Frequently Asked Questions
- If you are not a bank, what are you?
- Is my money protected by the FSCS?
- I have/my business has a bad credit history, can I still get a business account?
- Can I apply online?
- Can I get my sales/revenue paid into my account directly?
- How do I withdraw cash?
- How much does the cardonebanking Business Account cost?
- How can I check my balance? Do you send paper statements?
- Can I apply if I'm a sole trader
- Do you provide online account management?
- Do you pay interest?
- Do you offer cheque books and overdrafts?
- Do you offer Direct Debits?
- How do I pay a bill/transfer money?
- Where is my money kept - is it safe?**
- How do I deposit cash or cheques?
- I am having trouble logging in. Can you help?
- What are your call centre opening times?
- Do I have an IBAN or SWIFT code?
If you are not a bank, what are you?
We are an Authorised Payment Institution (API), authorised and regulated by the FCA. We are able to operate as such under the Payment Services Regulations. The key operational difference is that we are not licensed to use the customer's money for any purpose. We do not lend it to other customers or use it in any way. Instead, it is kept as segmented funds with our bankers - ***Barclays Bank. Any money on the cardonebanking Prepaid MasterCard® card is held by Fair Payments Limited. There are many other constitutional differences between a Bank and an API, such as different "Conduct of Business" and capital adequacy rules.
Is my money protected by the FSCS?
No, as we are not a Bank, your money is not protected by the FSCS. Instead, your money is held with Barclays Bank, segmented as client monies. This means that if something happens to cardonebanking, your money is already separate. Any money on your card is held by Fair Payments Limited.
I have/my business has a bad credit history, can I still get a business account?
Yes, you can. You can get a cardonebanking Business Account, regardless of credit history. We don't carry out any credit checks**. We will need to ensure that your business is not entering or is already in an 'Insolvency Event' (please see our Business Account Terms and Conditions for a full definition of 'Insolvency Event').
Can I apply online?
Yes, you can. Simply click here to complete our online application form. If you have any problems, or require some assistance, please telephone 0844 846 5122 (Calls will cost 7p per minute, plus your phone company's access charge) and one of our advisors will guide you through the process. We are open Mon - Fri 8.30am - 7.00pm and Sat - 9.30am - 1.00pm.
Can I get my sales/revenue paid into my account directly?
Yes, you can. It couldn't be simpler. We should be able to let you know your account number within 3 working days of receiving your application. Just put your details into your invoice to have payments made directly into your account.
How do I withdraw cash?
You can withdraw cash from most cash machines (ATMs) that display the MasterCard Acceptance Mark using your card and PIN. There is a maximum daily cash withdrawal limit of £450 from cash machines (ATMs).
It is also possible to withdraw cash over the counter at any high street bank, up to a maximum of £2,000 per day. To use this service you will need to present your card along with photo identification.
You can also get cash back from some retailers who offer this service.
How much does the cardonebanking Business Account cost?
From just £12.50 per month you get a business current account that allows you to manage your finances easily and hassle free. An application fee from £55 will apply. You'll get access to our online account access system and access to our account management team who are just a phone call away. You also get the added convenience of a cardonebanking Corporate MasterCard, so you can use it to shop or withdraw money at home or abroad. You can add up to 4 additional people to the account at any time for £5, per person. If there are insufficient funds in your Billing Account to cover a standing order that you have set up, we will notify you by text 5 working days in advance. If there are still insufficient funds to make the payment 2 working days before it is due to be paid, we will text you again and notify you that we have not made the payment. If there are insufficient funds in your Billing Account to cover a direct debit we will notify you by text on the day the direct debit is due to be paid. We will keep trying to pay the direct debit up until 5pm so you will have until that time to deposit cleared funds into your Billing Account for the direct debit to be processed. These text alerts are free (other service provider charges may apply) and there is no charge for failed payments.
Please see What It Costs for a full tariff of the account.
Please see our Summary Card Charges for fees that apply specifically to the card.
How can I check my balance? Do you send paper statements?
