Our evaluation(3.7/5)
Cashplus was the first non-bank to launch a current account in the UK, but how does its business account fare today?
Features
  • Company: Cashplus is a product by APS Financial Limited

  • Card: Business Prepaid Mastercard included

  • Account: E-money current account for businesses & sole traders

  • Loan & credit options: Overdraft, cash advance, credit card

  • Ongoing cost: £69 annual fee

  • IBAN: Can be requested

Cashplus Business card

Sign up online in 4 minutes and get your account approved immediately.

Cashplus is a UK-based e-money account for businesses and individuals. In 2005, it was the first service to launch a prepaid credit card in the UK, and it was the first non-bank to launch a current account.

The business account is managed through the Cashplus Mobile App or web dashboard on a computer.

Cashplus is particularly attractive 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 eligible users. A business credit card is usually available, but currently not open to applications.

Signing up is simple: fill in a short online application form which will be followed by an automatic business identification check. After the verification, you immediately get a sort code and account number so the account can be used straight away. A prepaid Business Mastercard will arrive by post within 3-5 working days.

Who can open a Cashplus Business Account?

The Cashplus Business Account is open for most businesses and self-employed individuals based in the UK. Companies should have at least one director resident in the UK.

To qualify, you have to be over 18 years old and registered as one of the following:

  • Limited company
  • Sole trader
  • Partnership
  • Limited Liability Partnership
  • Charity
  • Public sector organisation

It does not matter whether you have a poor, little or no credit history as there are no credit checks. This means you can have e.g. county court judgements, previous defaults and bad credit and still be accepted.

Costs and fees

Cashplus does not have a setup fee or contractual commitment, but there is an upfront annual fee of £69 for the business account. There is no monthly fee, but several pay-as-you-go charges as seen below.

Cashplus Business Account Fees
Monthly fee None
Annual fee £69
Prepaid Mastercard First one free, £5.95 per additional card
Card payments In GBP: Free
In other currency: 2.99% (no FX fee)
Electronic payments & transfers (incl. standing orders) First 3/mo free, then 99p each
Direct Debits Free
Cash withdrawals UK: £2 each
Abroad: £3 each
Cash deposits at Post Office 0.3% of deposit amount
Overdraft £1.50/day while in negative balance
Cashplus
Business
Account
Fees
Monthly fee None
Annual fee £69
Prepaid Mastercard First one free, £5.95 per additional card
Card payments In GBP: Free
In other currency: 2.99% (no FX fee)
Electronic payments & transfers (incl. standing orders) First 3/mo free, then 99p each
Direct Debits Free
Cash withdrawals UK: £2 each
Abroad: £3 each
Cash deposits at Post Office 0.3% of deposit amount
Overdraft £1.50/day while in negative balance

The first three bank transfers, standing orders and electronic payments a month are free, and then it’s £0.99 for each one. Card payments in GBP are free, but paying in any other currency has a 2.99% transaction fee (there is no FX/exchange fee added). Direct Debits are free and so are bank transfers to the Cashplus Business Account.

The first Cashplus Business Prepaid Mastercard is free, and then it costs £5.95 for each one issued after that.

Cash withdrawals cost £2 from a British ATM and £3 from ATMs abroad. When you deposit cash into the Cashplus Business Account at a Post Office, 0.3% of the deposit amount is charged as a fee.

Using the overdraft facility costs £1.50 per day, until you next have a positive balance.

Account, security and international payments

Cashplus is not a bank – it is the trading name of Advanced Payment Solutions Limited (APS) owned by the licensed e-money institution APS Financial Limited. As an e-money issuer, Cashplus’ current accounts operate through an e-money licence and are authorised and regulated by the Financial Conduct Authority (FCA) but not by Financial Services Compensation Scheme (FSCS).

All the funds in the Business Account are kept in a regulated The Royal Bank Of Scotland (RBS) bank account that’s separate from Cashplus’ own money. In the event of Cashplus’ insolvency, your funds are thereby required to be repaid from this bank account before any claims of other creditors.

The Business Account is in GBP currency, but you can add a Euro and USD account for free. This way, you can pay, send and receive money in those currencies without currency conversion fees. If you do transfer money from these accounts to your GBP Business Account, the 2.99% foreign transaction fee would apply, though.

It is also possible to receive international payments in your Cashplus Business account, but not before you’ve phoned customer support to get an IBAN/SWIFT number.

Image: Cashplus

Cashplus Euro account card

The Euro account is useful for borderless merchants.

The account comes with a sort code and account number as standard.

