Cashplus Business Account Review
Thinking of opening a Cashplus business account then make sure you read our review and guide, to help see if it's the right option for you.
Welcome to our comprehensive review of Cashplus business accounts, where we explore the features, benefits, and drawbacks of these UK-based business bank accounts. As an official UK bank, Cashplus offers a streamlined and efficient sign-up process tailored to suit the needs of modern businesses. In this guide, we will delve into the pros and cons of Cashplus accounts, providing you with valuable insights to help you determine if it's the right choice for your business. Whether you're a small startup or an established enterprise, our in-depth analysis will assist you in making an informed decision. So, let's dive in and discover everything you need to know about Cashplus business accounts.
- Option for no monthly fee business banking
- Free business card (normally £9.95) via us
- Full Business License & FSCS protection
- Fast sign up (open accounts in under 10 mins)
- 2 million Cashplus cards have been issued
Cashplus.com is one of the leading digital banks in the UK that offers both business bank accounts and personal accounts. Having issues over 2 million cards since forming in 2005 they are a popular choice for business accounts and offer a variety of features to help people manage their finances in a more efficient, easier and effective manner.
Due to the range of features and speed of sign up it's a popular option if you're an entrepreneur, freelancer, startup or business owner looking to open a business bank account online.
Making the right choice when it comes to opening a business bank account is crucial for you as a business owner, as this choice will significantly affect your financial management, time to manage your money and opportunities related to your finances.
Selecting the right business bank will all depend on your business activities, the level of features you need and the types of transactions you do.
Cashplus offer a range of flexible banking solutions to meet businesses of size and type, being a digital bank they have an emphasis on speed of sign and digital tools helping your business's financial journey. This Cashplus review will give you an in-depth look into this bank and let you see the options available to you as a business owner.
Cashplus business account plans
When opening a business account with Cashplus you'll be presented with two account options: the 'Go' and the 'Extra' account.
The entry level account is the 'Business Go' one which does not include any monthly fee's and so is a great option for those wanting this, you get an array of features that are great for most businesses but if you're looking for more advanced features you'll want to consider the Business Extra account which includes features such as the 'Credit builder' that can help build your businesses credit score.
Which account is right for you is only a choice that you can make, ensure you understand all of the features and costs involved as well as reading through everything on the Cashplus.com website to ensure the information is update before making any decision.
We know time is in short supply as a business owner, so if you're looking for a brief summary and verdict then read this:
Why people love Cashplus
Being a fully regulated and FSCS protected bank account gives businesses that added level of protection as well as confidence in Cashplus. These features are more often found in traditional banks but with a digital bank like Cashplus you'll get the benefits of the speed of opening an account, none of the hassle of a credit check and competitive fees.
These include no monthly fees on the entry level account and if you sign up via us you'll also get the business card fee of £9.95 put back into your account.
Other popular features that entrepreneurs look for that Cashplus have included integration with accounting partners such as Xero, FreeAgent and Quickbooks, online banking access, text alerts, a credit score builder and an intuitive mobile app.
Alongside an array of additional features that cover most business owner's needs and a UK based customer service, it's no surprise that they have been growing quickly and an option many businesses consider.
Why Cashplus may not be for you
Although Cashplus do offer a 'free' business account option with no monthly fee, it's important to be aware that fees will be still charged for certain transactions including ATM withdrawals, payments (a certain number are included free depending on your plan) and other transactions.
So it's important to check that the types of transactions you know your business does or can foresee it doing are at a competitive rate before you sign up.
Pros and Cons of Cashplus business accounts
As with any business account there will be advantages and disadvantages when compared to other options available, below you'll find them:
Pros of a Cashplus account
- No monthly account fee - On the 'Go' plan you'll find there is no monthly fee associated with having an account
- Business Card fee waived - If you sign up via us on the 'Go' plan the normal £9.95 fee will be waived and refunded to your account
- Apply in as little as 4 minutes - Speed of applying is something Cashplus pride itself in
- Great customer reviews - A range of positive customer reviews across different platforms
- No credit check - meaning it a good option for those businesses who may have poorer credit or have had problems opening accounts in the past
- Overdraft options - Many digital businesses accounts on offer are not actually bank accounts and thus can't offer an overdraft, but Cashplus are a UK registered bank and when approved you can apply for overdrafts
- Full Business License & FSCS protection - As a bank in the UK your deposits are protected by the FSCS up to £85,000.
- User-friendly app & banking - Designed to be easy to use but still have all the features at hand the Cashplus user experience is often mentioned in reviews
- Pay in cash - if your business operates with cash then you can still pay this in via Post Offices
Cons of a Cashplus account
- Cost to use ATMs - If you withdraw cash often then you'll need to be aware there is a fee when using these
- No physical branches - if you prefer to go into a bank to do your business banking this will not be the best choice for you
How does Cashplus work?
