Score 9.5
Regulation FCA
Score 9.5
Regulation FCA

What is Cashplus Business Account?

Cashplus provides e-money accounts for both businesses and individuals, managed through its mobile app or online servicing. Striving towards creating the UK’s most seamless electronic banking services experience, this company continues to build on its success. The enterprise was the first non-bank to launch a current account and Britain’s first prepaid credit card. 

The company’s success is partly due to them not performing credit checks, making it an attractive option for those who have a weak financial status. Other contributing factors to their prosperity are:

  • Guaranteed instant account opening
  • Accounting software integration that provides easy cash-flow management and tax preparation
  • Account features enable you to build a good credit score

In contrast to other similar institutions, the company can provide eligible users with cash advance and overdraft when requested.

Key Details

Founded
2003
Headquarters
London
Users
1.5M
Regulations
FCA
Based on 12,125 reviews
Cashplus Key Details
Founded 2003
Headquarters London
Users 1.5M
Regulations FCA
Get started with Cashplus

Cashplus Business Account Pros & Cons

Pros
  • green-check-mark No credit check while signing up
  • green-check-mark Overdraft and credit options
  • green-check-mark EUR and USD accounts are available
Cons
  • 2.99% foreign usage fee
  • You have to request the IBAN for international payments
  • Slightly higher than average interest rates

Cashplus Banking Features

Multi-Currency Accounts

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International payment services are available for both personal and business current account holders. To receive funds from abroad, you’ll have to provide the payer with your account number.

Foreign deposits made to your account in Euros will automatically be converted to GBP when it’s applied to your account. Should you be receiving funds in any accepted currency other than Euros, it’s essential to use the correct pay-in details. You can find these details on the Cashplus website’s help page under international payments. Failure to do so may result in double conversion fees.

Payments

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Cashplus’ online servicing and mobile app make payments and transfer quick and easy. Once logged in, you can: Manage direct debits; Make one-off payments; Set up recurring payments and standing orders for business expenses, bills, employee wages, etc.

You can also set up payments to be taken from your debit card by providing the business you want to pay with your card’s details. This allows for recurring settlements of various amounts to be deducted from your account on a flexible basis. Settling one-off expenses online or in-store with your card is also possible and straightforward.

Corporate Card

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The business credit card can be used for all your payments and purchases, making it ideal for everyone. It’s a hassle-free lifeline when you need it, with no hidden fees. Unfortunately, no new applications are currently accepted as the company is upgrading this service.

Employees, Roles and Permissions

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The Cashplus business expense account is the ideal low-cost solution for controlling and reconciling employee expenditure. Additional cards can be ordered directly from the institution at £5.95 each. Benefits include: Blocking specific transactions and cards; Manage all additional cards from any device in one place; Monitoring and control of spend in real-time.

Accounting Tools

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The company in itself doesn’t provide its consumers with accounting tools. Its business expense card does, however, offer: Integration with significant accountancy software providers; Real-time transaction monitoring; Receipt capturing via the mobile app

Integrations and API

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With the integration of open banking, you’re in complete control of your finances. It enables you to share specific parts of your payment and account information with regulated third party providers for time-to-pay (TTP) agreements, including: Account number, name, and sort code; Information on standing orders, direct debits, and scheduled payments; Account statements and balance; Regular transaction details; Make direct one-off payments

The various APIs enable you to make a low-cost batch, single, or bulk payment quickly, saving you up to 45% on transaction fees. They’ll also allow you to create new accounts in seconds and permit you to connect your client’s business accounts to your platform for real-time financial analysis with automated reconciliation.

Security

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Cashplus is owned by and acts as the trading name for APS Financial Limited. The institution’s current accounts work through an e-money licence which is authorised and regulated by the FCA (Financial Conduct Authority).

Your business funds are kept in a regulated RBS (Royal Bank of Scotland) bank account, completely separate from the company’s own money. Therefore, your funds are safe in the event of Cashplus’ insolvency. Should this happen, RBS is required to reimburse all account holders from this account before settling any claims of other creditors.

