Since December 2020, we entered a very exciting new era for Coconut. We made it possible for people to connect their existing current accounts and credit cards to Coconut, meaning you can use Coconut for bookkeeping and tax without having to have a Coconut current account.
It’s always been our plan to open Coconut up to more and more people in this way. And in doing so we’ve learnt a heck a lot more about what our customers want and need. We’re clear on the work we need to do, but we need to make some changes to allow us to deliver quickly.
So we won’t be opening any new business current accounts. We’re doing this so we can focus on delivering more of the things we know our existing customers need, and to make the Coconut experience really great for customers looking to connect other bank accounts.
The reality is that opening new business current accounts is a time-consuming process. And we want to make sure we’re really delivering on the things we’ve promised to our existing customers: giving them a really great tax experience.
You can still get going with Coconut by connecting an existing business or personal bank account to the app (we connect with 25+ providers), we can help you identify your business expenses and categorise them for tax. We’d really recommend you give it a try and let us know what you think.
For our existing customers, nothing will change. Both the app, current account and debit card will all continue to work exactly as they always have. We’re just not opening any new business current accounts to give us an opportunity to focus on making improvements for our existing customers, and to make the Coconut experience really great for new customers connecting external accounts.