Cashplus Business Account – In Brief
Cashplus Bank first launched as a licensed UK bank in 2021, but Cashplus have been around since 2005, being one of the first providers in the UK to offer prepaid debit cards. The Cashplus business account is an app-based digital bank account, similar to other providers in the market such as Starling Bank or Tide. However, Cashplus offer some additional features that may be attractive to businesses who may have had money or credit issues in the past. Read our Cashplus business account review to find out more.
Table Of Contents
Cashplus Business Pros & Cons
Pros:
- Incredibly quick to set up account with no credit check
- Business Creditbuilder for businesses with bad credit
- Fully regulated and protected under the FSCS
- Pay in cash via the post office
- Money management features in the app
Cons:
- Cost of £0.30 per payment made or received into the account.
- Balance limits of £50k on Business Go and £250k on Business Extra
- No free ATM withdrawals
What is Cashplus Business?
Cashplus Bank was launched in 2021, with a personal current account and business product. The Cashplus business account is a smartphone app focused current account, and they are a fully licensed UK bank. The company behind Cashplus – Advanced Payment Solutions – has been operating since 2005, and has been very successful in the prepaid debit card market. From this experience, they clearly have some background with personal and business customers who have experienced credit issues. Therefore, the Cashplus business account is tailored towards businesses who may have had some problems, and has features designed to help.
Cashplus bank differs from some of their competitors, in that they are a profitable company with a long history. Whilst some of the newer fintech banks such as Monzo and Revolut are still not profitable, Cashplus claim to have been profitable for 8 years.
Cashplus Business Account Features
- Current account – with Mastercard debit card
- Set up account within minutes – with no credit check
- Pay in cash – via the Post Office
- Connect your accounting software – Xero, Quickbooks and more supported
- Debit cards for staff – up to 20 per account (card fee applies)
- Overdraft – up to £2000 (if eligible)
- Cash Advance – available to eligible applicants
- Scan expense receipts – and upload into the app
- Download statements – direct from the app
- USD and EUR – currency debit cards available
Cashplus also offer the business Creditbuilder, which is designed to help businesses with a poor credit rating. The Creditbuilder product is available on the Business Extra tier of Cashplus business. The way that it works is that Cashplus ‘loans’ the business the equivalent of 12 months of the £9 per month account fee – a total of £108. In reality, this money is not actually given to the business, but kept by Cashplus separate to the business account. The business then pays back this ‘loan’ by simply paying the £9 per month account fee on time. At the end of the period, the company will have this as a successful credit transaction, which can help to improve their credit rating.
Who is the Cashplus Business Account for?
The Cashplus business account is only available to UK registered companies. The account has certain features that could appeal to businesses who had some financial or credit issues previously such as:
- Open an account without a credit check
- Business Creditbuilder
In addition, Cashplus business offer an overdraft of up to £2000 for eligible businesses, and they offer the Business cash advance, which is an alternative to a business loan for businesses that need to raise capital for their business.
Combined with their easy to use app, these features make the Cashplus Business account an attractive option for any business, and especially those that have had credit or money issues in the past.
Cashplus Business Account – Costs & Fees
Cashplus Business has two tiers, Business Go, which has no monthly subscription fee, and Business Extra, which costs £9 per month.
There are various costs of running the account, some of which vary depending on which tier you are on.
Sending Payments
- Cashplus charge a flat fee of £0.30 per payment sent:
- On the Business Go tier, you get 3 free payments per month
- On Business Extra, you get 10 free payments.
Debit Card
- £9.95 on Business Go
- Free on Business Extra
- Additional cards are £5.95 on both tiers
ATM Withdrawals
- £2 per withdrawal on Business Go
- £1 per withdrawal on Business Extra
- ATM withdrawals abroad at £3 on both tiers
Cash Deposits
- 0.5% of the amount deposited with a minimum of £3
Currency Transfer
- 2.99% on both tiers
International Inbound Payments
- £15 on both tiers
Is the Cashplus Business Account Safe?
Cashplus Bank are a fully licensed UK bank, and are therefore regulated by the Financial Conduct Authority (FCA). This means that all customer deposits are protected up to £85,000 under the Financial Services Compensation scheme. This means that in terms of regulation, Cashplus is just as safe as any other UK bank.
In addition, many of the digital banks in the UK are start-ups and some are not yet profitable. Cashplus is owned by a company called Advanced Payment Solutions Ltd, who state their have been profitable for over 8 years, so the business seems to be solid.
Cashplus Business Account Comparisons
Which is better – Cashplus Business Account or Tide Business?
Read our full Cashplus Business Account vs Tide comparison
Cashplus Business Account FAQ
Is Cashplus Business legit?
Cashplus Bank is a fully licensed UK bank, and therefore is regulated by the Financial Conduct Authority (FCA). As part of this regulation, all customer deposits are protected under the Financial Services Compensation Scheme (FSCS), up to £85,000 per customer. This level of regulation is exactly the same as more established banks in the UK, so Cashplus Bank are definitely a legit bank.
What is the best business bank account UK?
There are many options out there for business owners who are looking for a business bank account. Check out our article analysing the best business bank account UK.
Which bank owns Cashplus?
Cashplus is owned by Advanced Payment Solutions Ltd (APS), who have been operating since 2005. Initially offering prepaid debit cards, APS launched Cashplus Bank in 2021. Unlike many of their startup digital banking competitors, Cashplus are a profitable company, claiming to have been in profit for over 8 years.
Cashplus Business Verdict
The Cashplus business account is an interesting addition to the crowded digital business banking market. They have differentiated themselves from their competitors by offering features that would be attractive to businesses that may have had credit or other issues in the past. Whilst their feature-set may be a little more limited than some competitors, these dedicated features could make the Cashplus business account a very good option for many small businesses.
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