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Counting Up Business Account Review
Countingup is a business bank account full of features such as bookkeeping, tax, and accounting designed to meet the needs of sole traders and limited companies with up to two directors. For more information click below.
Counting Up Business Banking Overview
Countingup, a digital-based financial technology company, offers a business current account that integrates banking and accounting features, primarily catering to the needs of sole traders and small limited companies.
Founded in January 2018, Countingup has garnered a user base of over 35,000 businesses, indicating its growing popularity in the UK market. Unlike traditional banks, Countingup is not a bank but operates as an e-money institution, authorized by the Financial Conduct Authority (FCA). This distinction means that while Countingup offers many of the services found in a conventional bank account, it doesn’t provide the same level of deposit protection under the Financial Services Compensation Scheme (FSCS).
Countingup’s business current account can be quickly set up online, requiring only that the business be registered in the UK and the user be a UK resident and at least 18 years old. The account features include the ability to send and receive money transfers, make payments, set up direct debits, and a contactless Mastercard. The account’s standout feature is its integrated app, which combines automated bookkeeping, invoicing, expense capture, tax calculations, and profit and loss insights. This app-based approach allows users to manage their finances more efficiently and share information with their accountants digitally. However, the app’s functionality is currently limited to mobile devices, with no desktop option available.
Countingup offers three tiers of monthly membership: Starter, Standard, and Premium – which come with differing monthly fees and deposit allowances . While these monthly fees are based on deposit tiers, additional charges apply for bank transfers, ATM withdrawals, cash deposits, and foreign transactions. Notably, fees for transaction types are consistent across all membership tiers.
Designed with small businesses in mind, Countingup is not geared towards larger or more complex businesses that handle high volumes of banking transactions. Its primary appeal lies in its integration of accounting and banking functions, making it an attractive option for freelancers, startups, and small businesses, especially those not already committed to established banking and accounting systems. However, potential users should be ready to adapt to a new way of managing their finances if they are switching from traditional business current accounts and accounting software packages.
Countingup’s account security is managed through a safeguarding arrangement with Prepay Technologies Ltd, which means customer funds are kept separate from company funds. In the event of insolvency, these funds are protected from being used to pay creditors, although there is a possibility that not all funds may be returned due to administrative costs. This safeguarding arrangement offers a different kind of security compared to the FSCS protection.
Counting Up Business Accounts FAQs
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What are the benefits of a Countingup business account?
Countingup offers a free three-month trial for new accounts. You can open an account on the same day you apply, and the banking app is available for both Android and iOS devices. Countingup also provides access to business loans through a partnership with Funder Finder.
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Are there any limitations to Countingup business accounts?
Yes, Countingup is an e-money account, so deposits are not protected by the Financial Services Compensation Scheme (FSCS) – but they are safeguarded according to regulatory rules. Account access is exclusively through the app, and customer support is available only via email. Also, you cannot deposit cheques through Countingup.
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What are the eligibility criteria for a Countingup business account?
To be eligible, you need to have a smartphone, be a sole trader or a director of a limited company, be at least 18 years old, and be a UK resident with a valid UK mobile number and email address. Limited companies have additional requirements, such as being registered with Companies House and limited by shares.
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How can I apply for a Countingup business account?
You can apply by downloading the Countingup mobile app, filling in your personal and business details, submitting a selfie for identity confirmation, and waiting for account confirmation, which can be completed in a couple of hours.
Services offered by this provider may change over time. Always check Ts&Cs.