Cashplus Business Account Review [2024]: Features, Fees & Alternatives

What is Cashplus?

Cashplus, established in 2005, is a prepaid card operator that has transitioned to a fully-fledged bank after obtaining its banking license in 2021. 

Cashplus or Cashplus Bank, under its legal entity name Advanced Payment Solutions Limited (APS), is registered in England and Wales, authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority.

Cashplus offers UK-based businesses a diverse range of financial products catering to small businesses, self-employed individuals, and startups, including business expense cards, travel currency cards, and credit options.

The bank holds memberships with Mastercard®, UK Finance, and the Financial Services Compensation Scheme (FSCS), with accounts protected up to GBP 85,000. 

Cashplus has opened over 2.2 million accounts, and they are a finalist for the Best British Bank award in 2023.

Cashplus Pros and Cons

Cashplus Featured Reviews

Rory Smith rates Cashplus ⭐⭐⭐⭐

We have a company limited by guarantee to manage the freehold of our block of flats. Quite a few providers don't offer business accounts for this type of company. Some of the more established high street banks do, but the turnaround time is very slow.

With Cashplus, it was extremely quick and easy, and I would absolutely recommend them for this purpose. I've found the support to be responsive and helpful, and the online services themselves straightforward to use.

The only reason I haven't given 5 stars is that it would be great to be able to have multiple people administering the account. They do offer additional card holders, but we're a company with 4 directors so ideally I could add another director to the account.

Overall, highly recommended so far.

Source: Trustpilot review

V Patel rates Cashplus ⭐⭐⭐⭐

I have been with Cashplus for just over a year. I love Cashplus as it was easy to sign up for a business account, unlike other High Street Banks which take ages after applying to get confirmation of approval for account. Cashplus was done within a very short time.

The app and online banking is very easy to use as well.

The only thing I'm not happy with is waiting to be invited to apply for a credit card. As a business, I wanted to have a credit card with the same bank as my bank account.

Source: Trustpilot review

Cashplus Business Account Features

The Cashplus Business Account is a traditional bank account, comparable to those offered by high-street banks. The account is a UK-based business account and only supports the GBP currency with an international inbound transfer service supporting EUR and permitted currencies.

Here are the highlight offerings:

• Get instant online access to account details immediately upon application.
• Easily pay bills, suppliers, and employees through the app or online banking.
• Plan and organise payment schedules.
• Get a contactless business Mastercard® within 3-5 business days and personalise it with your business name later.
• Add up to 20 additional business expense cards to your account.
• Manage spending, move money, add or block cards, and restrict transactions.
• Payment tracking and tagging with Google Maps. You can tag and assign transactions to projects and attach receipts and notes.
• Cashback on eligible card spending.
• 24/7 access to real-time balance information and statements. Add payees, make payments, apply for extras, and download statements whenever needed.
• Download statements in CSV or OFX format from your online account.
• Cash deposit at over 11,500+ UK post office branches.
• Up to GBP 15,000 Cash Advance
• Business Creditbuilder feature: A 12-month loan tied to account fees. Simply pay your monthly fee as usual, and it goes towards your Creditbuilder loan reported to Credit Reference Agencies. After 12 on-time payments, your Business Creditbuilder loan is cleared, potentially boosting your credit score.

Cashplus offers a business account with 2 main tiers: Business Go and Business Extra. 

Below is the breakdown of the feature distinctions between the two plans.

Next, let's take a closer look at how you can send and receive funds with Cashplus.

Receiving Funds

With the Cashplus business account, you can receive payments in GBP locally. Just share your Cashplus bank account number and sort code with the payer.

Below are the accepted types of payments and estimated timeframes for funds to reach your account:

• Bank Transfer via Faster Payment: Arrived Immediately. However, payments may take longer if additional checks are required.
• BACS Payments: Up to 3 working days.
• Deposits at the Post Office: Arrived Immediately

Cheques are not currently accepted as a method to deposit cash into the account.

For international transfers, Cashplus makes use of either IBAN or SWIFT networks for EUR and other currencies, respectively. 

You can receive in GBP, EUR, and other permitted currencies. You will need to contact Cashplus to learn if a currency is permitted. 

However, if you receive funds in EUR and other currencies, they will be automatically converted to GBP as soon as applied to your account. The exchange rate used may be determined by the sending bank.

Sending non-euro payments to the Euro account may incur dual conversion charges.

If a cross-border payment doesn't go through, Cashplus might hold the funds for up to four weeks. The exact time for the refund depends on the policies of the bank and the country it's from.

Cashplus only accepts international payments originating in the following countries: Australia, Austria, Belgium, Canada, Cyprus (not North Cyprus), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guernsey, Iceland, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Lithuania, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Slovenia, Spain, Sweden, Switzerland, Taiwan, and the USA.

Sending Funds

You can easily make local transfers in GBP with the Cashplus business account.

