Many of our customers now use Coconut to manage their finances alongside another bank account of their choice. So if the Coconut Current Account isn't right for you, that's OK. And you can still make the most of the bookkeeping and tax features we offer.
You can connect other bank accounts and credit cards to Coconut to help you claim expenses, get paid and work out how much tax you owe. Think of it like a ‘bolt on’ to your bank account to make it more powerful.
To use Coconut in this way, here are the steps you need to take:
1) Find a bank provider
First, you’ll need to find someone you want to bank with. Although it’s quite common for banks to charge bank transfer fees on business accounts there are some options out there that are free to use. Usually, you can open a business current account easily with the bank where you have a personal account, another option you could explore is Monzo lite.
Please note we aren't set up with the Current Account Switching Service, so any Standing Orders and Direct Debits will need to be transferred over manually.
Here's a full list of all the banks and credit cards you can connect to Coconut.
2) Close your Coconut current account
You can do so easily by getting in touch via the in-app chat or by sending us an email to [email protected]. When doing so, please don’t forget to mention that you’re moving to a bank and would still like to use Coconut for your accounting. Your current account will be fully closed, but you'll still be able to access your previous data for accounting purposes.
This is what it will look like in-app:
3) Connect your bank account to Coconut
Once you’ve set up your bank account, and closed your Coconut current account, you can simply come back into the app and connect your new bank account to Coconut in a few very simple steps:
Head to the 'Account' section of the app and tap on 'add accounts'
You'll need to give us permission to read certain information, so we can capture it in the app (this can be revoked anytime if you'd like to disconnect your accounts):
Now, you'll be asked to choose your bank. If you'd like to get a full list of the banks that are supported by Coconut, please head here.
Once you've chosen your bank, you'll be redirected to their main website or app to complete the process.
When you've confirmed this with your bank, you'll be redirected to the app. Here you will decide if you want to use the account for business/personal or both.
The app will let you know once the setup has been successful!
4) Continue to use Coconut for your bookkeeping & tax
Now that your account is connected, you can continue to use Coconut for bookkeeping, creating and sending invoicing, tax management, capturing expenses, and more.
If you have any questions, feel free to get in touch via the in-app chat or via email.