Looking for feedback on 'cardonebanking' business account

[gemma2506]

Is anyone using a "cardonebanking" account? That can offer us any feedback? For business purpose I mean

[MelanieGiles]

I have not heard of that account Gemma. Which bank is underwriting it?

[martinw]

They are part of 'Spectrum Card Services Limited' and in thier FAQs they state

'No, as we are not a Bank, your money is not protected by the FSCS. Instead, your money is held with Nat West Bank or Barclays Bank, segmented as client monies'

I think clearcash who have a forum rep do a similar account

Martin

[MerlinL14]

Hi Gemma, I have been with Secure Trust Bank through out my IVA. I highly recommend them, easy to use on-line and phone banking facilities, a prepay Mastercard.

[UpToMyNeckInIt]

Hi Gemma,

As far as I am aware, the only 'card-based' business accounts are operated by 'CardOneBanking' and 'Cash Plus'.

As far as I can tell, CardOne has the advantage in that it allows you to accept cheque payments, but the fees are a bit more than Cash Plus.

So if your business is likely to only deal with electronic/cash receipts/payments, then Cash Plus might be the better option.

Maybe other forums members can shed light on the availability of new 'high street bank' business accounts for IVA customers - I don't think there are any (both my business accounts - with HSBC and Santander, were in operation pre-IVA).

Secure Trust are an IVA friendly bank - and about the only non-high street IVA bank account that is actually a 'bank' (I am a customer of theirs as well - would recommend), but they do not offer business accounts.

All the other card-based accounts: Clear Cash, Cash Plus, CardOne, Think Money etc. etc. are NOT banks. My concern there is that if they go under, your funds are not fully covered by the FSCS scheme.

I am sure if your funds are otherwise insured/guaranteed by a 'bank' somewhere along the line, but worth asking the question if considering one of these accounts.

Found a couple of good review sites:

http://www.what-prepaid-card.co.uk/unit ... paid-cards

and

http://www.prepaid365.com/compare-prepaid-cards/

[Steven Hewitt]

Hi UpToMyNeckInIt,

I can't answer for all accounts but I can for thinkmoney.

I can confirm that all funds held in thinkmoney Personal Accounts are covered by the FSCS.

I hope this helps to clarify things for you.

Thank you

[MelanieGiles]

And I am pretty sure those held by ClearCash are as well.