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Published 04 May 2023

Cashplus Business Account Review

Cashplus offers an alternative to traditional high street business accounts. Our review looks at the pros, cons and features of its offering.

Many or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.

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. 

Its paid-for Business Extra account even allows you to build your credit history through its Business Creditbuilder feature.


Cashplus Business Account

  • Monthly Fee
  • Card Purchase Fees
  • Bank Transfer Fees
  • Offer
Learn More

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Learn more about how we bring you our review.

Key features

  • Free and paid accounts
    Cashplus offers the choice between accounts with and without monthly fees.
  • FSCS protection
    Since Cashplus is a fully-licensed bank, your eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS)
  • Credit and overdraft facilities
    With Cashplus, you may be able to access a business overdraft, a business credit card, and a merchant cash advance.
  • Business Creditbuilder
    You may be able to build your business credit score using the Cashplus Business Creditbuilder

Cashplus business account pros & cons


  • Cashplus offers a business bank account with no monthly fees.
  • Accounts can be accessed online and through Cashplus’s mobile app, on iOS and Android.
  • Cashplus business accounts are FSCS protected.
  • Cashplus claims that 99.95% of its customers open an account on the same day as their application. 
  • Cashplus business customers can potentially access overdraft and credit facilities.


  • You cannot cash cheques with a Cashplus business account.
  • You cannot send international payments through your Cashplus account.
  • Cashplus doesn’t have any physical branches.
  • Cashplus does not have 24/7 customer service.

The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and Cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.

Cashplus business account full review

Cashplus, a digital-only UK challenger bank, has established itself as a leading provider of consumer and business banking and lending services. Advanced Payment Solutions Ltd (APS), trading as Cashplus Bank, is authorised by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority.

Cashplus introduced the first general purpose prepaid card in the UK in 2005, and the first instant approval online business account in 2013. More recently, in February 2021, Cashplus secured a full UK bank licence and, at last count, says it has served some 1.6 million customers. 

For businesses, Cashplus offers two accounts: Business Go and Business Extra. Both allow you to automatically categorise your spending in order to create reports and can be integrated with accounting software, such as Xero, QuickBooks and Sage.

Business Go

Cashplus’s Business Go account has no monthly fee and comes with the following features and fees:

This means it may be better suited to smaller businesses who don’t need to make a large number of payments.

With a Business Go account you don’t have access to the Cashplus Business Creditbuilder, nor will you receive cashback on your card spend.

Business Extra

The Cashplus Business Extra account costs £9 a month, and comes with the following features and fees:

With Business Extra, you will also have access to the Cashplus Business Creditbuilder. This is an add-on where you commit to paying the standard £9 monthly fee, on time, for a year. This may then help boost your business credit score, as it shows credit agencies that you are able to make regular payments without a hitch.

Cashplus business account features: at a glance

Business GoBusiness Extra
Monthly feeFree£9 a month
Transaction feesYes (payments outside free allowance, ATM withdrawals, cash deposits)Yes (payments outside free allowance, ATM withdrawals, cash deposits)
Account management Online
Via a mobile app
Via a mobile app
FSCS protectionYesYes
Set-up timeSame daySame day
Cash depositsYes (0.5% fee, minimum £3)Yes (0.5% fee, minimum £3)
Cheque depositsNoNo
Access to other banking servicesYes (overdraft, credit card, cash advance)Yes (overdraft, credit card, cash advance)
International paymentsCan receive but not send international paymentsCan receive but not send international payments
Customer service0330 024 0924 (8am to 8pm Monday to Friday, 8am to 4pm Saturdays)0330 024 0924 (8am to 8pm Monday to Friday, 8am to 4pm Saturdays)
Multiple user access YesYes
Create and send invoicesYesYes
Integration with accounting software toolsYesYes

Where Cashplus business account stands out

Where Cashplus business account falls short

Cashplus business account customer reviews

Cashplus customers have left reviews on a range of sites. Generally, these reviews are positive.

It’s worth remembering that some of these reviews are from all Cashplus customers, not just its business banking customers. 

This information is correct as of 3 May 2023. 

Cashplus business account eligibility 

To open a Cashplus business account, you will need to:

Sole traders, partnerships, limited companies, trustees and other approved legal business entities are all eligible to apply for a Cashplus account. And there are no credit checks, so you can apply if you or your business has a poor credit history.

How to apply for a Cashplus business account

To apply for a Cashplus business account, you will likely need to complete the following steps:

  1. Select whether you want to apply for a Business Go or Business Extra account and fill in an online form.
  2. This will include providing personal and business information, including business type, name and registration number (where applicable). You should make sure any details registered with Companies House are correct ahead of time. You will also need to supply the details of any persons of significant control (PSC).
  3. Wait for Cashplus to approve your business account, which should be on the same day as your application.

Review methodology

At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.

You can view our review methodology here.

About the Authors

Tim Leonard

Tim is a writer and spokesperson at NerdWallet who has over 20 years’ experience writing about almost all aspects of personal finance. During his career at Moneyfacts, Virgin Money and…

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Kristina Fox

Kristina was a writer at NerdWallet who focused on writing finance content for small businesses, as well as young people and students. A recent graduate trading French for finance, she…

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