Countingup Business Account Review: Features, Fees & Banking Insights

Countingup combines business banking, accounting, and tax management in a single app for UK small businesses. Founded in 2017 by former Clearbooks CEO Tim Fouracre, the platform targets self-employed individuals and company directors with integrated financial tools. But does this “all-in-one” approach genuinely simplify business finances, or does it compromise on core banking functionality?

This review examines Countingup’s verified fees, features, and user experiences based on 3,084 Trustpilot reviews to determine if it’s the right solution for your business.

Review Summary Box

Best For: Sole traders and limited companies seeking integrated accounting and banking
Main Pro: Integrated accounting and tax tools eliminate need for separate software
Main Con: Not FSCS protected—safeguarding instead of deposit insurance
Rating: 4.5/5

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Countingup Pricing Comparison

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Countingup Pros & Cons

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Countingup Core Features

Banking Essentials: Business current account with Mastercard debit card arriving within days. Virtual card available instantly for online transactions.

Built-In Accounting: Automatic transaction categorisation through SmartTax AI. Invoices match to incoming payments automatically. Receipt capture via smartphone camera with secure cloud storage.

Tax Management: Real-time tax estimate updates based on income and expenses. Automatic tax pot savings—set aside percentage of each payment received. Tax deadline reminders synced to Companies House. VAT filing direct to HMRC at no extra cost.

Invoicing & Payments: Create and send personalised invoices in-app. Accept payments via bank transfer, payment links, or card (through Stripe integration). Unpaid invoice notifications track late payments automatically.

Financial Reporting: Profit & loss reports. Live business insights. Accountant Hub for direct accountant access to data.

Additional Tools: Free Dojo Go card reader (RRP £179) for card payments anywhere. However, Dojo subscription fees apply from £39.99/month—the card reader is free but requires ongoing Dojo service costs. Your Dojo account must be linked to your Countingup account to qualify. Offer available for new Dojo customers only. Cash deposits at 27,000+ PayPoint and Post Office locations across the UK.

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Countingup Fees & Charges: The Reality

Transaction Costs

30p per UK bank transfer and direct debit. For businesses making 50 monthly transfers, that’s £15/month in fees alone—potentially exceeding the £9/month plan cost for higher deposit tiers.

Foreign Currency

3% markup on all foreign transactions across all plan levels. Spend £1,000 internationally per month? That’s £30 in FX fees.

Cash & Hidden Fees

• ATM withdrawals: £1 per withdrawal (all plans)
• Post Office deposits: 0.5% with £2 minimum fee
• PayPoint deposits: 3% across all plans—depositing £500 costs £15 in fees
• Replacement card: £5 fee

Reality check: A business making 50 transfers (£15), 5 ATM withdrawals (£5), and depositing £1,000 cash at PayPoint (£30) monthly pays £50/month in transaction fees on top of the subscription cost.

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Countingup App Performance

Apple App Store: 4.7/5 stars (3,300+ ratings)
Google Play Store: 4.3/5 stars (1,560+ reviews)

Strengths: Intuitive navigation for basic banking tasks. Real-time spending notifications. Automatic receipt and transaction matching. Fast account setup process.

Issues: No Apple Pay or Google Pay integration. No desktop/laptop access—mobile-only platform. Some users report the app being “sloppy or hastily produced.”

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Opening a Countingup Account: Eligibility, Process, and Restricted Industries

Eligibility

Sole Traders: Must be 18+, UK resident, with valid UK mobile number and email.

Limited Companies: Must be registered with Companies House, limited by shares, maximum 2 directors, owned entirely by individuals (not holding companies), all Persons of Significant Control (PSCs) UK-based.

Required Documentation

• Smartphone with Countingup app (iOS 15.1+ or Android 7+)
• Valid photo ID: passport, driving licence, or European ID card (UK Biometric Residence Permits NOT accepted)
• Valid UK mobile number and email address

Business Types NOT Supported

Partnerships, Charities, Community Interest Companies (CIC), Charitable Incorporated Organisations (CIO), Trusts, Companies limited by guarantee.

