Acorn Account is the trading name of Spectrum Card Services. Acorn is an Authorised Payment Institute (API) rather than a bank, and is regulated by the Financial Conduct Authority.
Businesses can open an online business current account in 24 hours (weekdays only). There are no Acorn branches, instead you can use Barclays branches, manage your account online 24/7, or call Acorn’s UK advisors. So far, 80,000 accounts have been opened, processing over £3 billion.
Acorn Account Business Banking Services
Current accounts are available to limited companies and sole traders with an annual turnover of less than £2 million.
Your Acorn Account will include a Mastercard debit card, an online platform and app to manage your account. If you need to pay in or withdraw physical cash, you can go to your local Barclays branch. If you need to speak to a real person, there’s a UK-based call centre.
There’s an account activation fee of £65, as well as a monthly minimum charge of £12.50. There are also charges for many other routine account transactions and processes, including faster payments, withdrawing from ATMs, and foreign currency.
Business finance and loans
Acorn Account Reviews and Ratings
There are only 6 reviews on Trustpilot, and one on Smart Money People, and they’re all 1/5 ratings. Some comment on having their account closed or blocked with no warning, and others say the business account is way too expensive to manage. A few reviewers also say it takes ages to clear payments, and it’s difficult to manage your account over the weekend. Overall, the comments are very critical.
There are no live reviews on Reviews.co.uk. Acorn Account isn’t included in the Which? list of ‘Best & Worst Banks’.
- Open an account quickly in 24 hours. No credit check either!
- Includes all the essentials you’d expect from a business current account.
- Bad reviews across the board. Acorn doesn’t sound easy to deal with.
- Lots of extra charges for everyday banking features. Not competitive at all.
Website: Acorn Account Business Banking