for startups, small businesses, and companies with limited credit histories.
The company operates under strict Financial Conduct Authority regulations, ensuring compliance with UK financial standards. However, as a payment institution rather than a traditional bank, Card One Money operates differently from high street banks in several key areas, including deposit protection and interest payments.
Card One Money Account Features and Benefits
Card One Money delivers several core features designed to streamline business financial management. The service provides immediate account setup capabilities, allowing businesses to receive account details within three working days of application approval. This rapid deployment helps companies start accepting payments and managing finances without extended waiting periods.
Core Account Functions:
• Direct payments to suppliers and wage processing
• Bill management with automated capabilities
• Direct Debits and standing orders for recurring payments
• Next-day and same-day payment processing
• Online and telephone payment channels
Prepaid Business Cards:
• Up to four additional cards for team members
• Customizable spending limits and access controls
• Budget discipline through restricted spending to loaded amounts
• Detailed transaction tracking for expense management
• Maximum card balance of £5,000 per card
Digital Banking Tools:
• 24/7 account access through online and mobile platforms
• Instant balance checking and payment processing
• Text alerts for incoming payments and bill settlements
• Real-time transaction monitoring
• Mobile app with location-based services
International Capabilities (with additional costs):
• Multi-currency payment processing (2.75% fee on all foreign transactions)
• International transfers (£10 incoming, £30 outgoing)
• Global supplier and staff payment options (subject to international fees)
• Currency conversion services (includes undisclosed rate margins)
• Centralized management for international operations (expensive for frequent use)
Card One Money Pricing Structure and Costs
Understanding the complete cost structure of Card One Money requires careful examination of various fees and charges. The service employs a tiered pricing model that combines fixed monthly fees with transaction-based charges, creating a somewhat complex cost calculation for potential users.
The account requires a one-time application fee of £55.00, payable during the signup process. This upfront cost covers account setup and initial processing but does not include ongoing service charges or transaction fees.
Monthly account maintenance costs £12.50, but this figure includes a unique calculation method. Transaction fees accumulated throughout the month reduce the monthly charge, with a minimum payment of £2.50. For example, if transaction fees total £10.00 in a given month, the account holder pays only £2.50 as their monthly fee rather than the full £12.50.
| Service | Cost |
|---|---|
| Application fee | £55.00 |
| Base monthly fee | £12.50 |
| Minimum monthly fee | £2.50 |
| Standing orders and Direct Debits | £0.30 |
| Next day online payment | £0.30 |
| Same day online payment | £7.50 |
| Next day phone payment | £3.50 |
| Same day phone payment | £10.00 |
| CHAPS payment | £30.00 |
| Electronic Credit | £0.30 |
| International payments in (GBP) | £10.00 |
| International payments out | £30.00 |
| Foreign currency transactions | 2.75% of transaction value |
| First card | Free |
| Additional cards | £5.00/month each |
| Replacement card | £3.95 |
| Transfer from card to account | £5.00/transaction |
| UK ATM withdrawal | £1.50 |
| International ATM withdrawal | £3.00 + 2.75% of transaction |
| SMS balance enquiry | £0.15 |
| Statement copy | £5.00 |
| Cash advance at NatWest | £5.00 |
| Closure/cancellation fee | £10.00 |
Important Note: Transactional fees will be deducted from this charge – for example, if you accumulate £10 worth of transactional fees in a month, you will pay £2.50 as your monthly fee.
Payment processing fees vary considerably based on urgency and method. Standard next-day online payments cost £0.30, while same-day processing increases to £7.50. Telephone-based payments carry higher charges, with same-day phone payments reaching £10.00 per transaction.
International payment fees create significant cost considerations for businesses with global operations. Incoming international payments in GBP cost £10.00, while outbound international payments cost £30.00. Foreign currency transactions incur a 2.75% fee on the total transaction value, making international spending relatively expensive compared to domestic alternatives.
Card-related costs remain moderate for basic usage. The first card comes free with the account, while additional cards cost £5.00 monthly each. Card replacement costs £3.95, and transferring funds from cards back to the main account incurs a £5.00 transaction fee. ATM withdrawals within the UK cost £1.50, while international ATM usage combines a £3.00 base fee with the standard 2.75% foreign currency charge.
Card One Money
Card One Money No Credit Check Policy
Card One Money differentiates itself from traditional business banking through its no credit check policy. This approach removes one of the most significant barriers that prevent new businesses and entrepreneurs from accessing financial services quickly. The company explicitly states that credit history does not influence account approval decisions.
Key Benefits of No Credit Check Policy:
• Removes barriers for new businesses and entrepreneurs
• Eliminates lengthy credit assessment waiting periods
• Provides access for businesses with poor credit histories
• Focuses on identity verification rather than creditworthiness
• Enables immediate banking relationships for startups
Verification Process:
• Identity confirmation and residency validation required
• Streamlined approach without extensive documentation
• Quick processing within hours rather than weeks
• No need for detailed business plans or financial forecasts
• Standard identification documents and proof of residency needed
Important Limitations:
• Applications declined for businesses in insolvency proceedings
• Broad definition of “Insolvency Event” in terms and conditions
• No traditional credit products like overdrafts or loans available
• Strictly prepaid basis – only spend deposited funds
• Cannot offer credit facilities or financing options
The no credit check approach proves particularly valuable for startups, sole traders, and small businesses that lack established credit histories. These enterprises often struggle with traditional banks that require extensive financial documentation, trading histories, and credit references. Card One Money’s simplified approach allows these businesses to establish banking relationships immediately rather than waiting months for approval.
