Card One Money is a UK-based financial institution that was founded in 2007. It provides an array of banking services focused on offering accessible and functional accounts for both personal and business customers
In addition, Card One Money current accounts come with unique features like individual sort codes and account numbers. They allow users to manage direct debits, standing orders, and other financial transactions efficiently.
Card One Money started as Spectrum Payment Services Limited in 2007. In 2017, it was acquired by Equals Group Plc, which expanded its offerings. In 2021, CardoneMoney rebranded to enhance its service and visual identity.
Morevor, it serves a substantial customer base with 245,000 registered personal customers and 33,000 registered business customers.
In this review, we will dive deeper into the key features and benefits of Card One Money.
Overview
Card One Money excels in transparency and customer empowerment by allowing users to create accounts are available regardless of employment status, making it a viable option for a wide range of users, fostering a unique sense of trust and accountability.
Despite its strengths, Card One Money is currently only available in the United Kingdom, limiting its accessibility to a global audience. Additionally, while it offers competitive rates and innovative features, traditional banking services like physical branches are not available.
In addition to its core banking services, Card One Money offers a range of innovative financial products designed to empower customers to align their banking with their values and make a positive impact on the world.
Card One Money stands out for its commitment to accessibility, transparency, and customer empowerment. By offering inclusive financial solutions without credit checks, competitive cashback rewards, and robust customer support, Card One Money provides a modern and reliable alternative to traditional banking institutions.
The bank provides features like Two-Factor Authentication for enhanced security, and users can set up text alerts and push notifications to stay informed about their account activitie
Pros and Cons
Pros
- Up to £500 a week cash and cheques deposits
- Add up to four extra business Mastercards to your account
- Great customer support provided
- Inclusive account for all backgrounds
Cons
- Deposits are not protected by the Financial Services Compensation Scheme (FSCS).
- No interest on funds available
- Fees can be a little costly
- Small businesses pay a one-off £55 application fee
- No overdraft, credit card or business loan options available
Account Types
With Card One Money, you have two options for current accounts:
- Personal – £12.50/month
- Business – £12.50/month or custom plan
The Personal plan comes with:
- No account opening fee
- Up to 3.5% cashback rewards
- Prepaid debit Mastercard
- Account number and sort code
- No credit checks needed
- £5,000.00 maximum card balance
- 2.75% fee per foreign currency transaction
- £5.00 per transaction from card back to account
- £1.50 fee per ATM withdrawal in UK £3.00 + 2.75% of the transaction value (outside the UK)
- Pay by cash and cheques
The Business plan comes with:
- £55.00 account opening fee
- Up to 3.5% cashback rewards
- Prepaid debit Mastercard
- Account number and sort code
- No credit checks needed
- 2.75% fee per foreign currency transaction
- £5.00 per transaction from card back to account
- £1.50 fee per ATM withdrawal in UK £3.00 + 2.75% of the transaction value (outside the UK)
- Pay by cash and cheques
- Four additional cards for business use
- Instant payments
- Manage and pay bills, invoices, wages and more
- Manage Direct Debits and standing orders
The Card One Money Business account is for companies with an annual turnover of less than £2 million.
Also, the first £12.50 of transaction fees each month is deducted from the monthly fee!
How to open an account
In order to use Card One Money, you’ll likely need to follow these steps:
- Be over the age of 18 and be a legal resident in United Kingdom
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Wait for approval, Card One Money does not carry out credit checks and you may be able to open your account on the same day you apply
- Are able to verify yourself in English
- Have an annual turnover of less than £2 million (Business) or over £2 million (Corporate) for business accounts
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
Note that you can only open your Card One Money account in GBP. That’s the only accepted currency!
The Card One Money Card
No matter which account you choose, your Card One Money card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
Card One Money, independently of business or personal account, will charge a £1.50 fee per ATM withdrawal in the UK and also a £3.00 + 2.75% fee of the transaction value (when made outside the United Kingdom).
Moreover, there is also a 2.75% fee per foreign currency transaction made and a £5.00 fee per transaction from card back to your account.
Safety Measures
Card One Money is an e-money provider, meaning your deposits are not protected by the Financial Services Compensation Scheme (FSCS). However, the provider is regulated by the Financial Conduct Authority (FCA), and safeguards your funds by keeping them in a separate account held by the card issuer Fair Payments Ltd.
In fact, Card One Money policies are designed to ensure the protection of personal information. The company stores and processes data hosted in the cloud and also use artificial intelligence and machine learning to protect your account.
In order to ensure your card’s security, Card One Money offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Card One Money is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Card One Money only serves customers and businesses within the United Kingdom, offering its innovative financial products to residents across the country. This localized approach ensures that anyone residing in the UK can easily access Card One Money’s diverse range of banking solutions designed to align with ethical and inclusive principles.
This availability means that if you reside in United Kingdom, you can easily open an account and access Card One Money wide array of financial services.
Costumer Service
In the app, live chat and contact form on the website and also access to the number of the call center. An email is an alternative option to contacting technical support.
In addition, the website and app have a basic FAQs section and a blog with up-to-date information on the bank’s activities.
Bottom line
Card One Money offers a compelling alternative to traditional banking by prioritizing accessibility, transparency, and customer empowerment. Its commitment to providing financial services without credit checks opens the door to a wider range of customers, including those who may struggle with traditional banks.
In addition, the combination of ethical banking practices, such as cashback rewards for sustainable spending and a prepaid Mastercard, along with robust customer support, underscores its dedication to user satisfaction. While it lacks some traditional banking features like physical branches, Card One Money compensates with innovative digital solutions and a straightforward fee structure.
Despite its strengths, Card One Money is only available in the United Kingdom, which limits its accessibility to a global audience!
In conclusion, Card One Money stands out as a modern and inclusive financial institution well-suited for those looking for flexibility and transparency in their banking services.
