Countingup – reviews, analysis and fees

Last updated on 29 August 2023

Countingup is an app designed by the creator of the bookkeeping software ClearBooks with a simple aim in mind – marrying the convenience of a business current account with the increasingly advanced needs of bookkeeping.

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This means that a Countingup account can be a cost-effective solution for SME owners and sole traders that do not feel the need to hire an accountant to manage their financial affairs, or would rather not pay for third-party bookkeeping software. The account is a little limited, failing to offer an overdraft or other lending streams, but it can be an ideal one-stop shop for any business that does not have excessively complex accountancy needs.

Video: Getting started with business bank accounts

Countingup business banking services

Pros and cons of Countingup for business services

ProsCons
All bookkeeping needs in one app No branch support, limited telephone help
Monthly pricing based on income Transaction fees apply
Three months free Not FSCS protected
Excellent online reviews No online banking through the web
Pros and cons of Countingup for business banking
Mobile app user interface

Business current accounts

Countingup offers one business current account, called an e-money account. This account is free for three months. After this, a monthly fee will be charged on a sliding scale depending on your income.

  • Monthly turnover below £750 sees a charge of £3 per month.
  • Monthly turnover between £750 and £7,500 sees a charge of £9 per month.
  • Monthly turnover above £7,500 sees a charge of £18 per month.

In addition, a Countingup e-money account will attract the following transaction charges:

Type of transactionFee or charge
Bank transfers30p per transaction
Depositing funds at a Post Office 0.5% of deposit value (minimum of £2)
Depositing funds at a PayPoint 3% of deposit value
ATM withdrawals£1 per withdrawal
Foreign currency transactions3% of transaction value
Countingup business banking fees

Upon successfully opening an e-money account you will be provided with an account number and sort code, and a MasterCard debit card will be sent by post. This is not a credit card; any transactions will be removed from your e-money account balance, and declined if you do not have sufficient funds to cover them.

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Countingup is a full-service bookkeeping app as well as a current account, so you will not need to pay for a separate subscription service to meet these needs. You can send invoices and monitor your income within the app, and assign your money to different pots.

Business overdrafts

Not available through Countingup. See best business overdrafts.

Business savings accounts

Not available through Countingup. See best business savings accounts.

Countingup at a glance

Phone number0845 303 5303
App downloadsiOS; Android
Websitewww.countingup.com
Number of branchesN/A
FSCS protected?No
Founded2017
Key information

Other business finance products

Does not provide any additional services beyond those we have discussed. See best business loans or asset finance or invoice factoring. Another option is merchant cash advances.

Countingup reviews

What are other business banking customers saying about this banking app?

Review platformScoreNumber of votes
TrustPilot4.4/52,201
FeefoNot reviewedN/A
Reviews.co.ukNot reviewedN/A
Smart Money People4.83/51,295
Which?Not reviewedN/A
Average score4.615/53,496
Countingup business banking reviews and ratings

Business eligibility criteria

Any sole trader or SME owner can apply for a business account. As this provider does not offer any lending streams, a less-than-perfect credit score is unlikely to be a barrier. Just be aware that a sole trader account cannot hold any more than £60,000 at any given time, and an SME account will not be able to maintain a balance above £400,000.

Business finance alternatives

Counting up is a challenger that incorporates bookkeeping facilities, so this places the app more in line with ANNA Money than more traditional challenger banks like Monzo, Tide, or Mettle. Some of these rivals may be cheaper to run and maintain, but will not necessarily provide the same level of bookkeeping services as Countingup so you may need to pay an accountant or subscribe to third-party software.

Additional considerations

Although Countingup is regulated, it is not a bank. This means you will not be afforded the same protections as you would by a more traditional provider. Also, Countingup is exclusively app-based with no online banking facility, so you will always need an up-to-date smartphone or tablet to access your account.

FAQ

Is Countingup a proper bank?

No it is not a bank, but it does offer an alternative to traditional banking. It provides an all-in-one business current account and accounting software solution that combines the features of both a conventional business bank account and traditional accounting software.

How to open a Countingup business account?

Opening a business account is easy and can be done in as little as 10 minutes. All you need to do is fill out an online application form, provide your company’s details, upload the necessary documents and make a first deposit of at least £20. Once your application has been approved, you will receive an email with your account details so you can start using your account.

What are the benefits of a Countingup business account?

It offers many advantages over traditional banking, such as: real-time tracking of expenses and income; integrated invoicing and payment solutions; automated bookkeeping and financial reporting; secure online banking; access to credit and overdrafts; the ability to securely transfer money from your account to other accounts; and 24/7 customer support. Additionally, because it is an all-in-one solution, you won’t need to pay for multiple services or applications.

What fees does Countingup charge?

It charges a flat monthly fee for its business current account and accounting services, depending on the size of your company. There are no additional fees charged for deposits or withdrawals, making it an ideal solution for businesses looking to save money on bank fees.

What types of payments does Countingup accept?

Countingup accepts both debit and credit card payments, as well as bank transfers. You can also set up standing orders within the app to automate regular payments.

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Reviewed by , Managing Director

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