Cashplus is a UK-based e-money account for businesses and selves. In 2005, it was the first service to begin its prepaid Cashplus credit card in the UK, and it was the first non-bank to establish a current account.
The business account is controlled through the Cashplus Mobile App or web dashboard on a computer.
Cashplus is especially engaging to those with a poor credit history because there’s no credit check performed, and account features allow you to build a good credit history.
Unlike most other challenger banks, Cashplus offers a business overdraft and cash advance to qualified users. A business credit card is normally available but currently not open to applications.
Signing up is easy: fill in a short online application form, followed by an automatic business identification check. After the verification, you quickly get a sort code and account number so the account can be used straight away. A prepaid Business Mastercard will come by post within 3-5 working days.
Who can open a Cashplus Business Account?
The Cashplus Business Account is open for most corporations and self-employed individuals based in the UK. Companies should have at least one director citizen in the UK.
To pass, you have to be over 18 years old and registered as one of the following:
- Limited company
- Sole trader
- Limited Liability Partnership
- Public sector organization
It does not matter whether you have a weak, little, or no credit history as there are no credit checks. This indicates you can have, e.g., county court judgments, previous defaults, and bad credit and still be accepted.
The Cashplus App Features
The Cashplus app is easy and straightforward, although not quite as feature-rich as you may demand from a digital-only account (no spending kinds or budgeting features here).
The home screen includes:
- A rundown of your account: Including your balance, spending deduction, and account details.
- Activate a card: Demand and activate your Cashplus bank card.
- View credit add-ons: If you have utilized any of Cashplus’s extra services such as credit cards, extended overdrafts, or short-term loans, you can view them here.
- Make a payment: Make payments through the app.
There is also a drop-down menu where you can enter:
- Overview: A complete summary of your account status.
- Statements: View your transactions and ask for a bank statement.
- Manage my card: View card information and manage activation status.
- Payments and transfers: Make and maintain your payments, transfers, and direct debits.
- Add-ons: View and choose different add-ons offered by Cashplus.
You can also find FAQs, settings and access any messages through the drop-down menu.
Cashplus Fees and Limits
Unlike many challengers, banking with Cashplus doesn’t come for free of cost. Fees and limits vary depending on the kind of account.
Personal accounts appear in three forms: Activeplus, Flexiplus, and Deluxe.
- Deluxe accounts cost £9.95 per month and come with no extra costs on UK card payments and ATM withdrawals, bank transfers, or direct debits.
- Flexiplus accounts are free but come with a £0.99 charge on UK card purchases, e-payments, bank transfers, and direct debits. There is also a £2 cost on UK ATM withdrawals.
- Activeplus accounts take £5.95 per month with no extra charges on direct debits and UK buying. You also get nine easy transfers or e-payments per month. ATM withdrawals cost £2.
For all the accounts, taking the card initially costs £5.95. There are no charges on Post Office deposits up to £1,000 per month.
Using Cashplus Abroad
For all personal accounts, withdrawing cash abroad costs £3 a transaction.
Cashplus offers free prepaid money cards in dollars and euros. The cards allow you to withdraw and spend money in Europe or America at no extra charge, and because they’re prepaid, they also help you manage your budget.
Business Loan, Overdraft, and Credit Card
Unlike many online current accounts in the UK, the Cashplus Business Account also issues with credit and borrowing options.
For one, Cashplus has partnered with Liberis Finance to present capital advances to businesses. To qualify, your monthly customer card takings need to average at least £5,000, and you should have taken card payments for at least four months and use a card terminal. New account holders can’t usually apply for it – instead, Cashplus will notify you of the most advance amount when you finally qualify.
The only fee for cash advances is a set amount determined upfront, and then the advance is automatically repaid through a small percentage of your card takings.
Qualified business accounts will also receive an email offer of a Cashplus iDraft, an overdraft of up to £2,000. There’s no interest rate, but you do pay £1.50 per day of using the overdraft.
Alternatively, the Cashplus Business Credit Card is open to limited companies registered at Companies House. This has a credit limit of up to £3,000, no annual fees, and up to 56 days’ interest-free credit (then it’s a 19.9%+ p.a. variable interest rate). That said, the credit card is currently not offered to fresh applicants while Cashplus is making the Business Credit card even better.
Is Cashplus Login Safe?
Cashplus takes security seriously and requires necessary information alongside certified documents to register your account. Your account is kept after a secure password and is locked if the wrong password is entered three times; additionally, after 15 minutes of inactivity, you are logged out automatically.
Cashplus is listed with the Financial Conduct Authority as an electric money issuer but doesn’t have a complete banking permit. This implies that money saved on Cashplus accounts isn’t guarded by the Financial Services Compensation Scheme.
Pros and Cons of Cashplus
- Have an account running in 20 minutes.
- Optional overdraft to help you in a pinch.
- Currency cards help you spend overseas.
- Online service as well as a mobile app.
- Short-term loans to help keep you financially secure.
- Debit Protect lets you understand if you’ll be unable to pay your direct debits.
- Must pay a monthly fee to have an account open or face charges on a free account when you need to use your money.
- Must pay to have your bank card issued.
- Attempts to upsell various loans and overdrafts, probably dangerous if you are easily tempted.
- Not all services available via the app.
- Traditional banks are still required for anything more than a current account.
Cashplus Customer Reviews & Ratings
Cashplus has an average rating of 4.5 out of 5 from more than 12,000 reviews on the Application Store, and over on Google Play Store, it has an average score of 4.0 out of 5 from 7,500 Android application users.
On Trustpilot, Cashplus got a result of 3.4 out of 5 and an average rating from around 4,700 feedback posts. Customer reviews on this platform were diverse, with some users praising the easy-to-use app and simple account set-up, while others highlighted problems with making payments or logging into their accounts.
Using your card to make buying in shops, online, or over the phone, as well as to withdraw cash from ATMs. Up to 56 days’ interest-free credit, as long as you give in full each month. No annual or monthly fees.
The prepaid card can be used at more than 29 million places worldwide to buy goods and services as well as withdraw cash at Mastercard® branded ATMs in the UK and abroad. It can also be used to make online and phone buying. Enough funds must be loaded onto the Cashplus card before it can be used.
Since it was established in 2005, Cashplus has inaugurated more than a 1.6million customer accounts. It now serves 7% of all new UK businesses and expects to hit a 10% share by 2024 comfortably.
– Utilize the Cashplus Store Locator to find your nearest store.
– Deliver the cashier your card and the cash you wish to load.
– Notify the cashier you wish to top up your Cashplus account.
– You will then be provided your card back, along with a receipt confirming the deposit amount made.
Haley Hayward is an experienced writer at gblogo.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining gblogo.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.