Customer Support

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Customer support is available telephonically on weekdays from 08:00 to 20:00, and on Saturdays from 08:00 to 16:00. There’s also a 24/7 contact number for lost or stolen cards. Other than that, there’s no general support outside of these hours or on Sundays.

The company’s website does, however, host FAQ pages that answer most common queries. Your account is also available for any-time use through online servicing or the mobile app.

Plans & Pricing

Cashplus offers current accounts and credit cards for both personal and company use. Additionally, as a corporate solution, the institution also offers an expense account. Even though there are no set up fees or contractual commitments, a fee of £69 is payable upfront.

Business account
Account Fee£69 per year
UK Purchases (£)Free
Direct DebitsFree
ATM withdrawals (UK)£2.00
ATM withdrawals (Non UK)£3.00
Business account
Account Fee £69/yr
UK Purchases (£) Free
Direct Debits Free
ATM withdrawals (UK) £2.00
ATM withdrawals (Non UK) £3.00

Fees & Pricing

Additional Card Fees green-check-mark close-mark-black close-mark-black
Free Domestic Transfers green-check-mark green-check-mark green-check-mark
Free International Transfers close-mark-black close-mark-black close-mark-black
ATM Withdrawl Fees

£2.00

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2% fee

Additional Card Fees
green-check-mark close-mark-black close-mark-black
Free Domestic Transfers
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Free International Transfers
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ATM Withdrawl Fees

£2.00

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2% fee

FAQ

Who Can Open a Cashplus Business Account?

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Most SMEs (Small and Medium Enterprises) and self-employed individuals are eligible to open a business account. However, you must be over the age of 18, and the venture has to have at least one director that’s a resident in the UK. Also, the company has to be registered as one of the following:

  • Ltd.
  • Sole trader
  • Limited Liability Partnership
  • Partnership
  • Public sector organisation
  • Charity

What Countries Can I Open an Account In?

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Cashplus accounts are limited to UK based companies and residents.

What Documents Do I Need to Open a Cashplus Account?

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All you need to open an account is to be at least 18 years old, be a resident of and a business based in the United Kingdom. The company will verify your personal or business name and address from the information provided during your application. Should this not be possible, it may request specific documentation from you.

How Do I Open a Cashplus Bank Account?

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Signing up for an account is a straightforward process. You log on to the website and fill in the short online application form. This is followed by an automated business identification check, which typically takes less than five minutes. As soon as your details are verified, you’ll receive an account number and a sort code.

Although you can use your account immediately, it’ll take three to five working days for your prepaid Mastercard to arrive by post.

How Can I Access My Account?

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Getting access to your account is easy, simply log-in to online servicing or the mobile app. This’ll provide you with a 24/7, real-time view of your account balance. It’ll also enable you to download or view up to 18 months of your transaction history.

Is My Money Safe?

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Cashplus uses firewall security with 256-bit encryption and Transport Layer Security to safeguard your account against cybercrime. Furthermore, your funds are kept safe in a regulated RBS account, separate from the company’s finances. Should the institution file for insolvency, your money will be refunded to you via RBS.

User Reviews

4.5/5
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Love Cashplus but it is missing some important features compared to other online current accounts some that would love to see in future: Instant Notifications, Google Pay, Ability to order replacement cards on app

By Frankie
4/5
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As a small business bank account it has most features and after initial cost there is no fee. It connects to my quick books which is helpful. It would get 5 stars if we could pay in cheques!!

By Helen
5/5
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I use Cashplus for my business and it’s fantastic I can always check my balance what’s going out what’s coming in. It’s linked to QuickBooks so have direct feed to my bank in my accounting.

By Djs00700

Our Verdict

Cashplus’ business current account is an outstanding alternative to High Street banks, especially if your credit score isn’t up to standard. The company may not grant you immediate access to its credit options, but through consistent sales volumes, it may become available sooner than you anticipate.

If you require a business account which grants you full control over your finances, then Cashplus is most definitely an option you want to consider.