Cashplus Business Account Review

Navigating the world of banking options for your business can be a maze. Enter Cashplus – a fintech bank and financial platform specifically designed with SMEs in mind.

Cashplus claims to provide an efficient, cost-effective alternative to traditional banks by offering features that cater directly to modern businesses.

Remember, we're here just to present you the facts without any fluff. If you're exploring bank accounts that could potentially match your SME's financial needs, keep reading – Cashplus might just be a contender worth considering.

Here's a brief summary of the key advantages and drawbacks of the Cashplus Business Account.

Pros: 

• Easy setup process: Signing up for a Cashplus Business Account is quick and easy. All you need to do is complete an online application form and provide some basic information about your business.

• Affordable pricing plans: The bank offers multiple pricing plans, ranging from free to paid-for options depending on your company’s size and needs.

• Multi-currency wallet options: The account allows users to make payments in multiple currencies, making it easier for UK businesses to manage their international finances more efficiently.

• Real-time analytics: With real-time transaction data, business owners can quickly identify trends in their sales and spending patterns through the Cashplus Bank app.

Cons:  

• Limited international payment options: Although the account supports multiple currencies, Cashplus only supports GBP, EUR, and USD at present.

• Free transactions are limited: While your first few in-app and online payments are free, you'll be charged for moving money from your Cashplus account to another bank afterwards.

Fees for deposits and ATM: Cashplus charges a fee for deposits made in-store and at cash machines, albeit a nominal amount.

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Cashplus Bank, a digital-only bank hailing from the UK, focuses on delivering business accounts and financial services to small and medium-sized enterprises. Established in 2005, Cashplus has grown into a prominent player in the digital banking world.

Cashplus Business Account

One of two main offerings is the Cashplus Business Account designed specifically for small businesses, sole traders, and freelancers.

With features such as exportable statements, third-party banking assistance integrations and incentives accessible through their app –along with competitive pricing plans –this account strives to cater to today's diverse business needs.

Any UK resident aged 18 or over who is either self-employed, a business owner, or a freelancer can apply for the Cashplus Business Account. Applicants must also have a valid U.K. address and bank account to be eligible to open an account with Cashplus Bank.

Any Cashplus Business Account holder will need to provide proof of identity and proof of address.

Eligible businesses types

Depending on your relationship with the company you represent, you will need to meet different eligibility criteria.

• Sole traders: For sole traders, you will need to provide proof of identity and address for yourself, along with evidence that you’re registered as self-employed.

• Partnerships: If the business is a partnership, you must provide proper documentation for each partner.

• Limited companies: For limited companies, you will need to provide the company’s registered name and number as well as official documentation such as the company’s Memorandum and Articles of Association. You’ll also need to provide proof of ID for each director on the account.

• Charities: Charities must provide the charity’s name, charity number, and proof of ID for each trustee. Cashplus will also require a letter of authority on headed paper listing all trustees.

What Details Do You Need To Open A Business Account With Cashplus?

When applying for a business account with Cashplus, you will need to provide the following information:

• Business name and address

• Company registration number (if applicable)

• Proof of identity and address for all PSC(s)

• Bank details such as your bank account sort code and account number

• Contact information such as phone numbers and email addresses

• PSC details with Companies House

You may also be asked to provide other documents, depending on your business type (see above for examples).

How long does it take to open an account?

Cashplus prides itself on its fast and efficient account opening process. Completing the online application can take as little as 4 minutes, and Cashplus will typically send your account debit card in 3-5 business days – given that you have provided adequate documentation and been approved.

Taken together, Cashplus has an average rating of 4.5 / 5 across four review platforms and 81,000  reviews.

Awards and recognitions

Cashplus Bank's innovative services have earned them a substantial amount of recognition in the fintech and banking industry.

It was a 2022 finalist for the British Bank Awards for both Best Banking App and Best British Bank, and is currently a 2023 finalist in three categories at the Business Moneyfacts Awards: Online Banking Provider, Best Business Card Provider, and Business Start-up Bank of the Year.

The Cashplus Business Account boasts an array of features aimed at simplifying financial management for business owners.

Real-Time Transaction Data

Track your account balance, income, and expenditure in real time through the Cashplus app – giving you valuable insight into your financial performance and empowering data-driven decision-making.

Multi-Currency Wallet Options

Effortlessly manage international finances with support for GBP, EUR, and USD payments alongside International Money Transfer services that enable swift transactions across 30 countries securely.

No Monthly Fees

With no monthly fees on their Business Account offerings, Cashplus positions itself as an affordable option for SMEs – including a free basic plan for up to £50k balances per account that provides real-time transaction data without extra charges.

Multiple Ways To Pay

Seamlessly move funds around using compatibility with most UK banks and money transfer services like Faster Payments or Direct Debit; make in-person payments at ATMs or Post Offices; or choose contactless options like in-app transactions or online phone banking through secure technology.

Cashback Account Plans

Through the Cashplus Business Extra plan, account holders can receive 0.5% for funds spent through their Cashplus Mastercard, as well as access to the Business Creditbuilder program for boosting their business credit score. This account plan also boasts a higher balance cap, and lower fees for Mastercard and ATM usage.

Integrations

The Cashplus Business Account boasts not only a plethora of features and a user-friendly mobile app, but also several integration options designed to help business owners efficiently manage their finances.

Thanks to Open Banking software, businesses can securely link their accounts with third-party services like accounting and payroll systems, expense tracking tools, and automated payments.

Cashplus also offers various API integrations for on-demand access to real-time transaction data and reports.

