Cashplus Business Account Review
Cashplus provide a business card account that offers an alternative to traditional high street business banking. You can compare features of the Cashplus Business Account in the table below, or read on for a full review.
Cashplus Business Account Review
Cashplus, a digital-only UK challenger bank, has established itself as a leading provider of consumer and business banking and lending services.
Cashplus introduced the first general purpose prepaid card in the UK when it launched in 2005 and the first instant approval online business account in 2013. More recently, in February 2021, Cashplus secured a full UK bank license and, at last count, had served some 1.6 million customers.
Particular attention is paid to those who have been sidelined by the high street banks. Its Cashplus business account – which can be opened without a credit check – is a case in point, offering a range of features and benefits.
Read our Cashplus business account review and learn more about the options it offers, what you can expect from Cashplus customer service and more.
Pros and cons of Cashplus
Pros of Cashplus business account
- no credit check
- fast, four-minute application
- instant online decision
- sort code and account number provided immediately
- 24/7 Cashplus app and online access
- cash deposits accepted at UK Post Offices
- instant payment notification
- option to schedule payments
- up to 20 business debit cards allowed
- potential access to £2,000 business overdraft (if eligible)
- cash advance option (if eligible)
- statements exportable in PDF or CSV format
- accounting app integration
- digital receipt capture
- 24/7 fraud monitoring
- FSCS protection and FCA regulated
Cons of Cashplus business account
- unable to pay in cheques
- can’t send money outside the UK
- customer support isn’t 24/7
- no physical Cashplus branches
- can’t get in touch by post
- fee charged for Post Office deposits
What plans does Cashplus offer?
Cashplus offers two business accounts designed to provide banking services and solutions for limited companies, sole traders, partnerships and charities.
The Cashplus Business Go account has no monthly fee, though other charges for day-to-day banking may apply. The Cashplus Business Extra account comes with a monthly fee, but higher allowances compared to the free account.
Are there any Cashplus business account offers?
NerdWallet offers the option to apply for a Cashplus business bank account with cashback. Here, you’ll be rewarded with 1% cashback for every £1 that you spend using the account, with the potential to earn up to £12,000 a year. With this offer, your first year’s annual fee of £69 will be refunded too.
What features does Cashplus offer customers?
A Cashplus business account offers a wide range of features and benefits. These include:
- a contactless Cashplus business Mastercard
- option to add a maximum of 20 business debit cards
- 24/7 account management through the Cashplus app and online banking including:
- ability to see balances in real time
- fast access to statements
- option to add payees and send payments
- downloadable statements to help with record keeping, audit trails and tax reporting
- integration with accounting apps from QuickBooks, Xero, FreeAgent and others
- quick and easy payments and transfers via the Cashplus app and online banking
- online control of additional employee business expense and travel cards, including tracking spending, blocking cards and limiting transactions
- insight into where money is spent using Google Maps
- enhanced oversight of project spending, via tags and assigning transactions, receipts and notes
- ability to make cash deposits at any UK Post Office branch
- option for £15,000 advance to help cash flow
- round-the-clock account fraud monitoring
- rewards from brands including Sage, Yell, Square and others
How does Cashplus compare to other digital banks?
The following table compares the Cashplus business account with other business accounts from selected providers.
| Tide | Starling | Cashplus | CountingUp | Mettle | Anna | Revolut | Card One Money | Acorn | Fair Everywhere | Monzo | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCA regulated | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| FSCS protection | Yes (with ClearBank) | Yes | Yes | No | No | No | No | No | No | No | Yes |
| Licensed bank | No | Yes | Yes | No | No | No | No | No | No | No | Yes |
| Free UK transfers | No (20p per transfer) | Yes | Yes (with limits) | No (30p per transfer) | Yes | Yes (with paid plans, limits apply) | Yes (with limits) | No | No | No | Yes |
| Cash deposits | Yes (for a fee) | Yes (0.7% fee, min £3) | Yes (0.5% fee) | Yes (for a fee) | Yes | Yes (1% fee may apply) | No | Yes (for a fee) | Yes (for a fee) | Yes | Yes (£1 fee) |
| Free ATM withdrawals | No (£1 fee) | Yes | No (fees apply) | No (£1 fee) | Yes | Yes (with paid plans, limits apply) | No (2% fee) | No (£1.50 fee) | No (£1.50 fee) | No (£1.50 fee) | Yes |
| Integration with accounting software | Yes | Yes | Yes | Yes (built-in) | Yes | Yes | Yes | Yes | No | Coming soon | Yes (with paid account) |
| International transfers | No | Yes | Inbound only | Yes (through a partner) | No | Yes (through a partner) | Yes | Yes | Yes | Yes | Outbound only |
| Create and send invoices | Yes (for a fee) | Yes (for a fee) | No | Yes | Yes | Yes | Yes | No | No | No | Yes (with paid account) |
Source: NerdWallet, November 2022
» COMPARE: Business bank accounts
What do Cashplus customer reviews say?