The processing times for payments can vary depending on the supported payment method. Here are the details:

• Outbound Faster Payment: Immediate or longer if additional checks are required.
• Standing Orders: Same-day processing.
• Direct Debits: Same-day processing.
• Foreign Exchange (FX) Currency Transfers: Within 15 minutes through Online Banking.

Please note that processing times are contingent on security checks and the availability of sufficient funds in your account.

After a thorough research, we are unable to find information about sending funds abroad with Cashplus.

Cards

The bank offers various types of cards designed for business use. These include business credit cards, business expense cards, and travel cards. Let's take a closer look at each one of them.

Cashplus Business Credit Card

The Cashplus Business Credit Card is a physical credit card made from sustainable, recyclable plastic, offering the following benefits:

• 1% cashback on eligible purchases
• Competitive interest rates starting as low as 19.9% p.a. variable for purchases
• No annual or monthly fees 
• Flexible repayment options
• Up to 56 days of interest-free credit 
• Access your account, monitor your spending, view your statements and manage your finances on the go with mobile and online banking
• Itemised billing to easily track your business expenses

Cashplus Business Expense Card

Cashplus Business Expense Cards offer a cost-effective alternative to traditional business credit cards. These expense cards are business Mastercard® debit cards specifically designed to manage staff spending. The key features include:

• Request up to 20 additional cards via the application form, either by entering employee details or by uploading a file.
• Set individual spending limits for each card.
• 24/7 Real-time monitoring. 
• Access a unified view that includes the primary account and all additional cards.

Cashplus Travel Card

The Cashplus Travel Card is a currency card suitable for users with either a personal or business bank account. It is available as both a Euro card and a US Dollar card.

When you order a Euro card, you can freely withdraw euros abroad without incurring any fees for purchase transactions when paying in euros.

Similarly, with the USD card, you can freely withdraw US dollars and make purchases in USD without transaction fees.

These cards can be easily topped up by transferring funds from your primary GBP-based Cashplus bank account. Additionally, once you have finished using the card, you have the option to transfer any remaining balance back to your account.

You can order travel cards through the Cashplus mobile app, and they typically take 3-5 days to arrive.

The maximum balance on the EUR and USD travel cards is EUR 5,000 and USD 7,500, respectively.

Foreign Exchange

Currently, we cannot find any information on Cashplus FX services.

Cashplus Account Limit

For the most up-to-date information, please refer to the Cashplus Business Bank Account limits information page. 

You can contact Cashplus to request a change to the limit.

Additional services

• Accounting integration: Cashplus can be integrated with accounting apps like QuickBooks, Xero, FreeAgent, and others to make record-keeping easier. 
• Rewards: Offered by partner brands like Square, Sage, Yell, and more. 
• Savings account: Currently, Cashplus doesn’t offer a savings account directly. But it has teamed up with Aldermore Bank to offer business saving accounts. You can open an account online with only a starting balance of GBP 1,000 and begin earning interest.
• Lending services: Cashplus has a variety of credit products, including a business overdraft, the Business Credit Builder for small businesses trying to build a credit history, and the Business Cash Advance.

Cashplus' Features Rating is 3.5/5

The Cashplus Business Account is ideal for UK-based businesses seeking traditional banking features with digital convenience. It stands out for its diverse card options, payment features, lending services, and the unique advantage of cash deposits at post offices. However, businesses with a global footprint or complex financial needs may find their limitations in handling multiple currencies and international transfers less suitable.

Cashplus Fees 

There is currently no initial fee for opening a Cashplus Business Account. In certain cases, the company, however, still reserves the right to charge an onboarding fee - for example, if at least one of the PSCs for your company is a corporate PSC, and you need to provide additional details via phone. In this instance, there may be an additional cost of GBP 100 as part of your account opening fee.

Cashplus charges no account maintenance fee for the Go Account, but for the Extra Account, there is a GBP 9 monthly fee.

For local transfers, there is a free allocation, depending on your account. Fees will be charged after exceeding the allocation.

You can switch plans once every 60 days. If you've already switched your Cashplus account, you'll need to wait 60 days before making another switch.

Cashplus' Fee Rating is 3/5

Cashplus offers a cost-effective solution for businesses with local banking needs, providing free incoming local transfers and minimal outgoing transfer fees. However, drawbacks include fees for ATM withdrawals, cash deposits, and various charges for international transfers. This might be a particular concern for businesses operating on an international scale.

Cashplus Customer Support

Cashplus provides customer service through various channels:

• Cashplus Help Center Page: Access FAQ on the website
• In-app chat: Only for Business Extra plan
• UK Customer Services: 0330 024 0924, available Monday to Friday from 8 am to 8 pm and Saturday from 8 am to 4 pm. 
• Calling from abroad: +44 207 153 8940.
• Credit management inquiry: 0203 059 5784. Operating hours are Monday to Thursday from 8 am to 8 pm, Friday from 8 am to 6 pm, and Saturday from 9 am to 1 pm. 
• 24/7 Lost or Stolen Cards: Call 0330 024 0924. Or you can temporarily block your card through your online banking channel.
• Complaint: Email complaints@cashplus.com or write to Cashplus Complaints Department, PO Box 5525, Manchester, M61 0QS

There may be slight adjustments during the festive period. You can find more information on Cashplus’s Contact Us page. 