You can check your balance 24 hours a day, 7 days a week using our online banking facility, click here to log in. You can view your statement online or print for safe keeping. The statements can be displayed in various formats designed to be compatible with most cloud accounting software providers.You can also check your balance by telephoning your personal account manager on 0871 811 1779 (Calls cost 11p per minute, plus your phone company's access charge), and they'll let you know your balance and inform you of any upcoming debits from your account. If you have registered your mobile phone number with us, you can also check your balance by sending a text to 60777 containing the word "BALANCE". You will be charged by your standard network rate for sending the text request to us, and £0.15 by us for sending the text back to you.
Can I apply if I'm a sole trader
Yes, you can apply, whether Sole Trader, LLP, or Partnership. However, we restrict our account to businesses with a turnover of £2m Per Annum or under. There are other restrictions - Please see our terms and conditions Here.
Do you provide online account management?
Yes, you will be sent a password separately which will allow you to log in to your own account management centre 24 hours a day, 7 days per week. Using the online banking facility (accessible via PC or smart phone) you will be able to instantly pay bills, check balances and view statements, move money between the Billing Account and your card(s), order additional cards, authorise and amend direct debits, set up and amend standing orders and Direct Debits, transfer money to a bank account, set up your texting alerts and amend your personal details. You will also gain access to the secure messaging service, where we will post letters to you, and where you can contact us securely.
Do you pay interest?
No, we are unable to pay interest on any funds credited to us.
Do you offer cheque books and overdrafts?
No. cardonebanking is a managed banking facility and we believe that these things would make management of your finances more difficult. Our aim is to help you take control of your finances through the use of separate facilities for bills (Billing Account) and spending (Card).
Do you offer Direct Debits?
Yes we do. All you need to do is give your account details to the company you wish to set up a direct debit with they will take care of the rest. You can manage all your direct debits when you log onto your online banking.
How do I pay a bill/transfer money?
You can pay bills from your account by Direct Debit, Standing Order or same day/next day Faster Payment, either by using your online banking or by telephoning the call centre (please see opening times).
Simply give your sort code and account number to the company you wish to pay. You can view your active & cancelled Direct Debits on your internet banking.
In order to set up a Standing Order on your account you'll need the sort code and the account number of the organisation you're paying. Sometimes they'll also require you to have a reference number.
Electronic Bank Transfer
You can transfer funds out of your account to any other UK bank account via Faster Payment*. Please see the cut-off times for this service below.
|Same Day Faster Payments||Received at Beneficiary Bank|
|Monday to Friday before 16:30**||Same day|
|Next Day Faster Payments||Received at Beneficiary Bank|
|Monday to Friday before 16:30**||Next day|
*Some banks only accept BACS payments. These take 3 working days
**If you affect a Same Day Faster Payment after 16:30 Monday to Friday, it will be received at the beneficiary bank the next day. If you affect a Next Day Faster Payment after 16:30 Monday to Friday, it will be received at the beneficiary bank the day after next.
Where is my money kept - is it safe? **
Yes, your money in your billing account is held completely securely in Barclays Bank. The maximum balance you can have in your Billing Account is £50,000. Funds held on the card (maximum balance of £5,000), are held with Fair Payments Limited. cardonebanking is committed to providing the utmost in security and customer service.
How do I deposit cash or cheques?
You can deposit cash or cheques using only the bank giro forms provided by us. You will need to deposit these at any Barclays branch by using the completed form. Please refer to our terms and conditions for details of the cheque clearing rules. We do not accept cheques payable to a third party and endorsed in your favour. You can only use the giros we provide for you to pay in cash only at any Post Office.
What are your call centre opening times?
We are open:
Mon to Fri 8.30am - 7pm
Sat 9.30am - 1pm
Do I have an IBAN or SWIFT code?
IBAN stands for International Bank Account Number, which you can use when making or receiving international payments.
Your IBAN doesn't replace your sort code & account number - it's an additional number that contains extra information to help overseas banks identify your account for payments.
A SWIFT code (or SWIFTBIC, as it's sometimes known) is a code that helps overseas banks identify which bank to send money to. For example, if an overseas bank is sending to a payment to your CardOneBanking account, they'll need to know our SWIFT code.
Your IBAN & SWIFT number is displayed in the log-in area of your online access.Top of Page