Cashplus has received reviews on the following sites:
Trustpilot: 4.0 out of 5, based on over 7,800 reviews, with 53% rating it as ‘5-star’.
Apple Store: 4.7 out of 5, based on 37,500 reviews.
Google Play: 4.2 out of 5, based on over 18,600 reviews.
This information is correct as of 2 December 2022.
Conclusion
The Cashplus business account has something to offer everyone, but if you or your business have bad credit, the absence of a credit check is where the account may come into its own.
Cashplus claims the application process takes a matter of minutes and gives an instant online decision so it could be a great solution if you need your new business account up and running fast. Once it’s set up, there are many features and services that a majority of businesses should appreciate, including options to track and manage employee spending, downloadable statements, and integration with various accounting software programmes.
Day to day, the Cashplus app lets you see your balance in real time, quickly add payees and make payments. Cash can be deposited into your account at any Post Office too.
While an annual fee of £69 might give some pause for thought, if you apply using our special NerdWallet offer this will be waived and you’ll enjoy cheaper bank transfer fees as well. The offer has the potential to deliver up to £12,000 in cashback a year, and your first annual fee will be refunded here too.
FAQs
What is a Cashplus business account?
The Cashplus business account provides banking solutions and services for sole traders, limited companies, partnerships and charities.
Is Cashplus a bank?
Yes, Cashplus is a bank. It secured a full UK bank licence in February 2021.
Is my money safe with Cashplus?
Cashplus Bank falls under the remit of the Financial Services Compensation Scheme (FSCS), which means up to £85,000 of the total deposits you hold at Cashplus should be protected if the bank were to fail. It is also regulated by the Financial Conduct Authority (FCA).
How does a Cashplus business account work?
A Cashplus business account can only be opened online or via the Cashplus app. The application process should be quick and easy – potentially taking as little as four minutes.
Once your details have been verified, your account number and sort code will be available straight away and you can start using your account.
The Cashplus business account allows you to send and receive payments and transfers. Purchases can also be made with the contactless business Mastercard you’ll receive in the post. Up to 20 additional business debit cards can be given to employees, whose spending you can monitor and manage online.
Other features include easily downloadable statements, digital receipt capture, smart integration with certain accounting apps, and round-the-clock fraud monitoring. When depositing money online or via the app isn’t quite enough, cash deposits can be made at the Post Office.
Does the Cashplus business account have an app?
Yes, the Cashplus app means you can manage your business account from anywhere at any time with your smartphone, including making payments and checking your balance and statements in real time.
What is Cashplus customer service like?
Cashplus has a UK-based customer service team, which you can contact by phone from 8am to 8pm, Monday to Friday, and from 8am to 4pm on Saturday.
The answers to all the most common questions you might have regarding your Cashplus account will also usually be found online at the Cashplus Help Centre.
How can I open a Cashplus business account?
A Cashplus business account can be opened either online or using the Cashplus app. While there are no credit checks when opening an account, Cashplus will need to verify that your business is based in the UK. If your application relates to a limited company, Cashplus will also need to verify the home address and date of birth of anyone considered a Person of Significant Control (PSC) – that is someone who owns or controls the company.
Cashplus advises each PSC to check their details are accurate with Companies House.
Cashplus may also need to see certain documents to verify the details supplied for each PSC. These might include a copy of a passport or driver’s licence, a bank statement, a utility bill or a letter from HMRC.
Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more
Kristina is a writer at NerdWallet. A recent graduate trading French for finance, she has experience creating content for student newspaper Cherwell and an edtech company. Read more
Services offered by this provider may change over time. Always check Ts&Cs.
