Coconut offers a business account for small businesses that is managed through an app and also provides support for expenses, invoicing and tax. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
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Coconut Reviews
Below we look at reviews for Coconut from a variety of websites. Please keep in mind that these reviews are for all of Coconut’s services and so may not fully reflect their business offerings.
- Trustpilot: 4.6 of 5 based on 582 reviews.
- Review Centre: 1 out of 5 based on 1 review.
Coconut Business Services Plans, Packages & Prices
Coconut offers two business current account plans which are the Side Hustle plan and Professional plan.
Side Hustle plan offers:
- 30-day free trial
- e-money account
- Allowance of 30 transactions per month
- Send three invoices per month
- Attach your receipts
- Monitor the tax due
- Export data
- Offers a Mastercard
- Connect with your accounts up to three allowed
- Linked account history for 24 months
- Standard Support by real-time chat and by email
The Professional plan in addition to the above plan offers:
- Unlimited transactions
- Unlimited invoices
- Invite your accountant access
- Connect to over four accounts
- Priority Support via chat and email
Side Hustle plan charges are:
- £3.60 per month account fee
- £1 per ATM withdrawal
- Cash deposit £1 per £500
- Five free bank transfers then £0.20 each
- Foreign card purchases at 3%
Professional plan charges are:
- £12 per month account fee
- £1 per ATM withdrawal
- Cash deposit £1 per £500
- Ten free bank transfers then £0.20 each
- Foreign card purchases at 3%
Note plans, packages and prices were all accurate at the time of publication but may have changed since then. Please check Coconut’ website for the latest information.
Coconut Background
Coconut is a business current account provider and not a banking provider. They offer their customers an electronic current account that is provided by Prepay Solutions (PPS) which is the trading name of Prepay Technologies Ltd. They are authorised by the Financial Conduct Authority for the issuing of electronic money.
Coconut caters for self-employed people and they aim to make managing their finances easier. They offer a range of accounting tools to help the self-employed which includes in-app tools for managing expenses, invoicing and tax easily and save time.
They offer two plans that are designed for different levels of use depending on the number of transactions and invoices you do each month and the level of support you require.
Switching To Coconut
If you want to set up an account with Coconut, you need to complete your email address on their sign up link on their website. They will then send you a link for you to install their app and get you started.
You can also try both of their plans for free for 30 days.
Additional Business Services From Coconut
Coconut’s business current account plans include expenses, invoicing and tax in their app, and they can also offer Mastercards.
Coconut Business Service Availability
Coconut only offers their business plans to sole traders and limited companies. They only require you to have a phone to manage your account that operates on iOS and Android.
Coconut Business Customer Service and Complaints
You can contact the Coconut customer service team through their live chat on their app which is available Monday-Friday 9am-6pm, Saturdays and Bank Holidays 10am-4pm.
Coconut Business Contact
You can get in contact with Coconut by:
- Chat through their app (Monday-Friday 9am-6pm, Saturdays and Bank Holidays 10am-4pm)
- Email support@getcoconut.com
- Call 0808 169 9928 for emergencies only (Monday-Friday 9am-6pm, Saturdays and Bank Holidays 10am-4pm)
- Post – 27 Old Gloucester Street, Holburn, London WC1N 3AX
Website: https://getcoconut.com/
Coconut Business Services Pros/Cons
Pros
- 24/7 online management through their app
- Provides expenses, invoicing and tax tools
- Dedicated to supporting sole traders
- Highly rated on customer reviews
- Offers a 30-day free trial
Cons
- No branches
- Contact centre only available for emergencies and live chat is the default communication method
- Less known provider