Should you choose Cashplus for your business bank account?

I’ll guide you through the Cashplus business account below, including its key features, sign-up criteria, fees, and how to apply. I will also provide an overview of the pros and cons, so you can decide if it is right for your business.

Read my detailed review, or if you’re ready to sign up right now, you can click on the box below.

Cashplus Review

Cashplus Business Account Review: My Verdict

Cashplus Business Account is a great choice for businesses that want a fully regulated, FSCS-protected bank account without needing a credit check. With high ratings from customers, it’s a competitive alternative to traditional high-street banking options. It’s also lightning fast to set up: Cashplus claims 99.94% of its customers open an account on the same day as their application.

Reasons to Sign Up

The Cashplus entry-level account offers a range of benefits, including zero monthly fees, UK-based customer support, and seamless integration with popular accounting software such as QuickBooks, Xero, and FreeAgent.

Moreover, you’ll receive a Mastercard debit card that enables you to make purchases and withdraw cash at ATMs. You can also take advantage of free online banking, SMS alerts, and a mobile app that allows for easy account management.

It’s a fantastic account if you don’t need a credit check or wish to build credit, but a useful all-rounder even if those aren’t requirements. We do recommend the Business Extra account for the extra features, especially Creditbuilder.

The Extra account also adds in free ATM withdrawals both in the UK and abroad, plus 0.5 cashback on card spend, and twenty free transfers a month.

Both accounts can offer an overdraft – which is very rare amongst challenger banks – though it’s dependent on credit history.

Reasons to Avoid

While the account offers many benefits, it’s important to note that certain transactions and services come with charges. ATM withdrawals cost £2, for example, on the free account.

There is no branch access, as with a traditional high street bank.

Cashplus does not offer 24/7 customer support. Their customer service is open from 8am to 8pm Monday to Friday, and 8am to 4pm on Saturdays.

Cashplus Business Account Key Features

Cashplus offer the following key bank account features:

Account number and sort code within minutes
Mastercard within five days
Up to 20 business debit cards
Integration with standard accounting software
Manage employee expenses and travel cards
Google Maps integration
Deposit cash at any UK post office branch
24/7 fraud monitoring
Download statements directly
Track and tag payments using Google Maps
Cashplus API for new applications
Up to £15,000 cash advance
UK-based Customer Services Team
FSCS protection

Cashplus Business Account Pros & Cons


  • No credit check required
  • Excellent reviews
  • No monthly fee for an entry-level account
  • Fast Application in only 4 minutes
  • Pay in via any Post Office
  • Overdraft of up to 2k
  • Well-designed APP
  • Deposits up to £85,000 are protected by the FSCS,
  • Features like payment alerts, and the ability to block a missing card add value
  • Add a travel Card to pay in local currency, with no foreign exchange fees and with competitive exchange rates


  • No bank branches
  • £2 per ATM Use on the free account account
  • £9.95 application fee for a business MasterCard (this is waived if you apply via Business Expert)

How to Choose the Right Cashplus Account

If you’re considering Cashplus for your business, you’ll need to choose between their two account options: Go and Extra.

The Business Go account is Cashplus’ entry-level option and is completely free of any monthly fees.

However, if you’re looking for more advanced features, you might consider upgrading to the Business Extra account, which includes the useful ‘Creditbuilder’ option that can help you improve your credit score over time.

To help you choose between these two accounts, we’ve compared the features of each in the section below.

FeaturesBusiness GoBusiness Extra
Monthly Fee£0£9
(On your card spend)
Card fee
(Contactless Mastercard)
(Send payments in-app or online)
3 free then £0.3010 free then £0.30
ATM£2 (£3 Non-UK)£1 (£3 Non-UK)
Business Creditbuilder
(Improve your credit score)
Online banking & Bank app
Phone support
(Friendly UK support)
In-app support

Point of sale
(Chip & PIN/Contactless)
Account balance limit
(Higher limits on request)
Max £50kMax £250k
Additional debit cards
(Up to 20 cards for your staff)
£5.95 per card£5.95 per card
Post Office cash deposits
(Limits apply*)
0.5% fee. Min £30.5% fee. Min £3
Spending reports
(Categorise spending automatically)
Accounting integrations
(Xero, Quickbooks & Sage)
Direct DebitFreeFree
(Point of sale)
International inbound£15£15
Choose Business GoChoose Businesss Extra

* There are some cash deposit limits on accounts.

Business Go

Cashplus’s Business Go account is their free account, offering simple, streamlined banking features.

  • Account limit: Set at £500,000, it accommodates a wide range of business transactions.
  • Transaction fees: Offers three free in-app or online payments each month. Subsequent transactions incur a fee of 30p each.
  • Debit card fees: A one-time fee of £9.95 applies for issuing a contactless MasterCard, with additional cards available at £5.95 each.
  • ATM usage charges: Withdrawals cost £2 per transaction within the UK and £3 for international ATMs.
  • Cash deposit fee: Depositing cash at the Post Office attracts a 0.5% fee.

