Telephone iconCall UsTelephone icon0333 0146 683
Our opening hours
Chevron left icon
Knowledge centre

Coconut: a new kind of bank account for freelancers

2-minute read

Josh Hall

26 April 2017

Facebook iconTwitter iconLinkedIn icon

A new challenger bank aimed at freelancers has launched an introductory beta program.

Coconut is a London-based banking service that specialises in providing solutions for freelance workers, offering them a simple way to manage their finances.

  • The best business bank accounts compared

The service, which is operated through an an app, allows freelancers to invoice, manage spending, and track their tax position.

Coconut is in private beta, and currently only available for iPhone users, but interested freelancers can now sign up for an invite.

What does Coconut offer freelancers?

Coconut is the latest in a line of new business ‘challenger banks’ aiming to streamline the banking process for small firms.

The services are generally run through smartphone apps, and either offer a prepaid debit card or a full bank account with account number and sort code. Coconut is based on a prepaid debit card model, although it is thought that the organisation will seek a full banking licence.

Once freelancers have received an invite to the beta program, they will receive a debit card and access to the app. Through Coconut, freelancers and small business sole traders can send invoices within the app, and track and categorise their spending.

Coconut uses push notifications to show when payments are received, and reminds freelancers when invoices are due.

But the app also helps workers keep track of their tax position, with a running total in the app showing expected liabilities at the end of the tax year. It's even better for those who have student loans, as it can keep track of your repayments.

Launching in London

The app is currently focusing on the London freelance market. Once applicants have provided proof of identity and address, they are asked to collect their card and meet the Coconut team at breakfast events in the City.

Coconut is a direct competitor to new business challenger bank Tide, which runs on similar lines but is aimed at larger companies. Read our list of business challenger banks for more options.

Have you tried a challenger bank like Coconut or Tide? Let us know in the comments.

Looking for freelancer insurance?

As the UK's biggest business insurance provider, we protect the self-employed workers who're building Britain. Why not take a look now and build a quick, tailored freelancers insurance quote?

Start your quote

We create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer

Find this article useful? Spread the word.

Facebook icon
Twitter icon
LinkedIn icon

People also liked

9 November 20163-minute read

Why do I need a business bank account?

Reviewed for 2018 Whether you’re legally obliged to have a business bank account depends on your business structure, but having a business…

Read more

Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.

Subscribe to our newsletter


Popular articlesBusiness resources from FarillioGeneral businessGuestInsuranceLandlordLandlord resources from FarillioLegal and financeMarketingNewsOpinionProperty maintenanceTradesmanCovid-19


6th Floor99 Gresham StreetLondonEC2V 7NG

Sol House29 St Katherine's StreetNorthamptonNN1 2QZ

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.