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Coconut - The Current Account for Freelancers

Coconut

Coconut is a mobile-based bank which is specifically designed for self-employed people. It has similar features to other mobile banking apps (like Monzo), such as being able to categorise transactions, get instant notifications, take photos of receipts and pay other people who are not on the app. They even have helpful tips so you know what you should categorise a transactions as, as well as what you can claim back.

The key feature of Coconut, and why it separates itself from other banks, is its tax calculator. When you use the card to receive payments, as well as make them, it automatically calculates how much income you have earned, how much you have spent on expenses, and calculates how much you will need to pay at the end of the tax year. Very useful!

Another important thing to note is that the customer services is fantastic! I’ve been a Beta user for the last few months and have had to speak to the support team every now and then to report bugs or suggest improvements. They are very quick to respond, they usually reply in 5 minutes or less and are very helpful with solving your issues.

If you are a sole trader / self-employed person, I would highly recommend checking Coconut out. It may be the perfect business bank account for you. They currently have two plans; a free one and a £5 per month one - which has the added benefits of unlimited invoices (you can send 3 per month with the free plan), tax reports and free foreign currency exchanges.