Business Extra

The Cashplus Business Extra account, with a monthly fee of £9, offers a comprehensive suite of banking features designed to cater to the needs of businesses looking for more from their banking service:

  • Monthly Fee: £9, providing access to enhanced features and services.
  • Account Limit: A substantial limit of £500,000, suitable for businesses with higher transaction volumes.
  • Payments: 20 free in-app or online payments each month, with additional transactions charged at 30p each.
  • Cashback: Earn 0.5% cashback on card expenditures, rewarding your business spending.
  • Debit Card: Free contactless MasterCard provided, with additional cards available for £5.95 each.
  • ATM Withdrawals: Free of charge for both UK and international ATMs, enhancing accessibility.
  • Cash Deposit Fee: A 0.5% fee applies for cash deposits at the Post Office, aligning with the Business Go account.
  • Business Creditbuilder: Access to the Cashplus Business Creditbuilder is included, which may aid in improving your business credit score by demonstrating regular payment capability.

Some Background on CashPlus Bank

Cashplus is a UK challenger bank that obtained its banking licence in February 2021, after 15 years as an e-money institution.

Cashplus is a trading style of Advanced Payment Solutions Ltd (APS), which launched the first prepaid credit card in the UK in 2005 before becoming a challenger bank with an emphasis on ‘barrier-free products and services’. Cashplus was founded by Rich Wagner, a former Barclaycard director, and now boasts over 1.9 million customers.

Rich Wagner says that the bank hopes to serve 10% of all new UK businesses by 2024.

Cashplus Business Account Fees & Charges

FeaturesCashplus Fees
Account Application FeeFree
Account ChargesFree or £9 on the Business Extra account
Payments3 free then £0.30
Overseas card transaction fees2.99%
FSCS protectedYes
ATM Use (UK)£2.00
ATM Withdrawal (non-UK)£3.00
Requires credit checkNo
Overdraftup to £2000
Interest (AER)0% AER
Monthly fee
Incoming local transfersFree
Outgoing local transfers3 free per month then GBP0.3
Incoming international transfersGBP15
Card feeGBP9.96
Currency conversion fee2.99%

Cashplus Business Bank Account Eligibility Criteria

Cashplus have one of the lowest barriers to entry of any business account in the UK, with 9 out of 10 accounts accepted. They don’t use soft credit checks or require a video verification process. Their basic eligibility is as follows:

  • Your business must be based in the UK
  • You’ll need a verified ID such as a passport or driving licence
  • Registration number of your company from Companies House
  • Proof of Business Address

Cashplus APP Review

The Cashplus app is well-designed and feature-rich, with an impressive 4.7-star review average in the APP store out of 41k ratings. However, you can’t contact Cashplus through the app currently, unless you’re on the Business Extra plan.

Some of the features of the Cashplus app include:

  • Viewing account balances and transaction history
  • Making payments and transfers
  • Setting up direct debits and standing orders
  • Receiving notifications and alerts
  • Temporarily blocking and unblocking the debit card
  • Apply for an overdraft
  • Managing account settings and preferences

The app is available for free download on both Android and iOS devices.

Cashplus Business Credit Card

Cashplus offers a business credit card which comes with a 1% cashback reward. At the time of writing the rates are:

Representative APR 29.9% (variable), Purchase rate 29.9% p.a. (variable), Assumed credit limit £1,200, Annual Fee £0

There are no annual or monthly fees on the Cashplus business credit card, and up to 56 days’ interest-free credit, when you pay in full each month.

Spending Abroad with Cashplus Business

Yes, it is possible to spend abroad with the Cashplus Business Account. The account comes with a Mastercard debit card, which can be used to make purchases and withdraw cash at ATMs in countries around the world.

However, it is important to note that there is a 2.99% foreign exchange fee for all transactions made in a foreign currency, as well as a £1.50 fee for ATM withdrawals. Additionally, some merchants may charge their own fees for accepting foreign cards.

What’s the Security like at Cashplus Bank?

As a regulated bank, Cashplus takes its security seriously, using 256-bit secure encryption and conducting regular security audits on its website.

You’ll be automatically logged out of your account after 15 minutes of inactivity, and multiple failed attempts at login result in being locked out.

Cashplus Customer Reviews

Cashplus bank account has an impressive 4-star average on Trustpilot out of 7527 reviews, indicating high levels of customer satisfaction with the platform.

“Fantastic customer service” and “helpful, patient” representatives are just some of the reasons why customers have given Cashplus a high rating on Trustpilot. Customers also appreciate the “reliable”, “clear”, and “easy-to-use” features of the account, as well as the “efficient” and “thoughtfully designed” security measures.

Additionally, Cashplus has a 4.82-star rating out of 6,835 reviews on Smart Money People, further emphasizing the positive reputation of the bank account.

However, it is important to note that Cashplus has received some negative reviews on Reviews.IO, with a low 1.5-star rating out of 11 reviews.

Review Methodology

Cashplus Banking FAQs

Which Bank owns Cashplus?

Is Cashplus a Real Bank?

Does Cashplus Charge a Monthly Fee?

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Can you get an Overdraft with Cashplus

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