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: Transaction fees add up quickly for active businesses
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 a percentage of each payment received. Earn 1.2% AER (variable) interest on your tax pot — the interest rate tracks the Bank of England base rate. 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

3 free transfers per month, then 27p per UK bank transfer and direct debit. For businesses making 50 monthly transfers, that’s £12.69/month in transfer fees alone — potentially exceeding the £12/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 described as “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 a £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

FSCS Protection via Griffin

Countingup accounts are now FSCS protected on eligible deposits up to £120,000 per depositor, through their banking partner Griffin. This is a significant upgrade, bringing Countingup in line with traditional banks for deposit protection.

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.

FSCS Coverage: Up to £120,000 per depositor is protected. This applies to eligible deposits held in your Countingup account and is a meaningful protection for small businesses and sole traders.

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 the event of bank insolvency. E-money institutions cannot participate in FSCS.

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Countingup User Reviews & Customer Experience

Trustpilot: 4.2/5 stars from 3,207 reviews — rated “Great”

What Works: Satisfied customers praise the straightforward application process and consolidated financial tools. One customer noted: “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): Multiple users confirm lack of mobile wallet support and transport compatibility issues, with one stating: “I can’t use the card with Apple Pay or Google Pay.”
2. Account Blocking: Users report sudden account freezes with inadequate communication and slow resolution.
3. Customer Service Limitations: Support is available in-app only between 9–5, with no phone support. Some users report poor response times and excessive information requests for new businesses.
4. Expensive for Certain Users: Not-for-profit and higher-transaction businesses frequently find the pricing model does not suit their needs.

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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.

Transaction fees accumulate quickly for active businesses — 50 monthly transfers cost £15, making the subscription feel less economical than advertised for high-volume users.

✓ 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 £20/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 need Apple Pay or 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?

Countingup accounts are FSCS protected on eligible deposits up to £120,000 per depositor through their banking partner Griffin. Funds are also safeguarded — 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 a standard FSCS claim.

Does Countingup do a credit check?

No. Countingup does not perform credit checks when opening accounts. 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) at 0.5% with a £2 minimum fee, and PayPoint locations at a 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 is 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 is likely to take 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, and the company must be UK-registered with Companies House.

Does Countingup offer business overdrafts?

Countingup does not currently advertise overdraft facilities. Businesses requiring credit facilities should consider this a significant limitation.

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. Your combined minimum monthly costs would be: Countingup subscription from £5/month plus Dojo subscription from £39.99/month — a combined minimum of £44.99/month. The offer is available for new Dojo customers only, and your Dojo account must be linked to your Countingup account to qualify.