An official UK bank with a speedy sign-up process, Cashplus is designed for modern life. Is it everything you need from a UK-based current account?
Read on for our guide to Cashplus accounts, or take a look at our ‘at a glance’ guide to discover the most important details.
- Sign up in as little as four minutes
- Full UK banking license
- Browser-based and app-based online banking
- FSCS protection
- Overdrafts available
- Maximum balance limit of £10k for current accounts
- Customer service phone line not available 24/7
What is Cashplus?
Cashplus started with prepaid Mastercards. In fact, the Cashplus card was the UK’s first prepaid credit card.
Back in 2005, Cashplus offered something new to UK consumers. With increasing popularity came several changes. Today, Cashplus offers full UK current accounts with instant approval for most customers. Signing up for a Cashplus account can take as little as four minutes, with online and app-based banking available for everyday account management.
Cashplus offers both business and personal bank accounts. You can also choose to apply for a credit card, for personal or business use.
As a full UK bank, Cashplus can offer a lot of security for customers. Deposits of up to £85,000 are protected by the Financial Services Compensation Scheme, and overdrafts are available.
You’ll get an account number and sort code as soon as your application is approved. You can use the reliable smartphone app to manage your account on the go, or log in with your browser for a larger screen if you need it. Customer service is provided by a UK-based call centre, which is reassuring if help is needed.
So far, more than 1.6 million people have become Cashplus customers. Both debit and credit products are available, with around 30% of Cashplus customers using Cashplus as their primary bank.
Who is Cashplus for?
Though Cashplus started with revolutionary roots, bringing prepaid credit cards to the market, what’s now offered is a standard UK bank account much like you’d expect to find elsewhere. What makes Cashplus stand out is its unconventional history, ensuring that customers can benefit from reliable online banking technology. The smartphone app is easy to use and the browser-based alternative is slick, so Cashplus can appeal to younger customers and those that are a little more traditional.
How does Cashplus work?
Cashplus is a UK bank account, with a fast onboarding process. In as little as four minutes you can get an account, simply by applying online or through the Cashplus smartphone app. There are no credit checks when you sign up, and you’ll get your sort code and account number almost straight away.
There are no Cashplus branches, so your in-person banking should take place at your local Post Office. Visit any Post Office for cash deposits. Meanwhile, your Debit Mastercard is used for spending in store and online, accepted in over 200 countries worldwide.
What features do you get with Cashplus?
A Cashplus account comes with several modern features that will make it appeal to a wide audience:
Fast Sign-Up Process
With no credit check, you can get a Cashplus account in as little as four minutes. Your account will be up and running with a sort code and account number, whilst your debit card will follow in the mail in 2-5 working days.
Any money you spend is sorted automatically into the relevant category. See at a glance where your money is going and where you’re most likely to spend it.
If your credit rating is poor, you can add Creditbuilder to your Cashplus account. This is a loan, but one that won’t tempt you to spend.
Cashplus will lend you the value of a year’s bank account fees, though these will be locked away out of view so you aren’t able to spend them. Every month when you pay your account fees, the money is used to gradually repay your Creditbuilder loan. Once your loan is completely repaid, your credit score should have improved slightly.
Payment Alerts will highlight if there’s a Direct Debit payment due, so you can make sure that you’ve put enough money into your Cashplus account.
Choose to add a foreign currency card to your Cashplus account. You can use a Travel Card to pay in local currency, with no foreign exchange fees and with competitive exchange rates.
Temporary Card Block
If your card is lost or stolen, you can temporarily block it using online banking. This can offer some immediate protection, until you’re able to get through to the Cashplus customer service team.
What packages do Cashplus offer?
There are three different price plans for Cashplus accounts. With all accounts, there’s a one-off charge of £5.95 for your card. All cash deposits at a UK Post Office have a fee of 0.3% with a minimum £2 charge.
If you choose the Flexiplus option then you’ll pay 99p for every purchase, transfer or Direct Debit payment. ATM withdrawals cost £2 each within the UK. The Flexiplus bank account is free.
An Activeplus account costs £5.95 per month, though purchases and Direct Debits come with no additional charges. You’ll also get up to 9 free electronic payments and transfers every month, with a 99p charge thereafter. Again, ATM withdrawals cost £2 each.
A Deluxe account costs £9.95 per month. There are no limits or charges for any type of outgoing transaction. UK ATM withdrawals are also free, though cash deposit charges still apply.
What currencies are available through Cashplus?
Cashplus accounts are UK current accounts.
Customers have the option of signing up for a Travel Card, at no extra cost. With a Travel Card you can pay in local currency, with a competitive exchange rate and no foreign exchange fees.
Travel Cards are available for Euro and US Dollar purchases. With a Euro Card or US Dollar Card you’ll get free Euro or USD withdrawals in the UK and abroad, and can transfer money to and from your Cashplus current account.
Are there any additional charges?
Be aware of the different charges for different Cashplus accounts. All accounts include a 0.3% fee for any cash deposits, with a minimum £2 charge that will disproportionately affect small deposits. Flexiplus and Activeplus accounts include £2 ATM withdrawal fees, and all types of account include a £3 charge for any non-UK ATM.
Additional cards or replacement cards cost £5.95 each. With the Flexiplus account, most transactions include a 99p charge.
