Best Cashplus Bank Business Banking
About Cashplus Bank
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How it worksCashplus is an online bank alternative that aims to reduce the inconveniences that come with traditional, high street banking. The Cashplus Bank account is for small businesses that want a convenient, efficient business account that has all the tools and features needed to help provide a great customer experience. Cashplus believes 'the future is small' and that all small businesses deserve more from their bank account.
See our full Cashplus business bank account review of features, fees and how they compare to other online bank accounts.
Cashplus Bank pros & cons
Pros of Cashplus
- Fully regulated bank with FSCS protection
- No credit checks during sign up
- Register your business for free, saving £12
- Fully digital account management
- Boast a 4 minute application
- Credit & overdraft options available, subject to eligibility
Cons of Cashplus
- No facility for cheque deposits
- Customer support is not 24/7
- Accepting international payments is expensive
- No bank branches for those that prefer offline banking
Cashplus business accounts
Cashplus Bank offer two accounts for small businesses, they are:
- Business Go - their free business account, great for sole traders & businesses that handle less than £50,000.
- Business Extra - paid account costing £9 per month, for businesses
The Cashplus business bank accounts are online-only, meaning they can only be accessed by the Cashplus app or online banking portal.
You can use the Post Office for cash related services, with their Everyday Banking service, though no cheque services are available.
Here is a summary table for the two Cashplus business accounts:
| Account name | Business Go | Business Extra |
| Application fee | Free | Free |
| Account fee | Free | £9 per month |
| Bank transfers | 3 free each month, then £0.30 each | 10 free each month, then £0.30 each |
| Card purchases | Free | Free |
| ATM withdrawals | £2 | £1 |
| Cash deposits (Post Office) | 0.3% fee | 0.3% fee |
| Card issue | £9.95 | Free |
| Interest (AER) | 0% | 0% |
Security & protection
Cashplus is a fully licensed bank meaning that all deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
All activity is monitored for fraudulent activity, 24/7. Accessing your account through the app or the web requires a password, face recognition, PIN, or fingerprint.
And lastly, you have advanced control over expense cards in the app.
Eligibility
Cashplus' business account is available to most small businesses registered in the UK, sole traders and other self-employed ventures, such as:
- Sole trader
- Partnership
- Limited company
- Limited liability partnership
- Charity (registered with Companies House)
- Public sector organisation.
There are no credit checks conducted by Cashplus during the application process, so if you have a bad credit history, any county court judgements (CCJ) or if you have previous defaulted, you could still be accepted.
The following must be met for eligible business applicants:
- Be a UK resident
- Be a UK-based business
- Have a UK phone number
- Limited companies will need to provide the date of birth & home address of all significant persons involved
Opening an account
Here's how to open a Cashplus Bank business account:
- Download Cashplus' app from the App Store or Google Play or sign up from their website
- Complete their digital application with no credit checks - Cashplus will confirm your eligibility
- Verify your ID - you'll need to upload a picture ID and a video of yourself
- Once approved (usually same day), you can start banking
Overdrafts
Cashplus offer overdrafts up to £2,000 for 30 days. The interest rate varies but they state a representative APR of 69.9% - based on an arranged overdraft of £500 and interest rate of 57.07% EAR.
Additional services
Cashplus has a number of credit products so they can provide you with exactly what you need. You have the option of a cash advance, credit card and debit protect.
Cashplus Bank reviews
Cashplus have an average Trustpilot score of only 3.7 stars, from over 9,800 reviews, with 54% rating them 5-stars.
The Cashplus iOS app gets 4.7 stars out of 5, based on more than 47,500 ratings.
Google Play users rate the app 4.4 stars from over 23,300 reviews
Information correct as of 25th January 2024.
Our verdict on Cashplus Bank
Cashplus is the oldest online bank out of all the UK challenger banks. It is intuitive and offers helpful tools and features for new, startup and small businesses. The ease and speed of opening an account make for an extremely attractive offering, especially since they don't run any credit checks.
Frequently asked questions
It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Cashplus Bank:
If you are the owner or director of a limited company, partnership or sole trader you can open an account with Cashplus.
Yes, Cashplus don't perform credit checks when applying to open an account.
You can apply for your Cashplus business account in as little as four minutes. Once you have applied you will be able to track the application progress with a status tracker, though you will usually get an instant online decision.
Cashplus' business account costs a yearly fee of £69 to manage. You get a monthly allowance for some free banking services, such as bank transfers, and all UK card purchases are free.
Yes, Cashplus became a fully licensed UK bank in 2021.
Cashplus are covered by the Financial Services Compensation Scheme (FSCS), protecting eligible deposits up to £85,000. They also offer other security features such as fraudulent activity monitoring and password protection.
Cashplus are part of The Current Account Switch guarantee meaning that changing from your current provider could not be easier. Just apply normally and mention you are switching banks, agree a switch date and Cashplus will do the rest.