App-based Countingup is a business current account with built-in accounting software. It’s designed to let small business customers pay their bills, issue invoices and do their accounting all from the same app.
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Having launched in January 2018 for freelancers and sole traders, the business e-money account is now also available for limited companies. Countingup says it reached 8,000 customers during its first year, and that it’s now used by over 35,000 businesses.
Countingup isn’t a bank, but the account is provided through an e-money institution that’s authorised by the Financial Conduct Authority (FCA).
Signing up to Countingup takes a matter of minutes. If you are 18 or over, have a business registered in the UK and are a UK resident these are the features are the features Countingup offers you:
There are three tiers of monthly membership for a Countingup account:
Those prices are not all-inclusive. All tiers are also charged the same fees for most account services including:
When signing up to Countingup, you get the first three months for free. That means no monthly subscription fees or bank transfer charges, but all the other transaction fees still apply.
Countingup has been created with small and one-person businesses in mind. Its features aren’t tailored for big and complex businesses that employ many people and will be regularly banking tens of thousands of pounds.
Countingup’s main attraction is that it combines accounting with a current account, so you’ll get the most out of the app if you’re planning to use it for both of these things. To enjoy Countingup to its fullest you might be a freelancer or a startup, or a small business that has not established your banking and accounting systems anywhere else yet. Otherwise, you’ll have to be ready for quite a big change in the way you do things, and be prepared to switch over from both your existing business current account and accounting software package.
Countingup isn’t a bank, so your deposits won’t enjoy the standard £85,000 protection that comes from the Financial Services Compensation Scheme.
However, Countingup’s account is an e-money account provided through a company called Prepay Technologies, which is authorised and regulated by the FCA. As an e-money institution, the company must keep your money in a segregated “safeguarding” account – it’s at Barclays, in this case. This means that if the company were to go bankrupt, your deposits couldn’t be used to repay its creditors. However, while there’s no cap on the amount safeguarded this way, you might not get all your money back as administrators are allowed to deduct costs in the event of bankruptcy.
Because Countingup isn’t a bank, your money won’t be protected by the Financial Services Compensation Scheme (FSCS). This means if Countingup went bust you could lose your deposit.”
Countingup has an average rating of 4.7 out of 5 from around 1,400 reviews on the App Store, while over on Google Play it has an average score of 4.6 out of 5 from more than 650 Android app users.
On Trustpilot, Countingup received a mark of 4.5 out of 5, and a rating of “Excellent”, from around 1,500 feedback posts. Overall, reviewers on this platform praised the smooth account opening process and account features, although some customers said they would like the option of having more than one bank card with their account (last updated: June 2021).
 | |
| Product Name | Countingup Starter Business Account |
| Account fee | £3 per month (waived in first 3 months) |
| Bank transfers | £0.30 |
| Overseas card transaction fees | 3% |
| FSCS protected | |
| Accounting integrations | N/A |
| Requires credit check | |
| Overdraft | |
| Freeze card from app or online banking | |
| Instant notifications | |
| Interest (AER) | 0% AER |
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Integrated accounting in a business account is obviously a great idea, and one that can save small businesses much time and potentially also quite a lot of money, as they don’t have to pay for separate accounting software. However, if you are a freelancer or run a very small business you may not need the accounting facilities Countingup offers.
Countingup’s features are smart and handy, covering off the basics of what you would expect from both a business current account and accounting software. It’s a slick app but it is not a bank and as such isn’t covered by the Financial Services Compensation Scheme. This is a cause for concern as it means if Countingup went bust you might not get all your money back.
When it comes to pricing, there are both monthly account fees and banking transaction fees involved. Some of Countingup’s digital banking competitors do have cheaper prices for these aspects of a business account.
However, let’s not forget that there aren’t many accounting and banking app combos around yet, so this is a relatively unique service at the moment.
Get started by visiting Countingup’s website and sign up for an account. If you have read this review and decided that Countingup’s account is not for you, you can also compare other business bank accounts.
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