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Coconut review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Coconut charges £12.99 every month, so it suits freelancers and small business owners who want a digital-only account and can absorb that cost. What it offers in return is a regulated setup, deposit protection and a support line that runs in writing and live chat, not on price.

Key facts

Best for
Freelancers and small business owners happy to pay a monthly fee for a digital-only account.
Monthly fee
£12.99↗
Deposit protection
FSCS up to GBP 85,000↗
Legal entity
@Coconut Platform Limited↗
Headquarters
United Kingdom↗
Founded
2015↗
Support channels
Email, Chat, Help-centre↗
Audience
Freelancers, Business
Features
Digital-only
Official website
getcoconut.com

Facts checked September 26, 2026, 4 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
TrustpilotLinkedInX

Pros and cons

Pros

  • The account is digital only, which suits people who bank from a phone
  • Regulated by the Financial Conduct Authority as an Account Information Service Provider
  • Deposits are covered by FSCS up to GBP 85,000
  • Support runs through email, chat and help centre

Cons

  • Charges £12.99 a month, well above the €0 most providers on the site
  • Support runs on email, chat and help centre only, with no phone line
  • The account is digital only, so there is no branch or cash handling
Coconut

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Scored 8.5 / 10 by VaultCue.

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Who it suits

  • Freelancers who invoice in other currencies and bank online
  • Small business owners who run day to day spending from a phone
  • Anyone comfortable paying a monthly fee for a digital-only service

Who should look elsewhere

  • People who want a free account, since £12.99 applies every month
  • Anyone who needs cash or branch access, as the service is digital only
  • Skrill and PayPal Colombia, which charge €0 and $0 a month in their own currencies

Safety of your money

Deposits sit with FSCS up to GBP 85,000. Coconut is registered with the Financial Conduct Authority as an Account Information Service Provider under the Payment Services Regulations, reference 931194. That registration covers how account data is handled rather than the balance itself, so the safety of the money depends on FSCS up to GBP 85,000.

Who runs it

The service is run by Coconut Platform Limited, registered in the United Kingdom, and has been operating since 2015. Its regulator is the Financial Conduct Authority, which lists it as an Account Information Service Provider under the Payment Services Regulations. Customer service is digital: email, chat and help centre carry the whole of the support offer, which suits people who prefer writing.

How Coconut compares

Where Coconut is available

Available
United Kingdom
Licence in United Kingdom
Financial Conduct Authority (Account Information Service Provider under the Payment Services Regulations 2017) (931194), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

How much does Coconut cost each month?+

Coconut charges £12.99 a month. Most providers on the site carry a €0 monthly fee, so this sits at the upper end of the range. The account is digital only, which suits people who bank entirely online.

Is my money protected if Coconut fails?+

Deposits are covered by FSCS up to GBP 85,000. Coconut is registered with the Financial Conduct Authority as an Account Information Service Provider under the Payment Services Regulations, so the registration governs account information handling. The balance itself relies on the protection above.

Who runs Coconut?+

The service is operated by Coconut Platform Limited, which is registered in the United Kingdom, and the company has been running since 2015. It is a UK business, so the account and its terms sit under UK rules and UK regulation.

Can I speak to someone about a problem?+

Support runs through email, chat and help centre, so questions are handled in writing and by live chat. That suits people who would rather keep a record of what was said than talk it through on a call, and the help centre carries the detail most questions need.

Who is Coconut built for?+

Coconut lists freelancers and business owners as its main audiences, so it is aimed at people running their own work. The account is digital only, which fits that everyday online use rather than anything that needs cash handling.

Does Coconut have branches or cash machines?+

Coconut is digital only, so the service runs through the app and online banking with no branch to visit. That suits freelancers and business owners who manage money from a phone rather than over a counter.

How does Coconut compare with free alternatives?+

Skrill charges €0 a month and Plazo ES charges €0 a month, so both are cheaper to hold. PayPal Colombia sits at $0 too. The trade-off is the regulated setup and the deposit protection Coconut adds.

Sources

  • find-and-update.company-information.service.gov.uk/compan... checked September 26, 2026

    Backs: Founded

    “@COCONUT PLATFORM LIMITED - Incorporated on 7 December 2015 (previous name MONIZO LTD)”

  • getcoconut.com checked September 26, 2026

    Backs: Support channels

    “You can get in touch with us through the in-app chat or by emailing support@getcoconut.com”

  • getcoconut.com/pricing checked September 26, 2026

    Backs: Audience, Monthly fee

    “Coconut is designed specifically for sole traders”

  • getcoconut.com/legal/terms checked September 26, 2026

    Backs: Deposit protection, Features, Headquarters, Legal entity, Licences

    “App: any web-based, Android or iOS application made available to you by Coconut”

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Currency conversion fee, Currencies.

Coconut

Coconut

Freelancers and small business owners happy to pay a monthly fee for a digital-only account.

8.5/10See alternatives