If by “bank” you mean an institution that has a physical location and lots of cash stored in vaults then, no, we’re not that.
If you mean an institution that protects your funds and is as strictly regulated as all those physical institutions that have vaults of gold then, yes, we are that.
The lines and definitions of what is a bank and what isn’t have blurred since the advent of FinTech. Banks are no longer the only type of institutions that can handle your money for you.
Let us explain:
So what is GoSolo?
GoSolo is an institution that handles electronic money. So is Mastercard. So is PayPal. So is Stripe.
We have been approved by the rigorous and stringent rules set by the FCA (the Financial Conduct Authority) to be allowed to operate as a legal, responsible and ethical financial services firm. These are the same rules that banks must operate by.
Only by continually adhering to the FCA’s rules (and regularly reporting what we do) can we be allowed to continue to operate.
Our authorisation from the FCA as an electronic money agent allows us to facilitate business transactions and deliver certain financial services.
We are not allowed, however, to provide loans or FSCS deposit-guarantees. And we don’t handle physical money, whether that be cash or cheques. Unlike many traditional banks, we don’t offer phone assistance. (Although, let’s be honest, often that type of “assistance” leaves much to be desired!) But we do have a support team that can assist you by chat, WhatsApp or email.
Rest assured, however, that your money is 100% protected, secured and safeguarded in a “ring fenced” account with a tier-one UK bank that we have partnered with. Ring-fenced means that we don't have access to it and cannot move or use it somewhere, you are always in total control.
To be absolutely clear: Your money is safe with us.
Additionally, all transactions you run on your card are handled by the Mastercard network and are entirely protected under the Mastercard rules.
The benefits of not being a “traditional bank”.
Because we are not technically a traditional bank, we are free to invest in and to build technology faster and provide services that will assist users in the general area of their businesses and finances. Not being held down by the label of a traditional bank means we can be more innovative and listen to users’ needs more easily.
Our focus is on businesses and helping businesses to function with as little hassle as possible.
For that reason, we offer more than just a place for your company to hold its electronic money: We also register your company for you, give you simple invoice templates to send to your clients, automatically log payments for those invoices and even chase up slow payers, all within GoSolo!
Instead of having to invest in a basic accounting package and an online bank, we combine the two, in addition to taking the pain out of registering your Limited Company in the first place.
Traditional banks tend to focus on where to invest deposited funds. Our primary focus is on how to deliver fast service and innovation to our users.
Because we are small (by design), we are also more able to consider the requests of all our users, as opposed to only what “the majority” wants.
Legally, there are some differences between your GoSolo business account and a traditional business bank account.
But we have found that those differences don’t matter to users. People want a seamless, easy way to handle their money, not complicated forms and the slow-moving wheels of finance which can often be more of a hindrance than a solution in today’s fast-paced world.
GoSolo is authorised by the FCA and completed all the necessary compliance checks to be authorised as an e-money agent. Although we cannot offer FSCS deposit protection, your money is 100% safe in a ring-fenced account of a Tier 1 UK Bank. Ring-fenced means that we don't have access to it and cannot move or use it somewhere, you are always in total control.
At this time we are not charging any fees: neither for . GoSolo business bank account is free for its first 500 users. Also, you will not be charged for opening Limited Company. As a side note, if you plan on registering your Limited company using GoSolo service and you are one of the first 500 users, you will not be charged. You can find more information about pricing here.
We want all of our users to have a fantastic experience when using GoSolo, so when we hear that we have not provided a service to that standard, we want to do all that we can to make things right. You have a few options:
After you submit your complaint, you will receive an acknowledgement email from us within 7 business days. A member of our team will review your complaint and will respond within a few days. This initial response may offer a resolution or may begin a dialogue in an attempt to reach the best possible outcome.
If we were unable to resolve your issue or our suggested resolution does not satisfy you, you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website at www.financial-ombudsman.org.uk.
You need to be a UK resident in order to apply for a GoSolo business bank account.
There is detailed information about new Limited company registration in our blog How can I register my company with GoSolo?
If you register a company via GoSolo, the default share structure is 100 shares for the total value of £100.
All shares issued are non-redeemable and rank equally in terms of each of:
Sole traders have unlimited liability - meaning that they are personally liable when things go wrong. A sole trader may also be less tax-profitable than setting up a limited company. But still a sole trader is the most common legal structure for private entrepreneurs in the UK.
We recommend you read more about different factors that can help you to make a choice on our blog The Pros and Cons of Freelancer vs Limited Company
Before opening a business bank account with GoSolo, please check that you match the following criteria:
Once your business bank account is open, your card will be dispatched to your selected address. It may take up to 10 working days to arrive.
At this time, you can only have one business bank account. As part of our future development of the GoSolo app, we are planning to enable multiple business bank accounts for a single user/company, as well as, multiple users for a business bank account.
Don’t worry! You can freeze your card inside the app in the Cards section by activating Freeze Card status. Alternatively, you can Cancel your card in GoSolo app and we will send you a replacement straight away (please note it may take up to 5 working days to arrive).
Limit on making payments using online banking is £50,000 per transaction. Inbound payments are limited to under £50,000 per transaction.
Card limit is £1000 per transaction, £5000 per day.
Reference field is limited to 18 characters when making a Faster Payments transfer due to the current rules and regulations set by the Faster Payments scheme. In other words, this is done in order to standardise the way a payment is recorded between different UK banks.
You can make payments using online banking only between UK accounts. You can use your card to make payments outside of the UK.
Direct Debit is not part of the initial GoSolo offering. We are constantly making changes to GoSolo and, if Direct Debit is an important feature to you, please let us know here.
You cannot deposit cash into your GoSolo account. We are constantly making changes to GoSolo and, if cash deposit is an important feature to you, please let us know here.
We plan to introduce recurring invoices functionality in future versions of the GoSolo application. However, we made sure that raising similar invoices against the same client remained quick and straightforward. You can already duplicate existing invoices in a couple of clicks.
Yes. You don't need to figure out what information to include and how the invoice looks. In GoSolo you can issue and email invoices within a simple, guided 3-step process.
GoSolo sends invoices as a webpage where your client can see a preview of the invoice or download the document's PDF. He may also notify you about his acceptance of the payment conditions settled out in the invoice. In GoSolo you can see the exact date and time when your client opens the invoice page, downloads PDF or accepts the invoice.
You can configure email reminders and GoSolo will send them automatically. You can adjust the date and frequency of reminders for due and overdue invoices.
Yes. Once you receive the payment, you can change the invoice status, marking it as paid in just one click.
When you receive a payment on your GoSolo account, the system will check its reference and amount. If there is a corresponding unpaid invoice, GoSolo will automatically match it with the payment received.