Cashplus are a digital bank, meaning they have no physical branches, therefore if you need to deposit cash you'll need to use a Post Office to do this and some charges may apply, for most people this won't be an issue, but for shops, retail or businesses that deal in cash it is probably not the best option.
Apart from this you'll be able to do all of the typical banking services you'd expect all via the Cashplus app on your phone as well as by using the business debit card (Mastercard) you'll get sent.
Speed of opening an account
Digital banks pride themselves on speed when it comes to opening an account and Cashplus is no different, the process is simple and straightforward and generally takes less than 5 minutes, the steps involved include:
- Have your documents ready - These include proof of identity (valid Driving license, Passport etc) as well as a recent proof of address, such as a utility bill or bank statement.
- Head to the Cashplus website and select the Apply for a business button.
- Fill in and complete the application form with accurate information
- Submit any documents that they may ask for to verify who you are and your business
- Double check your appointment and then submit it when you're happy
- You're finished, you now just need to await for Cashplus approval, this is generally very quick but it can take one or two business days.
- Once approved you'll get your account details which will include your account number and sort code and you'll instantly be able to start using the account to send and receive money. A bank card will be sent to you with 3-5 business days and will be personalised with your business's name on it.
Cashplus fees and costs
The Cashplus business account has two options of business bank account that you can open and you'll see an overview of it below.
Eligibility criteria for an account
If you're wanting to open a business bank account such as one with Cashplus then you'll need to meet the following criteria:
- Have a UK based business
- Have the registered company number (which can be found on Companies House)
- Proof of your business address
- Personal ID such as a valid driving license or passport
Overall, Cashplus have one of the easier applications and require less than many other options and thus have a high acceptance rate. Many business owners opt for them due no credit check or video approval being needed.
Cashplus Bank Customer Service
As with any service you use for your business you'll want to ensure that you can access good customer service, if you open either the Business Go or the Business Extra accounts you'll get access to the Cashplus 24/7 phone number for support.
If you're wanting to have in-app support then this is currently only available to the 'Business Extra' accounts, therefore you'll need to be on this plan to get this form of customer support.
User Reviews and Ratings
Cashplus have over 8,500 reviews on Trustpilot with an average rating of 4/5, customer reviews often mention the speed of opening, transparent fees, a good app and good customer service as to reasons they enjoy using them as their account provider.
The Cashplus App
As you'd imagine for a business like Cashplus that only serves its customers via this app, it must be well made, robust, secure, easy to use and have all the features you need.
The good news is that the Cashplus ticks all of these points from our experience, the app store shows over 42,000 reviews for the App and with an average score of 4.7 out of 5. The app is available on both Apple iOS devices as well as Android devices.
The app does everything you'd expect and want including:
- Seeing your balance
- Sending and receiving payments
- Setting up, managing and canceling direct debits
- Standing orders
Can I use the Cashplus business card abroad?
The business account with Cashplus will come with a business Mastercard debit card which you can use when you are abroad anywhere that shows the symbol for this, which is most places across the world.
There are fees that will be associated with using the card abroad so it's worth checking these if you do plan to use it when abroad on a regular basis.
Who are Cashplus
Cashplus have a history going back over 16 years but have recently (in 2021) obtained their UK banking license, which opens up new opportunities for them and for customers.
The company was founded by Rich Wagner in 2005 and trades under Advanced Payment Solutions Ltd and over the years have grown its customer base to nearly 2 million people.
Is Cashplus business account any good?
When considering if Cashplus business account is good for you and your business, you'll need to weigh up all of the features and fees that they offer and look at what your business and your as an owner need from the business bank account.
If these match and you know that the features will likely do what you need them to and that you fully understand the fees and costs involved then you can make an informed decision whether to sign up or not.
Cashplus Bank FAQs
Is Cashplus an actual bank?
Yes, they have a full banking license in the UK, this was given to them in Feb 2021.
Does Cashplus offer free business banking?
The term 'Free business banking' is a tricky term, as no business banking is free, often this term is used when referring to a monthly fee and in those terms, Cashplus do offer an account with no monthly fee, but there are other fees that you will need to pay relating to transactions.
Cashplus also offer another account (Extra) which does have a monthly fee of £9.
Is Cashplus any good?
Hopefully, our Cashplus bank review will give you some information to help answer this but ultimately it's down to your to make an informed decision based on your own knowledge of your business and the information you find on the Cashplus website.
How safe is Cashplus?
Your deposits of up to £85,000 are protected by the FSCS and additionally, Cashplus have a number of features in place including 256-bit encryption to ensure your bank account is as safe as possible.
If you see a * next to a link it means we are affiliated with the company and therefore may make a small commission if you sign up, this does not affect our reviews or information provided, this simply helps us run FounderPass and help give you the best information possible.
Information we provide is for general information and does not constitute financial advice. Always ensure do your own research when making decisions especially financial ones.