Cashplus' Customer Support Rating is 3.5/5

Cashplus provides a solid range of customer support options. However, the limited hours for general customer service and the limitation on the chat feature might restrict immediate access to support for some users.

 Requirements for opening a business account

With Cashplus, both private individuals and business clients can open an account. Our focus will be on the eligibility criteria and the documents required to open a business account, as outlined below.

Eligibility

Cashplus provides business accounts to sole traders, limited companies, charities, and partnerships based in the UK. 

Business eligibility is outlined as follows.

Sole Traders:

• Be a UK-based sole trader or freelancer.
• Applicants must not be registered with UK Companies House.

Limited Companies:

• Business need to be located in the UK
• Business news to be registered at Companies House, and classified as active (not dissolved, in liquidation, or about to be struck off).

Corporate Shareholder and PSC (Persons of Significant Control) Requirements:

• Your company should have four or fewer PSCs registered with Companies House. Applications from businesses with more complex corporate PSC structures cannot be processed at this time.
• All PSCs must be over 18 years old.
• PSCs located outside the UK will undergo additional checks.
• Cashplus Bank retains the right to decline applicants who do not meet the required checks.
• Applications with corporate shareholders, upon approval and account opening, will incur an additional cost of GBP 100 as part of the account opening fee.

If the applicant resides in the UK, their business operates in the UK, and all other application checks and criteria are satisfied, Cashplus may consider business account applications that include directors and/or Persons with Significant Control (PSCs) residing in the specified non-UK countries. This includes:

The Cashplus Business Credit Card Criteria

• Be the director of a Limited Company registered in the UK with Companies House, or be a sole trader.
• Be a UK resident
• Be at least 18 years old.
• Have not had a recent CCJ (County Court Judgment), IVA (Individual Voluntary Arrangement), or CVA (Company Voluntary Arrangement).

Cashplus provides support to businesses across a wide range of industries.

However, there are certain types of businesses that Cashplus does not accept. This includes:

For additional information, please refer to the Cashplus eligibility criteria information page. 

Required Documents 

For the required documents, you will need proof of identity, proof of address, and other documents, depending on your business type. 

We have outlined them below.

Proof of Identity

For verification of identity, you may submit one of the following documents:

• Passport
• UK or EU driver’s licence 
• EEA member state ID card
• Military ID card
• Biometric Residency Card 
• Other proof such as a Firearms certificate or shotgun licence, Northern Ireland electoral ID card, Construction industry scheme card 

The provided copy should include both the front and back of the card.

Proof of Address:

Cashplus accepts various documents to verify your address in the UK, such as

• Utility bill dated within the last three months.
• Bank or building society statement – you may submit an original statement or a PDF dated within the last three months, accompanied by a UK passport or UK driver's license.
• Letter from HMRC dated within the last three months.
• Tenancy agreement from a council or housing association dated within the last three months. Private tenancy agreements will not be accepted.
• Council rent card dated within the last three months.
• Credit card or store card statement within the last three months.
• Mortgage statement dated within the last three months.
• Solicitor’s letter
• Copy of benefits or DWP pension confirmation from the current or new tax year.
• Copy of council tax bill from the current tax year.
• Copy of Inland Revenue Notice of Tax Coding from the current or new tax year.

For many of the proof of address documents, please note that printouts and copies are not accepted unless stated otherwise.

For Business Trading Address Verification:

If you need to verify your business's trading address, you can choose from the following options

• Copy of lease/tenancy agreement
• Utility bills dated within the last 3 months
• Signed letter from accountant

The trading address may differ from the registered business address.

For Partnerships or Limited Liability Partnerships:

If you are applying as a partnership or LLP, you need to provide proof and relevant documents for all partners involved.

For Charities:

If applying as a charity, upload a letter of authority on official letterhead listing all trustees and provide proof of identity documents for each trustee. The letter must be signed by a trustee and include identity documents for each trustee.

For Limited Companies

• Limited companies must verify the birth date and residential address of any Persons of Significant Control (PSCs).
• An up-to-date confirmation statement with Companies House.

The specific document requirements for the business account can be found in the confirmation email sent by Cashplus after you submit your application.

For further details, please consult the Cashplus Help Center regarding opening an account.

Cashplus' Ease of Opening Account Rating is 3/5

Opening a Cashplus Business Account involves a thorough process with specific eligibility criteria and documentation requirements. The positive aspect is that they accept various types of documents as proof. However, the limitation on using copies and the relatively extensive requirements regarding PCSs might introduce some complexity. Plus, only UK-based businesses are eligible.

Cashplus Alternatives