Should you choose Cashplus for your business bank account?

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

Read our detailed review of the Cashplus Business account, or if you’re ready to sign up right now, you can click into the box below.

How to Choose the Right Cashplus Account

If you’re considering Cashplus, 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

* There are some cash deposit limits on accounts.

Cashplus Business Account Review: Our Verdict

Cashplus Business Account is a solid choice for businesses that want a fully regulated, FSCS-protected bank account without the need for a credit check. With high ratings from customers, it’s a competitive alternative to traditional high-street banking options.

Reasons to Sign Up

The Cashplus entry-level account offers a range of benefits, including zero monthly fees, quick account setup, 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.

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.

Pros and Cons of Cash Plus Business Banking

Pros of Cashplus Banking

  • No credit check required – Cashplus Business Account can be a great option for businesses with credit issues or difficulties opening an account elsewhere
  • Excellent reviews – Cashplus Business Account has received positive feedback from customers, indicating a high level of trust and satisfaction
  • No monthly fee for an entry-level account – the account provides a cost-effective solution for businesses that don’t require advanced features
  • Fast Application in only 4 minutes – Cashplus Business Account offers a hassle-free and quick signup process
  • Pay in via any Post Office – the option to deposit funds through any Post Office provides a convenient alternative to traditional methods
  • Overdraft of up to 2k – approved businesses can benefit from a flexible borrowing option to manage cash flow
  • Well-designed APP – the account’s user-friendly interface simplifies banking tasks and saves time
  • FSCS Protection – deposits up to £85,000 are protected by the FSCS, providing peace of mind and financial security

Cons of Cashplus Banking

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

Cashplus Account Features

Cashplus offer the following account features:

Get your account number and sort code within minutesYou can receive your account number and sort code within a few minutes after signing up
Get a Mastercard within five daysYou can receive a Mastercard within five days of signing up
Up to 20 business debit cardsYou can have up to 20 debit cards associated with your business account
Integration with standard accounting softwareThe account can be integrated with standard accounting software for easy tracking and management
Easily manage employee business expenses and travel cardsAdmins can track employee spending, block cards, and limit transactions
Google Maps integrationYou can see where money is spent via a Google Maps integration
Deposit cash at any UK post office branchYou can deposit cash at any UK post office branch
24/7 fraud monitoringThe account includes 24/7 fraud monitoring to help protect against unauthorized activity
Download statements straight from your accountYou can easily download account statements for record-keeping and tracking
Track and tag payments using Google MapsCreate a tag and assign it to specific transactions for organization and tracking purposes.
Use the Cashplus API to integrate with new applicationsYou can use the Cashplus API to integrate the account with new applications
Up to £15,000 cash advanceYou can receive a cash advance of up to £15,000
UK-based Customer Services TeamThere is a UK-based customer service team available to assist you with any questions or concerns
24/7 Fraud MonitoringThe account includes 24/7 fraud monitoring to help protect against unauthorized activity
FSCS protectionThe account is protected by the Financial Services Compensation Scheme (FSCS)

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%

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

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.


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.

Cashplus Banking FAQs

Which Bank owns Cashplus?

Is Cashplus a Real Bank?

Does Cashplus Charge a Monthly Fee?

Is Cashplus a Good Account?

Can you get an Overdraft with Cashplus

Do Cashplus do Credit Checks

Is Money Safe with Cashplus?