Coconut is a digital finance service aimed solely at helping freelancers and the self-employed manage their money. Unlike most other new, digital-only finance services it is not a challenger bank – it works solely to help the self-employed manage the unique financial challenges that working for oneself can bring.
Coconut is a digital finance service aimed solely at helping freelancers and the self-employed manage their money. Unlike most other new, digital-only finance services it is not a challenger bank – it works solely to help the self-employed manage the unique financial challenges that working for oneself can bring.
Coconut is a digital finance service aimed solely at helping freelancers and the self-employed manage their money. Unlike most other new, digital-only finance services it is not a challenger bank – it works solely to help the self-employed manage the unique financial challenges that working for oneself can bring.
Coconut offers a smart app that is designed as a basic accounting and tax-calculating tool for self-employed people. It uses to offer its own business bank account but it has ended this service now, instead integrating with more than 25 of the UK's biggest banks and credit card providers.
It works by tracking your business payments received and made, keeping a record of everything and giving you an accurate calculation of how much tax and National Insurance you'll need to pay when you file your tax return.
It also allows users to send branded invoices to clients, with no limit on how many can be sent with the account. Any freelancers that have an accountant can share the login with them too, and the app works on both mobile and desktop.
It costs £7.50 per month although users can get a free 30-day trial when they sign up.
Coconut uses Amazon Web Service for cloud infrastructure and the database is fully encrypted, even when the app is not being used. Accounts are protected using two-factor authentication. Coconut also run regular third-party penetration tests and security vulnerability scans to ensure account safety.
Coconut is not a bank and so is not covered by the Financial Services Compensation Scheme (FSCS).
Runway East
58 City Road
London
EC1Y 2AL
Find answers in Q&As and ask your question
i have started a new business and opened an account with coconut. I had my first invoice paid in and the next morning my account was frozen due to money laundering/fraud checks. As a new business all of my business funds was paid in which subsequently means I now cannot run my business and work with my clients. I have forwarded the invoice and still my account is frozen.
This is a completely poor service as anti money laundering/fraud checks should be carried out prior to opening any new accounts?!
Coconut have now jeopardised my business and my relationship with my new clients.
I would not recommend opening an account with this organisation and I have learnt the hard way.
Stick to major high street banks for peace of mind and level of professional service as I will be doing in future.