A ‘Business Expense Card’ (Prepaid Mastercard) is included with the Cashplus Business Account. It is not possible to issue or pay in cheques with Cashplus, but you can deposit cash at any UK Post Office for a 0.3% fee of the deposit amount.

Business loan, overdraft and credit card

Unlike many online current accounts in the UK, the Cashplus Business Account also comes with credit and borrowing options.

For one, Cashplus has partnered with Liberis Finance to provide cash advances to businesses. To qualify, your monthly customer card takings need to average at least £5,000, 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 a maximum advance amount when you finally qualify.

The only fee for cash advances is a fixed amount determined upfront, and then the advance is automatically repaid through a small percentage of your card takings.

Eligible business accounts will also receive an email offer of a Cashplus iDraft, which is 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 available 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 new applicants while Cashplus is “making the Business Credit card even better”.

App features

The business account is managed entirely through a mobile app (‘Cashplus Mobile App’) or browser account (‘Cashplus Online Servicing’). The main banking features are:

Payments: Pay bills, transfer money, manage Direct Debits or standing orders. If you have multiple Cashplus accounts (GDP, EUR, USD, Business, Personal), you can manage them all from the app and move money between them. Before a Direct Debit is taken, you can receive reminders to ensure you have enough money ready.

Card management: Restrict transactions, block cards, view PINs and order up to 20 additional debit cards for your employees.

Cashplus Business Account app

Cashplus Mobile App has some useful features for managing expenses and cards.

Transactions: Categorise expenses according to type (e.g. Travel, Fees and Services) for an easy overview of outgoing costs. The Spending Insights feature lets you track and tag payments via Google Maps and record detailed information about in-person card payments.

Record keeping: Take pictures of expense receipts and attach them to transactions. Download statements that are up to 18 months old to PDF, CSV and OFX files. Integrate with external accounting software.

These are all fairly standard for online business accounts. When you look at customer reviews, there’s been quite a few complaints about login issues in the app, which can be quite stressful when your finances depend on easy account access.

Customer service and Cashplus reviews

Cashplus customer support is contactable by phone phone on weekdays between 8am and 8pm and Saturdays between 8am and 4pm. There’s no general support on Sundays or outside these working hours, except for the 24/7 phone number for lost and stolen cards. You can find answers to common queries on Cashplus’ FAQ pages and use the app/account any time.

What are the customer reviews like? Not great, actually. Common complaints about Cashplus include:

  • Frozen accounts with funds inaccessible
  • Poor experience of customer service
  • Issues logging into the app
  • Technical issues with the account and app
  • Being asked to provide documents to access the account, followed by slow or no responses
  • Problems closing the account

There are also a decent amount of positive reviews, but compared to competing challenger banks, Cashplus seems to have more issues.

Our verdict

Cashplus stands out with its credit options (if you qualify for them), disregard of previous bad credit, and the fact the company was one of the first to offer prepaid online business accounts in the UK.

But for a company that’s taken pride in being the first of many things, it’s surprising they haven’t put more resources into customer service and advancing the app. Most of the account features, such as categorised expenses and card controls, are quite standard for business accounts today.

The fees could also be a hindrance if you lack the funds to pay £69 upfront for a year (works out as £5.75 per month). Fees for bank transfers, cash withdrawals and payments in non-GBP currency could also make a bad deal for some, but be less of a problem for those primarily using the account for card payments in the UK.

For a company that’s taken pride in being the first of many things, it’s surprising they haven’t put more resources into customer service and advancing the app.

If you need a business current account not necessarily from a bank, and you’ve got a poor credit history to turn around, then Cashplus could be perfect. You won’t get access to overdrafts, credit or cash advances straight away, but consistent sales volumes can grant you that access over time.

If you’re looking for the best features in an app-based business account, we recommend looking at newer banking platforms that have managed to get a better rep than Cashplus in just a few years.

Pros

  • Quick sign-up in most cases

  • No credit checks during sign-up

  • EUR and USD accounts available

  • Access both via desktop and app

  • Credit and overdraft options

  • Can deposit cash into the account

  • Order up to 20 extra cards

Cons

  • Many complaints from users

  • Credit card currently unavailable

  • Fees for basic things like cash withdrawals

  • No cheque deposits

  • Issues with app and logging in

  • IBAN not automatically available for international payments

Name of Reviewed Item: Cashplus Business Account Rating Value: 3.5 Image: https://www.mobiletransaction.org/wp-content/uploads/2020/08/cashplus-business-account-review.jpg Review Author:Review Date: