Countingup vs Nickel
Side-by-side comparison — pricing, features, ratings, use cases. Find which Business Banking fits you best.
🔍 Independently researched ·
📊 Data-driven
29/100
Free tier
UK sole traders, freelancers, and small service-based businesses that want simple accounting built right into their busi
💰 Pricing
🆓 Free tier available
All core features are free, but additional services like in-app accountant support or advanced features may incur costs.
Starting at 115 Kč (freemium)
Fee notes:
- No monthly account fee.
- Card payments: no fee for UK card transactions.
- Cash deposits: £1.50 per cash deposit (up to £3,000 per deposit) via Post Office.
- International payments: 2.5% FX markup on exchange rate, plus £2.00 per transaction.
- Overseas card spend: 2.5% FX fee.
⚠ Watch for:
- Cash deposits not free; £1.50 per deposit at Post Office.
- International transactions have 2.5% FX markup and possible fixed fees.
- Accountant sharing via Pro plan costs extra (£X/month).
- Card replacement may incur a fee if lost or damaged.
🔧 Features
✓ Built In Accounting✓ Tax Estimates✓ Accountant Sharing✓ Uk Only✓ Fca Registered✓ Free Tier
📋 Assessment
💪 Strengths
- All-in-one integration: Countingup eliminates the need for separate bookkeeping software by integrating accounting directly into the bank account. Every transaction is automatically categorised using a combination of rules and artificial intelligence. This saves hours of manual entry and ensures your records are always up to date, which is especially valuable for freelancers and sole traders who lack the time or inclination for bookkeeping.
- Real-time tax estimates: The app calculates your estimated tax liability continuously, based on your income and expenses. This feature allows you to set aside the right amount of money as you go, avoiding the stress of a huge tax bill in January. The estimates are visible at a glance on the dashboard, making it easy to plan your cash flow throughout the year.
- Accountant access: With the paid plans, you can grant your accountant or bookkeeper read-only access to your transactions and reports. They can also enter journal entries and reconcile your books without needing physical paperwork. This collaboration is seamless and reduces back-and-forth emails, making the year-end much smoother.
- Invoicing and expense tracking on the go: You can create and send invoices directly from the mobile app, which also allows you to attach receipts to expenses via photo capture. The app remembers your bank card details for fast payments, and you can track when invoices are viewed and paid. This is ideal for businesses that need to manage cash flow while on the move.
- Business loan options: Countingup uses your transaction history to offer pre-approved business loans, with applications that take just minutes. This can be a useful source of quick funding for small businesses that might struggle to get credit from traditional banks due to limited credit history.
⚠ Watch out for
- Not FSCS protected: As an e-money institution, Countingup is not covered by the Financial Services Compensation Scheme. This means that if Countingup were to fail, your money is not protected by the UK government's £85,000 compensation limit. While client funds are segregated, they are not legally owned by you once deposited, which is a risk to consider.
- UK-only and no multi-currency: Countingup is strictly for UK businesses and only operates in pounds sterling. There are no multi-currency accounts, and you cannot send or receive international payments. If your business deals with foreign clients or suppliers, you'll need to use a separate solution, which negates some of the convenience of having everything in one place.
- Free plan has significant limitations: The free tier only includes basic transaction categories and does not offer features like accountant access, invoice creation, or receipt capture. The ability to share data with your accountant is locked behind the £5/month plan, which may be a dealbreaker for businesses that rely on professional advice.
- Annual billing for paid plans: To get the advertised monthly price, you have to pay annually in advance. If you choose to pay monthly, the cost is higher, which might be an unexpected expense for those who prefer flexible billing. This is a common but still annoying practice.
- Occasional transaction import issues: Some users have reported that transactions sometimes fail to import or miscategorise, requiring manual correction. While the AI improves over time, it's not perfect, and tech-savvy users may find themselves spending time fixing categories rather than trusting the automation blindly.
🎯 Best for
UK sole traders, freelancers, and small service-based businesses that want simple accounting built right into their business current account.
🚫 Who should skip
Businesses with complex accounting needs, payroll, heavy cash handling, international operations, or those requiring FSCS-protected banking.
📚 Learning curve
Minimal — the app is designed for non-accountants, with automated categories and straightforward navigation.
🧑⚖️ Verdict
Countingup is ideal for UK freelancers, sole traders, and small businesses that want a bank account with built-in bookkeeping, especially if they're just starting out and want to minimize cost and complexity. However, if you need FSCS protection, international banking, or already use a separate acco
71/100
Free tier
Construction, wholesale, manufacturing, and logistics companies that want a zero-cost, no-frills business banking platfo
★ Best
💰 Pricing
🆓 Free tier available
Free plan includes unlimited ACH and bill pay, but card transactions incur standard fees; no monthly account fee.
Fee notes:
- Card transaction fee: 0.5% interchange + 0.15% per transaction (specific rates may vary)
- In-network ATM withdrawals: free; out-of-network: $2.50 per withdrawal
- Wire transfer: $25 incoming, $35 outgoing
- Cash deposit: $2.50 per deposit at partner locations
- Accounting software integrations: free for QuickBooks, Xero; premium integrations may incur third-party fees
⚠ Watch for:
- Card replacement fee: $5 per card after first free replacement
- Paper statement fee: $5 per month if requested
- Electronic bill pay: free, but paper checks may incur $1.00 per check
- Cash deposit fees: $2.50 per deposit
🔧 Features
✓ Free Tier✓ Ach✓ Bill Pay✓ Construction Focus✓ Wholesale Focus✓ Manufacturing Focus
📋 Assessment
💪 Strengths
- The free tier includes unlimited ACH transfers and bill pay with no monthly maintenance fees. For businesses that process dozens of vendor payments each month, this can result in substantial savings compared to traditional banks that charge per transaction or bundle limits. The absence of fees aligns directly with the cash-flow needs of construction firms and wholesalers.
