Should you choose Zempler Bank for your business bank account?
I’ll guide you through the Zempler Bank, formerly known as 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.
No annual fee
Zempler Bank Business Go Account
Monthly Fee
£0Bank Transfers
30p
Card Purchases
£0Overdraft
YesFSCS Protection
NoAccessibility
Access your Zempler Bank account via the web or the mobile app
– You must be at least 18 years old and have a UK residential address.
– You must be a sole trader, director of a limited company, a charity or a partnership based in the UK.
– Sole traders cannot be registered at UK Companies House. Limited companies must have no more than 4 PSCs registered with Companies House.
– High-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.
Zempler Bank Business Extra Account
Monthly Fee
£9Bank Transfers
30p
Card Purchases
£0Overdraft
YesFSCS Protection
YesAccessibility
Access your Zempler Bank account via the web or the mobile app
– You must be at least 18 years old and have a UK residential address.
– You must be a sole trader, director of a limited company, a charity or a partnership based in the UK.
– Sole traders cannot be registered at UK Companies House. Limited companies must have no more than 4 PSCs registered with Companies House.
– High-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.
- Zempler Bank Business Account Review: My Verdict
- Zempler Bank Business Account Key Features
- Zempler Bank Business Account Pros & Cons
- How to Choose the Right Zempler Bank Account
- Some Background on Zempler Bank
- Zempler Bank Business Account Fees & Charges
- Zempler Bank Business Bank Account Eligibility Criteria
- Zempler Bank App Review
- Zempler Bank Business Credit Card
- Spending Abroad with Zempler Bank Business
- What’s the Security like at Zempler Bank?
- Zempler Bank Customer Reviews
- Zempler Banking FAQs
Zempler Bank Business Account Review: My Verdict
Zempler Bank 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: Zempler Bank claims 99.94% of its customers open an account on the same day as their application.
Reasons to Sign Up
The Zempler Bank 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.
Zempler Bank 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.
Zempler Bank Business Account Key Features
Zempler Bank offer the following key bank account features:
| Feature | Included |
|---|---|
| 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 | ✅ |
Zempler Bank Business Account Pros & Cons
Reasons to Sign-Up
- 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
Reasons to Avoid
- 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 Zempler Bank Account
If you’re considering Zempler Bank for your business, you’ll need to choose between their two account options: Go and Extra.
The Business Go account is Zempler Bank’ 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 |
| Choose Business Go | Choose Businesss Extra |
* There are some cash deposit limits on accounts.
Business Go
Zempler Bank’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 Zempler Bank 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 Zempler Bank Business Creditbuilder is included, which may aid in improving your business credit score by demonstrating regular payment capability.
Some Background on Zempler Bank
Zempler Bank is a UK challenger bank that obtained its banking licence in February 2021, after 15 years as an e-money institution.
Zempler Bank 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’. Zempler Bank 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.
Zempler Bank Business Account Fees & Charges
| Features | Zempler Bank 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% |
Zempler Business Bank Account Eligibility Criteria
Zempler Bank 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
Zempler Bank App Review
The Zempler Bank 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 Zempler Bank through the app currently, unless you’re on the Business Extra plan.
Some of the features of the Zempler 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.
Zempler Bank Business Credit Card
Zempler Bank 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 Zempler Bank business credit card, and up to 56 days’ interest-free credit, when you pay in full each month.
Spending Abroad with Zempler Bank Business
Yes, it is possible to spend abroad with the Zempler Bank 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 Zempler Bank?
As a regulated bank, Zempler Bank 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.
Zempler Bank Customer Reviews
Zempler Bank 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 Zempler Bank 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, Zempler Bank 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 Zempler Bank has received some negative reviews on Reviews.IO, with a low 1.5-star rating out of 11 reviews.
Review Methodology
At Business Expert, our review methodology for business bank accounts includes assessing key aspects to ensure comprehensive analysis:
- Features: Evaluation of account features and benefits.
- Fees: Examination of all associated costs.
- Reviews: Analysis of customer feedback across various platforms.
- User Experience: Assessment of online and mobile banking usability.
- Customer Support: Review of support channels and service quality.
- Application Process: Evaluation of the ease and efficiency of account setup.
- Eligibility Criteria: Overview of requirements for account opening.
This approach enables us to provide clear and concise guidance for businesses in selecting a suitable banking product.
Product details reflect the information that was available at that time but may have changed since
Zempler Banking FAQs
Which Bank owns Zempler?
Zempler is a bank in its own right and a trading style of Add Advanced Payment Solutions (APS) Limited.
Is Zempler Bank Real Bank?
Zempler is a real bank: it received its full banking licence, with no restrictions, in February 2021.
Does Zempler Bank Charge a Monthly Fee?
Zempler Bank offers two business accounts, one of which is free (with some per transaction charges), and one of which has a £9 monthly fee.
Is Zempler a Good Account?
Zempler Bank has some of the best online reviews of any bank, with a 4-star average rating on Trustpilot.
Can you get an Overdraft with Zempler Bank
Zempler Bank 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 Zempler Bank do Credit Checks
There are no credit checks to open up a Zempler Bank account.
Is Money Safe with Zempler Bank?
Zempler Bank use 256-bit secure encryption to protect your account details, and business accounts are FSCS protected up to £85,000.