Industries NOT Supported

Weapons/explosives/armaments, cryptocurrencies/NFTs, stock market/forex trading, money service businesses, gambling/betting, precious metals/stones, bullion trading, CBD products, religious organisations, political organisations, social/community clubs, not-for-profit services, escort services, regulated businesses without valid licence.

Application Timeline

Standard approval: 4 minutes to complete application. Accounts can open in minutes with immediate digital access. Physical Mastercard arrives within days.

Company Formation Service

Countingup registers new limited companies with Companies House for £12 deposit (refunded when you spend £50 on card within 30 days, providing your account is in good standing). Free registration versus £50 Companies House direct fee. Processing time: typically 1-3 working days. Authorised company formations agent with secure Companies House integration.

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Countingup FSCS Protection & Regulatory Compliance

Critical Difference: Safeguarding vs FSCS

Countingup accounts are NOT protected by the Financial Services Compensation Scheme (FSCS). Instead, funds receive protection through safeguarding—a different regulatory mechanism with important distinctions.

How Safeguarding Works: Prepay Technologies Ltd (PPS)—the e-money issuer—keeps customer money completely separate from company funds. PPS is FCA-regulated (FRN 900010) for e-money issuance and payment services. Countingup operates as Agent of PPS. Annual independent audits verify safeguarding procedures.

Safeguarding Coverage: No defined limit per customer or account (besides normal maximum balance limits). All money in Countingup accounts is protected.

Key Limitation: If PPS fails, returning your money is handled by an insolvency practitioner or administrator. Administrator costs may be deducted from your balance—you might receive slightly less than your full account balance. Return timeline likely longer than FSCS claims (which aim for 7 days).

Comparison to Traditional Banks: Traditional banks participate in FSCS—government-backed insurance paying up to £120,000 per person, per bank, building society, or credit union (£170,000 for joint accounts) in event of bank insolvency. E-money institutions cannot participate in FSCS.

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Countingup User Reviews & Customer Experience

Trustpilot: 4.1/5 stars from 3,084 reviews—rated “Great”

What Works: Satisfied customers praise the straightforward application process and consolidated financial tools. “Quick response and easy to use. Simple to set up, free to use and really nice app.” Another highlighted integrated bookkeeping: “Love this account, very easy to navigate. Lots of prompts. The ones I do are very clear.”

Positive Themes: Fast account opening. Integrated bookkeeping reduces admin time. Automatic VAT and corporation tax saving features. Good communication from support team.

Major Issues Reported:

1. Payment Integration Problems (most common): “I can’t use the card with Apple Pay or Google Pay.” “London transport tube stations don’t take it either.” Multiple users confirm lack of mobile wallet support and transport compatibility issues.
2. Account Blocking: “Scammers, don’t be victim of this app… how soon as my money got in they blocked my account with some stupid explanation.” Users report sudden account freezes with inadequate communication and slow resolution.
3. Customer Service Limitations: “Poor customer service. Only available on the app between 9-5.” “Bad customer service, no call support, terrible response time.” One user stated: “I had several questions asked of me and business which was too much for a new business starting up.”
4. Expensive for Certain Users: “Looks very expensive, tried to sign up as a not for profit company… this company is a total waste of time.”

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Our Final Verdict & Countingup Recommendation

Countingup delivers genuine value for micro-businesses prioritising integrated accounting over advanced banking features. The platform’s strength lies in eliminating separate accounting software costs—automatic categorisation, tax estimation, and receipt management save significant admin time for self-employed individuals.

However, the lack of FSCS protection represents meaningful risk for businesses unable to tolerate potential delays or deductions in fund recovery. Transaction fees accumulate quickly for active businesses—50 monthly transfers cost £15, making the subscription feel less economical than advertised.

