FREQUENTLY ASKED QUESTIONS
If you are not a bank, what are you?
We are an Authorised Payment Institute (API), operating under the Payment Services Regulations authorised and regulated by the FCA. The main difference between an API and a bank is that we are not licensed to use the customer's money for any purpose such as lending. There are other key differences between a Bank and an API, such as different "Conduct of Business" and capital adequacy rules.
Is my money protected by the FSCS?
No, as we are not a Bank, your money is not protected by the FSCS. Instead, your money is held with our chosen banking provider, segregated as client monies. This means that if something happens to Acorn Account, your money is already separate. Any money held on your card temporarily is held by Fair Payments Limited. As a responsible e-money issuer, Fair Payments Limited ensures that, once it has received your funds they are deposited into a secure account.
I have/my business has a bad credit history, can I still get a business account?
Yes, you can. You can get a Acorn Account For Small Business Account, regardless of credit history. We don't carry out any credit checks**. We will need to ensure that your business is not entering or is already in an 'Insolvency Event' (please see our Business Account Terms and Conditions for a full definition of 'Insolvency Event').
Can I apply online?
Yes, you can. Simply click here to complete our online application form. If you have any problems, or require some assistance, please telephone 0844 846 5130 (Calls will cost 7p per minute, plus your phone company's access charge) and one of our advisors will guide you through the process. We are open Mon - Fri 8.30am - 7.00pm and Sat - 9.30am - 1.00pm.
Can I get my sales/revenue paid into my account directly?
Yes, you can. It couldn't be simpler. We should be able to let you know your account number within 24 hours of receiving your application. Just put your details into your invoice to have payments made directly into your account.
How can I withdraw cash?
You can withdraw cash from most cash machines (ATMs) that display the MasterCard Acceptance Mark using your card and PIN. There is a maximum daily cash withdrawal limit of £450 from cash machines (ATMs).
It is also possible to withdraw cash over the counter at any high street bank, up to a maximum of £2,000 per day. To use this service you will need to present your card along with photo identification.
You can also get cash back from some retailers who offer this service.
How much does the Acorn Account Business Account cost?
From just £12.50 per month you get a business current account that allows you to manage your finances easily and hassle free. There is no application fee. You'll get access to our online account access system and access to our account management team who are just a phone call away. You also get the added convenience of a Acorn Corporate MasterCard, so you can use it to shop or withdraw money at home or abroad. You can add up to 4 additional people to the account at any time for £5, per person. If there are insufficient funds in your Billing Account to cover a standing order that you have set up, we will notify you by text 5 working days in advance. If there are still insufficient funds to make the payment 2 working days before it is due to be paid, we will text you again and notify you that we have not made the payment. If there are insufficient funds in your Billing Account to cover a direct debit we will notify you by text on the day the direct debit is due to be paid. We will keep trying to pay the direct debit up until 5pm so you will have until that time to deposit cleared funds into your Billing Account for the direct debit to be processed. These text alerts are free (other service provider charges may apply) and there is no charge for failed payments.
Please see What It Costs for a full tariff of the account.
Please see our Summary Card Changes for fees that apply to the card.
How can I check my balance? Do you send paper statements?
You can check your balance 24 hours a day, 7 days a week using our online account, click here to log in. You can view your statement online or print for safe keeping. You can also check your balance by telephoning your personal account manager on 0871 811 1883 (calls cost 11p per minute, plus your phone company's access charge), and they'll let you know your balance and inform you of any upcoming debits from your account. If you have registered your mobile phone number with us, you can also check your balance by sending a text to 60777 containing the word "BALANCE". You will be charged your standard network rate for sending the text request to us, and £0.15 by us for sending the text back to you.
Can I apply if I'm a sole trader?
Yes, you can apply, whether Sole Trader, LLP, or Partnership. However, we restrict our account to businesses with a turnover of £2m Per Annum or under. There are other restrictions - Please see our terms and conditions Here.
Do you provide online account management?
Yes, you will be sent a password separately which will allow you to log in to your own account management centre 24 hours a day, 7 days per week. Using the online account you will be able to check balances and view statements, order a second card, authorise and amend direct debits, set up and amend standing orders, pay your bills via our Faster Payment service, set up your texting alerts and amend your personal details.
Do you pay interest?
No, we are unable to pay interest on any funds credited to us.
Do you offer cheque books?
Acorn Account doesn't issue cheque books for its customers. We find that most of our customers prefer making payments online or by card. Cheques can be deposited however, using the provided giro book, in any Barclays branch.
Do you offer loans and overdrafts?
Not at the moment but we are currently working on offering our current account customers borrowing facilities.
Do you offer Direct Debits?
Yes we do. All you need to do is give your account details to the company you wish to set up a direct debit with they will take care of the rest. You can manage all your direct debits when you log onto your online account.
How do I pay a bill/transfer money?
You can pay bills from your account by Direct Debit, Standing Order or same day/next day Faster Payment, either by using your online banking or by telephoning the call centre (please see opening times).
Simply give your sort code and account number to the company you wish to pay. You can view your active & cancelled Direct Debits on your online account.
In order to set up a Standing Order on your account you'll need the sort code and the account number of the organisation you're paying. Sometimes they'll also require you to have a reference number.
Electronic Bank Transfer
You can transfer funds out of your account to any other UK bank account via Faster Payment*. Please see the details for this service below.
|Same Day Faster Payments||Received at Beneficiary Bank|
|Next Day Faster Payments||Received at Beneficiary Bank|
|Monday to Friday before 16:30**||Next day|
*Some banks only accept BACS payments. These take 3 working days
**If you affect a Next Day Faster Payment after 16:30 Monday to Friday, it will be received at the beneficiary bank the day after next.
Where is my money kept - is it safe?
Yes, your money in your billing account is held securely with our chosen banking provider. This means that if something happens to Acorn Account, your money is already separate. The maximum balance you can have in your Billing Account is £250,000. Any money held on your card temporarily is held by Fair Payments Limited. As a responsible e-money issuer, Fair Payments Limited ensures that, once it has received your funds they are deposited into a secure account.
How do I deposit cash or cheques?
You can deposit cheques using only the bank giro forms provided by us. You will need to deposit these at any Barclays branch by using the completed form. Please refer to our terms and conditions for details of the cheque clearing rules. We do not accept cheques payable to a third party and endorsed in your favour.
To deposit cash simply use the barcode on your online account or app, take your cash and your barcode to any Post Office branch and pay your money in over the counter. You can find your barcode when you log in online or within your app. Unfortunately, you are unable to pay in cheques using the facility at the Post Office. Cash paid into your account via Post Office branches will be credited to your billing account within 2 working days; please see terms & conditions for charges associated with this service.
Can I transfer money in from my Paypal account?
Yes. The Acorn current account can be used in conjunction with your Paypal account. Please click here to download a PDF document which provides the instructions. If you have any difficulties our customer services staff will be happy to help you, please Contact Us for assistance.
What are your opening times?
We are open:
Mon to Fri 8.30am - 7pm
Sat 9.30am - 1.00pm
Do I have an IBAN or SWIFT code?
IBAN stands for International Bank Account Number, which you can use when making or receiving international payments.
Your IBAN doesn't replace your sort code & account number - it's an additional number that contains extra information to help overseas banks identify your account for payments.
A SWIFT code (or SWIFTBIC, as it's sometimes known) is a code that helps overseas banks identify which bank to send money to. For example, if an overseas bank is sending to a payment to your Acorn Account, they'll need to know our SWIFT code.
Your IBAN & SWIFT number is displayed in the log-in area of your online access.