- Industry-specific workflows are a standout feature. Nickel provides tailored tools for subcontractor payments, job costing, and supply chain settlement. This isn't generic banking; it's designed around how these industries operate, reducing the learning curve and administrative overhead.
- The referral program via PartnerStack is unusually generous, offering $250 to $750 per successful referral. This turns every customer into a potential marketer, but for existing users, it's a genuine revenue opportunity that can offset even the cost of premium features if needed.
- No minimum balance requirements and no overdraft fees are clearly communicated, which is refreshing in an industry often riddled with hidden charges. This transparency in core banking fees builds trust, even if card rates are not upfront.
- The mobile app and dashboard are modern and functional, allowing users to manage payments, track cash flow, and approve transactions remotely. For business owners on the go, this convenience is practical and time-saving.
⚠ Watch out for
- Public information about integrations is sparse. There's no native QuickBooks or Xero integration mentioned, which is a huge drawback for businesses that rely on accounting software. Users may need to manually export/import data or use third-party middleware, adding friction to their financial workflow.
- No physical branches or in-person support. If you value handshakes and face-to-face interactions with your banker, or need to deposit cash, Nickel isn't suitable. Everything is digital, which might alienate businesses in traditional industries that prefer a local bank relationship.
- Card processing fees are not published upfront. You must engage with sales to get a quote, which can be tedious and might surprise you. This lack of price transparency makes it harder to compare costs with other providers.
- Limited information about security features like FDIC insurance. It's unclear if funds are FDIC-insured through partner banks, which is a critical concern for businesses holding large balances. The website hasn't detailed this, leaving room for uncertainty.
- Customer support is not well-documented. There's no mention of phone support or 24/7 availability, only email/chat. This could be a problem for time-sensitive issues like payment failures or fraud alerts.
🎯 Best for
Construction, wholesale, manufacturing, and logistics companies that want a zero-cost, no-frills business banking platform for high-volume ACH and bill pay with referral earning potential.
🚫 Who should skip
Businesses outside the target industries, those needing complex integrations or a full-service bank with lending products, and enterprises that require dedicated relationship managers or in-person support.
📚 Learning curve
Minimal — the platform is designed for straightforward payment processing, so most users can start sending ACH and bill pay without deep technical setup.
🧑⚖️ Verdict
Nickel is a smart choice for construction, wholesale, manufacturing, and logistics businesses that want zero-cost banking with unlimited ACH and bill pay, and don't need branch access or heavy integrations. If you rely on QuickBooks, Xero, or require in-person support, you should look elsewhere. Bot
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseCountingupNickel
Freelancer Self-Assessment Tax Returns95—
Built-in tax estimates and expense categorisation make it easy to track taxable
Paying Business Expenses on the Go90—
App-based account with instant notifications and auto-categorisation helps small
Sharing Financials with an Accountant92—
Accountant access feature lets professionals view live data and eliminates manua
Managing Simple Invoice Payments80—
Offers invoicing and automatic chase reminders, though it's not as full-featured
Handling Complex Inventory or Payroll30—
Lacks advanced inventory management and payroll tools; better suited to service-
Paying subcontractors in construction—95
Nickel provides free unlimited ACH, which is ideal for frequent, high-volume sub
Managing vendor payments in wholesale—90
Wholesale businesses need to pay multiple vendors with diverse bill pay schedule
Manufacturing supply chain settlements—88
Manufacturers can use Nickel to handle recurring material purchases and logistic
🧭 Which One Should You Pick?
Choose Countingup if...
- You are: UK sole traders, freelancers, and small service-based businesses that want simple accounting built right into their busi
- 👍 All-in-one business current account and bookkeeping software, eliminating the need for separate acco
- 👍 Automatic expense categorisation and tax estimates updated in real time.
- 👍 FCA-registered e-money institution with segregated client funds for safety.
- 💰 From $5/mo
- ⚠ Trade-off: Not a licensed bank; deposits aren't covered by the FSCS.
Choose Nickel if...
- You are: Construction, wholesale, manufacturing, and logistics companies that want a zero-cost, no-frills business banking platfo
- 👍 Genuinely free core banking features with unlimited ACH and bill pay, no monthly maintenance fees.
- 👍 Specialized focus on construction, wholesale, manufacturing, and logistics, with workflows tailored
- 👍 Transparent referral program via PartnerStack offering up to $750 per successful referral, adding a
- 💰 Free tier available
- ⚠ Trade-off: Limited public information about integrations—may not natively integrate with po
❓ Frequently Asked Questions
How much does Countingup cost?
Countingup offers a free plan and paid plans starting at around £4.95/month for additional features like accountant sharing and invoicing. Exact pricing varies, so check the website for the latest fees.
Is Countingup a bank?
No, it's an FCA-registered e-money institution, not a licensed bank. Your money is safeguarded in segregated accounts, but it doesn't have FSCS deposit protection like a bank.
Can I use Countingup with my accountant?
Yes, the paid plan gives your accountant real-time access to your transactions, categories, and tax estimates. This can save time during year-end and reduces back-and-forth.
Does Countingup work for limited companies?
Yes, it offers business current accounts for both sole traders and limited companies, including features like invoicing and tax calculations. However, complex corporation tax filing may still require an accountant.
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