✓ Choose Countingup if:

• You’re a sole trader or small limited company with monthly deposits under £7,500, or you need unlimited deposits and can justify the £18/month plan
• You value integrated accounting and tax tools over advanced banking features
• You want to eliminate separate accounting software subscriptions
• You rarely deposit cash (given expensive PayPoint fees)

✗ Avoid Countingup if:

• You require FSCS deposit protection for peace of mind
• You need Apple Pay/Google Pay support
• You make frequent cash deposits (3% PayPoint fees are prohibitive)
• You cannot risk account access disruptions
• You require 24/7 phone support for urgent issues

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Countingup FAQs: People Also Ask

Is Countingup FSCS protected?

No. Countingup accounts are not protected by the Financial Services Compensation Scheme (FSCS). Instead, funds are protected through safeguarding—PPS keeps customer money separate from company funds with annual independent audits. In the unlikely event of PPS failure, administrator costs may reduce the amount returned, and the process may take longer than FSCS claims.

Does Countingup do a credit check?

No. Countingup does not perform credit checks when opening accounts. However, one negative reviewer stated: “Absolutely garbage the advertised wording clearly said no credit check but I was refused a business account by countingup.” Approval decisions are based on eligibility criteria and regulatory compliance rather than personal credit history.

Can I have more than one Countingup account?

Yes. You can have up to 2 business accounts with Countingup. Each account must be for a different business and must meet eligibility criteria.

How long does it take to open a Countingup account?

Application takes 4 minutes to complete. Most accounts open within minutes with immediate digital access. Physical Mastercard arrives within days. Some users report longer verification periods depending on business complexity.

Can I deposit cash into my Countingup account?

Yes, through two options:

• Post Office (27,000+ locations): 0.5% with £2 minimum fee
• PayPoint (included in 27,000+ total locations): 3% fee across all plans

Depositing £500 at PayPoint costs £15—prohibitively expensive for cash-heavy businesses.

Does Countingup work with Apple Pay or Google Pay?

No. Multiple users confirm the Countingup card does not support Apple Pay or Google Pay.

Does Countingup integrate with accounting software like Xero or QuickBooks?

Countingup includes built-in accounting software within the app—no external accounting software integration needed. Accountants can access your data directly through the Accountant Hub, which provides secure access to your financial information for professional review and tax filing support.

Can I file VAT returns through Countingup?

Yes. Countingup offers free VAT filing direct to HMRC from the app at no extra cost across all plan tiers.

What happens if PPS (the e-money issuer) fails?

Your money is safeguarded—kept separate from PPS’s own funds. However, an insolvency practitioner or administrator handles the return process. Administrator costs may be deducted from your balance, potentially reducing the amount returned. The process likely takes longer than FSCS claims (which target 7-day payouts).

Does Countingup charge for invoicing?

No. Invoicing and payment links are free across all plan tiers. Create and send unlimited personalised invoices directly from the app.

Can I use Countingup if I’m not UK-based?

No. You must be a UK resident aged 18+ with a valid UK mobile number. For limited companies, all Persons of Significant Control (PSCs) must be UK-based, though the company must be UK-registered with Companies House.

Does Countingup offer business overdrafts?

The documentation does not mention overdraft facilities, suggesting Countingup does not currently offer business overdrafts.

How does the Accountant Hub work?

The Accountant Hub allows your accountant to access your Countingup data directly and securely. This enables professional review of your financial records, tax filing support, and year-end accounting without requiring manual data exports or sharing login credentials.

What are the full costs for the free Dojo Go card reader?

The Dojo Go card reader is free (RRP £179), but Dojo subscription fees apply from £39.99/month. This means your total monthly costs would be:

• Countingup subscription: From £3/month
• Dojo subscription: From £39.99/month
• Combined minimum: £42.99/month

The offer is available for new Dojo customers only. Your Dojo account must be linked to your Countingup account to qualify for the free card reader. Both Countingup and Dojo transaction fees apply when processing payments.