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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.
- Free and paid accountsCashplus offers the choice between accounts with and without monthly fees.
- FSCS protectionSince 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 facilitiesWith Cashplus, you may be able to access a business overdraft, a business credit card, and a merchant cash advance.
- Business CreditbuilderYou 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 recognised 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.
According to Cashplus, it 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.
Cashplus’s Business Go account has no monthly fee and comes with the following features and fees:
- an account limit of £50,000
- three free in-app or online payments per month, with any payments outside of that allowance costing 30p per transaction
- a £9.95 fee for a contactless Mastercard, with additional debit cards costing £5.95 per card
- a £2 fee per ATM use (£3 for non-UK ATMs)
- a 0.5% fee for cash deposits at the Post Office
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.
The Cashplus Business Extra account costs £9 a month, and comes with the following features and fees:
- an account limit of £250,000
- 20 free in-app or online payments, then costing 30p per transaction
- 0.5% cashback on your card spend
- free contactless Mastercard, with additional debit cards costing £5.95 each
- Free ATM withdrawals (some cash deposit limits apply)
- 0.5% fee for cash deposits at the Post Office
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 Go||Business Extra|
|Monthly fee||Free||£9 a month|
|Transaction fees||Yes (payments outside free allowance, ATM withdrawals, cash deposits)||Yes (payments outside free allowance, ATM withdrawals, cash deposits)|
Via a mobile app
Via a mobile app
|Set-up time||Same day||Same day|
|Cash deposits||Yes (0.5% fee, minimum £3)||Yes (0.5% fee, minimum £3)|
|Access to other banking services||Yes (overdraft, credit card, cash advance)||Yes (overdraft, credit card, cash advance)|
|International payments||Can receive but not send international payments||Can receive but not send international payments|
|Customer service||0330 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||Yes||Yes|
|Create and send invoices||Yes||Yes|
|Integration with accounting software tools||Yes||Yes|
Where Cashplus business account stands out
- Building credit history: If you pay for a Business Extra account, you will have access to the Cashplus Business Creditbuilder. If you activate this add-on, and meet your standard monthly account fee payments on time for a year, this may help your business improve its credit score.
- FSCS protection: Cashplus is a fully-licensed bank, meaning that eligible deposits up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS). If you are a sole trader with both personal and business accounts, this will be up to £85,000 across both accounts.
- Quick set-up: Cashplus claims that 99.95% of its business customers were able to access their account on the same day as their application. This quick set-up is, in part, because Cashplus does not conduct a credit check when reviewing your application.
- Access to overdraft and credit facilities: Unlike some other online-only business banking providers, you may be able to access a number of credit facilities with your Cashplus account. This may includes an overdraft up to £2,000, a business credit card, and a merchant cash advance.
- Sole traders, limited companies and LLPs: Cashplus offers accounts to partnerships as well as sole traders, limited companies and trustees – not every bank does this.
Where Cashplus business account falls short
- Transactions: You only get a small number of free payments with each account type (three for Business Go, and 20 for Business Extra) before you need to pay. There is also a fee to use an ATM with a Business Go account, as well as when making Post Office cash deposits. You also cannot make international payments, nor deposit cheques.
- Customer support: Cashplus does not offer 24/7 customer support. Instead, you can call 0330 024 0924 from 8am to 8pm Monday to Friday, and 8am to 4pm on Saturdays.
- Account limits: There are relatively low account limits on both Cashplus business accounts. Business Go customers can only hold £50,000 in their account, while the limit is £250,000 for Business Extra customers. You may, however, be able to request a higher limit.
- No branch access: Cashplus does not have any branches. This means you cannot visit a physical location to ask questions or make transactions, beyond visiting the Post Office to deposit cash.
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.
- App Store: 4.7 out of 5, based on over 42,800 reviews
- Google Play: 4.6 out of 5, based on over 21,100 reviews
- Trustpilot: 3.9 out of 5, based on over 8,400 reviews
This information is correct as of 12 July 2023.
Cashplus business account eligibility
To open a Cashplus business account, you will need to:
- be a UK resident
- have business based in the UK
- be at least 18 years old
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:
- Select whether you want to apply for a Business Go or Business Extra account and fill in an online form.
- 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).
- Wait for Cashplus to approve your business account, which should be on the same day as your application.
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