Foreign Currency and International Transaction Costs
International business operations require careful consideration of foreign currency fees and international transaction costs. Card One Money charges 2.75% of the transaction value for all foreign currency transactions, whether conducted online, in-person, or through ATM withdrawals abroad.
Foreign Currency Transaction Fees:
• 2.75% fee applies to all non-GBP transactions
• Applies automatically for any currency other than British pounds
• Example: £100 euro purchase = £2.75 fee (total cost £102.75)
• Fee structure consistent regardless of transaction size or frequency
• Applies to online purchases, in-person payments, and ATM withdrawals
International ATM Withdrawal Costs:
• Base fee of £3.00 per withdrawal
• Additional 2.75% foreign currency fee
• Example: £100 withdrawal abroad = £3.00 + £2.75 = £5.75 in fees
• Combined charges make international ATM usage expensive • Fees apply regardless of withdrawal amount
International Payment Processing:
• Receiving international payments in GBP: £10.00 per transaction
• Sending international payments: £30.00 per transaction
• Fees apply regardless of payment size
• Small international transfers become proportionally expensive
• Separate from foreign currency conversion fees
Additional Cost Considerations:
• Currency conversion rates include undisclosed margins
• Payment institutions typically apply 1-3% spreads above interbank rates
• Hidden costs add to the stated 2.75% transaction fee
• Total international transaction costs can reach 4-6% of transaction value
Businesses with significant international operations should carefully calculate total foreign currency costs before choosing Card One Money. While the service provides international capabilities, the combined impact of transaction fees, ATM charges, and currency conversion costs may make it less economical than specialized international payment providers or traditional banks with stronger foreign exchange offerings.
Card One Money Application Process
The Card One Money application process emphasizes speed and simplicity over comprehensive documentation requirements. The entire application can be completed online in approximately 10 minutes, with most accounts approved within three hours of submission and fee payment.
Application Requirements:
• Basic business information and company details
• Director information and business activity descriptions
• Standard identification documents for verification
• Proof of residency documentation
• £55 application fee payment (non-refundable)
What You Won’t Need:
• Detailed business plans or financial forecasts
• Extensive documentation about business operations
• Credit checks or credit history information
• Complex financial statements or trading records
• Multiple meetings or branch visits
Application Timeline:
• Online form completion: 10 minutes
• Application fee payment: Immediate during signup
• Identity verification: Typically within hours
• Account approval: Most accounts within 3 hours
• Account details provided: Within 3 working days
• Prepaid cards delivered: Within 5 working days
Account Activation Process:
• Receive account numbers and sort codes first
• Begin accepting payments before cards arrive
• Cards arrive through standard postal delivery
• First transaction must be Chip & PIN to activate contactless
• Security measure prevents unauthorized usage before activation
The streamlined approach reduces preparation time and administrative burden for applicants. Unlike traditional banks, Card One Money does not request extensive business documentation or conduct lengthy approval processes. This efficiency allows businesses to access banking services quickly while maintaining regulatory compliance for identity verification and anti-money laundering requirements.
Account Management and Digital Banking Features
Card One Money provides comprehensive digital banking tools through online accounts and mobile applications. These platforms offer 24/7 access to account management functions, payment processing, and balance monitoring capabilities that support modern business operations.
The online account portal allows users to process various payment types including next-day and same-day transfers. Payment scheduling capabilities enable businesses to plan cash flow management while ensuring timely supplier and wage payments. The system supports both one-time and recurring payment setups.
Balance monitoring tools provide real-time account information without requiring phone calls or branch visits. Users can check available balances, review recent transactions, and monitor pending payments through the digital interface. This immediate access helps businesses make informed spending decisions and maintain accurate financial records.
Text alert services notify account holders of incoming payments and completed bill settlements. These notifications provide immediate awareness of account activity, helping businesses track cash flow and identify potential issues quickly. Users can customize alert preferences to receive only relevant notifications.
Card management functions allow administrators to control multiple prepaid cards from a central dashboard. Account holders can set individual spending limits, restrict transaction types, and monitor usage patterns for each card assigned to team members. This centralized control helps maintain spending discipline while providing necessary access for business operations.
The mobile application mirrors online account functionality while adding location-based services and mobile-specific features. Users can process payments, check balances, and manage cards from any location with internet connectivity. This mobility supports businesses that operate outside traditional office environments.
Integration capabilities allow Card One Money data to work alongside existing accounting software. This connectivity helps businesses maintain comprehensive financial records without duplicate data entry or manual reconciliation processes. However, the extent of integration options may be limited compared to traditional business banking platforms.
Business Card Options and Team Management
Card One Money provides flexible business card options designed to support team-based spending while maintaining centralized financial control. The account includes one free card, with up to four additional cards available for £5.00 monthly each. This structure accommodates small to medium-sized teams without excessive card fees.
