Smart Money People Logo
Share this page
Link copied

Coconut: Business Bank Account reviews

View other Coconut products
4.85
Based on 209 reviews, last reviewed 15th Feb 2023
No new 5 star reviews
in the past 90 days
No new 1 star reviews
in the past 90 days
See only 5 star reviews
93%
See only 4 star reviews
5%
3 star
See only 3 star reviews
0%
See only 2 star reviews
0%
See only 1 star reviews
2%

Latest highest rating:

5

No longer s bank account but great for accounting The best customer service experience, fast, friendly and knowledgeable Reviewed on: 15th February 2023
Adam De-Ste-Croix's avatar
Adam De-Ste-Croix

Latest lowest rating:

1

Coconut refused to pay for their mistake! Coconut failed to close my account for months which means my money was "frozen" there as they restricted my access. They even charged me transaction f... Read more Reviewed on: 10th September 2021
Pat Lok Theo IP's avatar
Pat Lok Theo IP
Read all reviews Write a review

About this product

Want to read reviews of the new “bank account for freelancers” Coconut? See what other freelancers have said on Smart Money People - whether it was the usefulness of the app, the availability of funds, or anything else to do with day-to-day use of Coconut. Already used this this innovative account? Share a review on Smart Money People to help other freelancers!

Review Coconut: Business Bank Account now

Help others make smarter decisions by sharing your own experience.
Give a 1 star rating Give a 2 star rating Give a 3 star rating Give a 4 star rating Give a 5 star rating
Write a review

Coconut Business Bank Account reviews (4)

Coconut refused to pay for their mistake!

1
Coconut failed to close my account for months which means my money was "frozen" there as they restricted my access. They even charged me transaction fee without my consent after my account "closure". Despite they promised a refund of the transaction fee which is a small amount indeed, it did NOT happened (up to this minute) like my account closure application. Their unreliable banking service has created misunderstandings and damaged relationships with my customers because my customers think I am unreasonably chasing for money. After several back and forth with their customer service team, they politely sent me apologetic emails (for me these emails are nothing more than those useless emojis on social medai) but refused to pay for their mistake. I will say they only want your money even they made mistakes. Reviewed on: 10th September 2021
Pat Lok Theo IP's avatar
Pat Lok Theo IP

Closed account with no reason.

1
I have been a customer of Coconut since March 2018 and they have provided a good service. This week they have decided to close my account and give no reason, and tell me that the monies in the account will be help for up to 45 days. I need the money to run my business. They have effectively shut me down in one day. I've raised complaints to the FCA and the Financial Ombudsman, and emailed PPS (their banking partner). I understand as an intermediary to PPS, Coconut have less hands on when PPS tell them to a close an account, but 45 days creates extreme hardship! I wouldn't move to Coconut - i'd stay clear if you were looking for a Fintech bank. I'd go to Starling, or Monzo - or better still - stick with the high street. Reviewed on: 19th September 2020
Daniel's avatar
Daniel

New start up business and new customer to Coconut

1
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. Reviewed on: 10th July 2019
Chris's avatar
Chris

Avoid or lose your money!

1
This bank is a scam! Blocked your account with your money inside and ignores your messages ! Reviewed on: 30th April 2019
Ahmed Khan's avatar
Ahmed Khan

Review Coconut: Business Bank Account now

Help others make smarter decisions by sharing your own experience.
Give a 1 star rating Give a 2 star rating Give a 3 star rating Give a 4 star rating Give a 5 star rating
Write a review
Are you a business? Get insights, reply to reviews, invite customers and understand their needs

Join Smart Money People

Keep up to date on ratings of your favourite businesses. Find out about our awards and write new reviews with ease

Create an account
Man on beach

News, guides and insight from our team

View resource hub
UK money news stories - 24 July 2024
UK money news stories - 24 July 2024
24th July 2024
Posted in Money Talks by Errolyn Smith
Your Money, Your Voice: Have your say
Your Money, Your Voice: Have your say
24th July 2024
Posted in Our insights by Errolyn Smith
Our latest research - customers see little impact of FCA's Consumer Duty one year on
Our latest research - customers see little impact of FCA's Consumer Duty one year on
24th July 2024
Posted in Our insights by Darryl Barkwill
Consumer credit awards winners 2024
Consumer credit awards winners 2024
11th July 2024
Posted in Awards by Darryl Barkwill