Let’s take a closer look at some of the useful integrations with the Cashplus Business Account.

Quickbooks

An online accounting solution for small businesses, QuickBooks' integration with Cashplus enables customers to connect their account data and gain real-time insights into income and expenditure patterns.

Xero 

A cloud-based accounting platform simplifying bookkeeping for SMEs – Xero allows account holders to automatically sync financial information so they can maintain better control over their finances.

Freeagent

As an online financial assistant software automating many tedious financial tasks related to running a business, FreeAgent provides users ongoing access to transaction data while generating easy-to-understand reports on demand through its intuitive interface.

Cashplus offers two account plans for customers: the base-level "Business Go" plan and the premium "Business Extra" plan.

Although there are no immediate monthly fees for a Cashplus Business Account, certain services do come with associated costs such as ATM usage, international payments, and more - all depending on your chosen tier.

For more information on these charges, refer to the table below.

With an array of safety measures in place, Cashplus Bank aims to protect its business account holders' funds and confidential information.

Features:

 FSCS protection

As an authorised Electronic Money Institution regulated by the Financial Conduct Authority (FCA), Cashplus is part of the Financial Services Compensation Scheme (FSCS). This means that in case of insolvency, customers' funds are insured up to £85,000.

2FA

With 2FA enabled on customer accounts, logging in requires not only a password but also entering an additional code sent via mobile device or email address – adding another layer of security protection.

3D Secure technology

The 3D Secure technology used by Cashplus Bank uses advanced encryption to protect customers’ card details and personal information during online transactions. This helps reduce the risk of fraud when making payments.

Data Encryption

The Cashplus app utilises secure encryption technology designed to keep customer data safe during transactions. Payments made through their online services are fully encrypted while being constantly monitored for any suspicious activity around the clock.

How is Cashplus regulated?

Cashplus is regulated by the Financial Conduct Authority (FCA) and operates in accordance with the Payment Services Regulations 2017. This ensures that all customers' data is kept secure in line with strict industry standards. Learn more about how Cashplus safeguards customer assets on the bank's website.

Cashplus’ support team are available during UK working hours (Monday-Friday, 8 a.m.-8 p.m. and Saturday, 8 a.m.-4 p.m.), or you can submit an online query straight from the Cashplus website.

Phone number

• 0330 024 0924 for UK customers

• +44 207 153 8940 for customers abroad

• 0203 059 5784 to reach the Credit Management team

• 0330 024 0924 for lost or stolen cards

Email

• [email protected] for complaints

Chat

• Available in-app or via browser

Cashplus Bank also offers loan and overdraft options tailored for businesses needing short-term funds.Their business account offers up to £2,000 in the short term along with a variable representative EAR of approximately 69.9%.

Loan amounts vary greatly depending on whether you're using the Cashplus Business Creditbuilder or Business Cash Advance service. To determine what's available for your specific situation, simply chat with a Cashplus lending representative.

Cashplus supports payments in multiple currencies, specifically GBP, EUR, and USD. They also offer an International Money Transfer service that enables customers to send money swiftly and securely to over 30 countries.

For international transfers, a flat rate of £15 is applied per inbound transfer – no matter the amount. Keep in mind that a currency exchange fee may be charged when transferring money between currencies through Mastercard.

Consider the Wise Business account for cheaper international payments - you can read our detailed review of Wise here.

If the limited currency options, absence of a savings account, or transaction fees have you second-guessing Cashplus, don't fret – we've got your back. Take a look at these two alternatives that might better align with your business needs.

Wise Business Account

Tailored for startups, freelancers and small businesses alike, the Wise Business Account is a digital banking solution that aims to offer more than just the basics. With its own debit card and features such as multi-currency payments, invoicing tools, expense tracking and extensive API integration - it's all about keeping things streamlined.

Why it’s a good alternative: Boasting connections to over 150 countries and compatibility with 40+ currencies – if global payments are crucial for your business operations – this could be an appealing alternative.

Starling Bank Business Account

Another contender on the digital banking scene is Starling Bank's offering tailored specifically for small businesses, sole traders, and entrepreneurs. Armed with its own debit card and app-based access to funds 24/7; real-time analytics; automated bookkeeping; and currency exchange capabilities make managing finances easier.

What makes Starling stand out from Cashplus is its lack of fees on deposits or withdrawals at ATMs within the EU. Plus, you can stash away anywhere from £2k up to £1M in a Starling savings account at an interest rate of 3.25%.

Why it’s a good alternative: If maximising savings while enjoying fee-free ATM transactions sounds good, then perhaps Starling could be right up your alley.

The Cashplus Business Account is an appealing option for small and medium-sized enterprises (SMEs) seeking more control over their finances. With features like international payment support, real-time analytics, and multi-currency wallet options at a budget-friendly price point, it aims to cater to businesses of various sizes.

Safety and security measures are in place to protect customers' funds and data, and the bank's customer service team is just a phone call or email away during UK working hours should you have any concerns about your account.

If convenience, flexibility, and affordability are high on your priority list when managing business finances, give Cashplus Business Account some thought. It might just be the ideal solution for your SME.

Check out our other reviews

Researching all the options available to you as a business person is vital to making the right decision. Our expert team has written in-depth reviews of various business accounts and platforms - check them out below:

• Starling Business Account Review
• Airwallex Business Account Review
• Wise Business Account Review
• Cashplus Business Account Review
• Soldo Platform Review
• Revolut Business Account Review
• Tide Business Account Review
• GoCardless Review