Each card operates on a prepaid basis with a maximum balance limit of £5,000. This restriction helps businesses control spending exposure while providing sufficient capacity for most routine business expenses. Account holders can transfer funds directly from the main account to individual cards as needed.
Team management features allow account administrators to assign different access levels based on employee roles and responsibilities. This granular control ensures appropriate spending authority while preventing unauthorized or excessive expenditures. Administrators can modify access levels as business needs change or staff responsibilities evolve.
Transaction monitoring provides detailed visibility into card usage patterns across the entire team. Account holders can review individual card transactions, identify spending trends, and flag unusual activity quickly. This oversight capability helps maintain budget discipline and detect potential issues before they impact business operations.
Card replacement services ensure business continuity when cards are lost, damaged, or compromised. Replacement cards cost £3.95 each and typically arrive within five working days. Emergency card services may be available for urgent situations, though specific procedures and costs are not detailed in available documentation.
Expense categorization tools help businesses organize card transactions for accounting and tax purposes. Users can assign categories to purchases, add expense descriptions, and generate reports for financial record-keeping. This functionality streamlines expense management while reducing administrative overhead for accounting teams.
Customer Support and Service Quality
Card One Money provides customer support through telephone channels, though specific hours of operation and response time commitments are not clearly specified in available documentation. The company offers dedicated support for account holders who need assistance with transactions, card management, or technical issues.
Telephone support handles various account management tasks including fund transfers from cards to main accounts. This service costs £5.00 per transaction, making it an expensive option for routine account management. Users may prefer digital alternatives when available to avoid these charges.
The company provides specialized support for international payment processing and currency conversion questions. Given the complexity of international transaction fees and currency conversion costs, dedicated support for these services helps users understand total costs and processing timeframes.
Technical support addresses online account and mobile application issues that may affect daily business operations. While specific response times are not published, the company’s emphasis on rapid account setup suggests a commitment to efficient customer service delivery.
Documentation support includes account statement copies and administrative correspondence services. Statement copies cost £5.00 and arrive within 3-5 days through postal delivery. This service helps businesses maintain proper financial records while accommodating various record-keeping requirements.
Advantages and Disadvantages of Card One Money
Card One Money offers several distinct advantages that differentiate it from traditional business banking options. However, the service also presents limitations that potential users should consider carefully before making a decision.
Key Advantages:
• Rapid Account Setup: Access to banking within hours rather than weeks
• No Credit Checks: Removes barriers for businesses with poor credit histories
• Excellent Budget Control: Prepaid system prevents overspending beyond loaded amounts
• Team Management: Multiple cards with customizable access levels and spending limits
• 24/7 Digital Access: Comprehensive online and mobile banking capabilities
• Same-Day Payments: Quick payment processing for urgent business needs
• Regulatory Compliance: FCA authorization ensures proper oversight and fund protection
Significant Disadvantages:
• High International Costs: 2.75% foreign currency fees plus additional charges
• No Credit Products: No overdrafts, loans, or credit facilities available
• Complex Fee Structure: Monthly fee calculation can be confusing and unpredictable
• Limited Deposit Protection: Payment institution status differs from traditional bank coverage
• Expensive Phone Support: £5.00 charge for telephone-assisted fund transfers
• ATM Withdrawal Fees: £1.50 UK and £3.00+ international ATM usage costs
Is Card One Money Right for Your Business? Final Verdict
Card One Money delivers on its promise of accessible, rapid business banking for companies that need immediate financial services without traditional banking barriers. The no credit check policy and same-day account setup provide genuine value for startups and businesses with challenging credit histories.
Best Suited For:
• Startups and sole traders needing immediate banking access
• Businesses with poor credit histories or limited trading records
• Companies prioritizing budget control through prepaid card systems
• Small to medium-sized teams requiring centralized expense management
• Businesses with predominantly domestic operations
• Companies needing straightforward banking without credit facilities
Not Ideal For:
• Businesses with extensive international operations (due to high foreign currency costs)
• Companies requiring traditional banking products like overdrafts or loans
• High-volume transaction businesses (may find traditional banking more cost-effective)
• Businesses needing comprehensive banking relationships for growth financing
Cost Considerations: The service works best for businesses with moderate transaction volumes and minimal international activity. The 2.75% foreign currency fee plus international payment charges can accumulate quickly for globally active companies. However, the transaction fee offset system can reduce monthly charges for domestic-focused businesses.
Final Thoughts: Card One Money represents a solid choice for businesses that prioritize accessibility and speed over comprehensive banking relationships. The service fills an important gap in the business banking market while maintaining regulatory compliance and operational reliability.
Consider Card One Money if your business needs immediate banking access, values budget control through prepaid cards, and operates primarily within the UK. Evaluate alternatives if you require traditional banking products, have extensive international operations, or need the most cost-effective solution for high-volume transactions.
The decision ultimately depends on balancing immediate accessibility against long-term costs and feature requirements. Card One Money succeeds in its primary mission of providing rapid, accessible business banking while maintaining reasonable service quality and regulatory compliance.
