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.
- Business Credit Builder Add-On
- Overdrafts of up to 2k
- Pay in via any Post Office
- £9 monthly fee for Business Extra Account
- £2 ATM Use
Eligibility Criteria
Your business must based in the UK. You’ll need verified ID such as passport or driving licence, the registration number of your company at Companies House and proof of business address.
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.
| Features | Business Go | Business Extra |
|---|---|---|
| Monthly Fee | £0 | £9 |
| Cashback (On your card spend) | ✖ | 0.5% |
| Card fee (Contactless Mastercard) | £9.95 | £0 |
| Payments (Send payments in-app or online) | 3 free then £0.30 | 10 free then £0.30 |
| ATM | £2 (£3 Non-UK) | £1 (£3 Non-UK) |
| Business Creditbuilder (Improve your credit score) | ✖ | Available |
| Online banking & Bank app (24/7) | ✔ | ✔ |
| Phone support (Friendly UK support) | ✔ | ✔ |
| In-app support | ✖ | ✔ |
| Point of sale (Chip & PIN/Contactless) | Free | Free |
| Account balance limit (Higher limits on request) | Max £50k | Max £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 £3 | 0.5% fee. Min £3 |
| Spending reports (Categorise spending automatically) | ✔ | ✔ |
| Accounting integrations (Xero, Quickbooks & Sage) | ✔ | ✔ |
| Direct Debit | Free | Free |
| FX (Point of sale) | 2.99% | 2.99% |
| 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:
| Feature | Description |
|---|---|
| Get your account number and sort code within minutes | You can receive your account number and sort code within a few minutes after signing up |
| Get a Mastercard within five days | You can receive a Mastercard within five days of signing up |
| Up to 20 business debit cards | You can have up to 20 debit cards associated with your business account |
| Integration with standard accounting software | The account can be integrated with standard accounting software for easy tracking and management |
| Easily manage employee business expenses and travel cards | Admins can track employee spending, block cards, and limit transactions |
| Google Maps integration | You can see where money is spent via a Google Maps integration |
| Deposit cash at any UK post office branch | You can deposit cash at any UK post office branch |
| 24/7 fraud monitoring | The account includes 24/7 fraud monitoring to help protect against unauthorized activity |
| Download statements straight from your account | You can easily download account statements for record-keeping and tracking |
| Track and tag payments using Google Maps | Create a tag and assign it to specific transactions for organization and tracking purposes. |
| Use the Cashplus API to integrate with new applications | You can use the Cashplus API to integrate the account with new applications |
| Up to £15,000 cash advance | You can receive a cash advance of up to £15,000 |
| UK-based Customer Services Team | There is a UK-based customer service team available to assist you with any questions or concerns |
| 24/7 Fraud Monitoring | The account includes 24/7 fraud monitoring to help protect against unauthorized activity |
| FSCS protection | The 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
| Features | Cashplus Fees |
|---|---|
| Account Application Fee | Free |
| Account Charges | Free or £9 on the Business Extra account |
| Payments | 3 free then £0.30 |
| Overseas card transaction fees | 2.99% |
| FSCS protected | Yes |
| ATM Use (UK) | £2.00 |
| ATM Withdrawal (non-UK) | £3.00 |
| Requires credit check | No |
| Overdraft | up to £2000 |
| Interest (AER) | 0% AER |
| Monthly fee | – |
| Incoming local transfers | Free |
| Outgoing local transfers | 3 free per month then GBP0.3 |
| Incoming international transfers | GBP15 |
| Card fee | GBP9.96 |
| Currency conversion fee | 2.99% |
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.
Security
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?
Cashplus is a bank in its own right and a trading style of Add Advanced Payment Solutions (APS) Limited.
Is Cashplus a Real Bank?
Cashplus is a real bank: it received its full banking licence, with no restrictions, in February 2021.
Does Cashplus Charge a Monthly Fee?
Cashplus offers two business accounts, one of which is free (with some per transaction charges), and one of which has a £9 monthly fee.
Is Cashplus a Good Account?
Cashplus has some of the best online reviews of any bank, with a 4-star average rating on Trustpilot.
Can you get an Overdraft with Cashplus
Cashplus business accounts can offer overdrafts by invitation, subject to approval and affordability.
Representative APR 69.9% (variable)
Based on an arranged overdraft limit of £100 and an interest rate of 57.07% EAR (variable)
Do Cashplus do Credit Checks
There are no credit checks to open up a Cashplus account.
Is Money Safe with Cashplus?
Cashplus use 256-bit secure encryption to protect your account details, and business accounts are FSCS protected up to £85,000.