If you have an Activeplus account, remember that you can only make up to nine electronic payments and transfers each month. If you go over this limit, each additional payment will include a 99p charge.
How safe is Cashplus?
In 2021, Cashplus received its full UK banking license. This makes it as safe as any other UK bank.
Deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).
What about customer service?
There are no physical Cashplus branches, so any help you get will be provided over the phone or online. For now, Cashplus has a UK-based call centre.
The customer service phone line is active from 8am to 8pm on weekdays, and from 8am to 4pm on Saturday. Help isn’t available on Sunday.
Can Cashplus replace your everyday bank account?
Cashplus accounts are full UK bank accounts. They come with everything you’d expect from a current account, including FSCS protection. You get a sort code and account number, for incoming and outgoing payments, so your salary or wage can be paid directly into your Cashplus account.
It’s worth noting that there are no Cashplus branches, so all account admin must be done online or over the phone. However, you can make cash deposits at any UK Post Office.
For some people, the lack of branches will be an off-putting inconvenience, but with even the mainstream banks shutting down many branches you may decide that you don’t need to rely on a physical presence. Increasingly, customers are adapting to primarily banking online, with minimal face-to-face contact and no need to visit local branches.
What else makes Cashplus stand out?
If you like to travel, the USD and Euro Travel Cards may attract your attention. These are a unique selling point for Cashplus, allowing the option to spend in other currencies without the foreign exchange fees. Perhaps the biggest highlight for most people, however, will be Cashplus features for those with a bad credit rating.
If you don’t have a strong credit file, Cashplus will approve your account application with no credit check. Once you’ve started using your new account, you can use the Credit Builder features to improve your credit score. Using Credit Builder requires no effort on your part, and there are no extra charges as you’re borrowing money that you’ll repay with your monthly account fee.
Cashplus: The Verdict
It’s impossible to argue with the fact that Cashplus offers a conveniently speedy service. You’ll get a full UK bank account in less than five minutes, with both online and in-app banking.
If you don’t need to rely on physical bank branches, you can get a lot from Cashplus accounts. On the rare occasion where you need to make a cash deposit, this is relatively easy and cheap through your local Post Office. Otherwise, everything you might need can be found through online banking or a phone conversation.
Of course, Cashplus has its downsides. There are no free bank accounts, so you’ll need to be happy paying a monthly fee. Though the Flexiplus account doesn’t have a monthly fee, most transactions come with a 99p fee and the costs can quickly add up. If you expect to make more than six transactions a month then you’re better paying for an Activeplus account with a £5.95 monthly fee.
Cashplus accounts come with some features that traditional banks don’t tend to offer. There are Travel Cards for purchases in Euros or Dollars, whilst Credit Builder loans can help to build your credit score without any additional spending.
Payment alerts and spending insights are still things that traditional banks don’t do particularly well, and that you’ll find as standard with any Cashplus current account, but these features are standard with most challenger banks so they’re no longer especially exciting.
A Cashplus account is probably best suited to an everyday consumer. There’s nothing that really stands out, unless you have a poor credit score and want to improve it. Though Travel Cards are a nice-to-have, there are other providers that do a better job in this area.
Cashplus might be a good bank for an older person, looking to dip their toes into the world of more modern online banking. It offers all the safety and security they need, but with a few extra app-based features that might still feel new and exciting. For the younger generation, Cashplus will simply be a safe bet for the kind of account they expect.
More about Cashplus
Cashplus isn’t new. Since starting with prepaid credit cards way back in 2005, Cashplus has gone through more than 15 years of change, evolution and improvement. For new customers and old, this should offer some reassurance and comfort. The UK banking license, approved in 2015, has allowed Cashplus to operate as any other full UK bank. Now, customers get FSCS protection as standard.
The Founder and CEO of Cashplus is Rich Wagner. Prior to launching Cashplus, Wagner worked as the Director of Barclaycard, the COO of Providian Financial and the Vice President of Visa, which means that Cashplus is also backed by its founder’s extensive knowledge of the financial industry.
Cashplus Products and Services
Cashplus is a bank for personal and business use. Customers can choose one or more of the following Cashplus products:
- Personal Bank Account
- Business Bank Account
- Personal Credit Card
- Business Credit Card
Personal bank accounts are separated into three different price plans:
- Flexiplus Account
- Activeplus Account
- Deluxe Account
Business accounts cost a set £69 per year, with no alternative options. There are some transaction limits for these products. A business account can operate with up to three electronic payments or transfers each month at no extra cost, but after this there are 99p charges for every electronic transaction. As with personal accounts, there’s a 0.3% fee applied to a cash deposit and a £2 charge for every UK ATM withdrawal.
Other services and products are available for business customers. These include Business Expense Cards to be given to employees, and payroll solutions for bulk payments.
Security at Cashplus
With a full UK banking license approved in 2021, Cashplus offers the reassurance of FSCS protection. A customer’s deposits, up to £85k, are covered by the Financial Services Compensation Scheme.
Using online or in-app banking, you can temporarily block your card if it’s been lost or stolen.
All customers also have the option of blocking gambling transactions.
Cashplus Contact Details
One London Wall
Telephone: 0330 024 0924
Email: [email protected]
Does Cashplus have a UK banking license?
Cashplus was awarded a UK banking license in February 2021. With this new status came extra protection for customers. Being a UK bank, with a UK banking license, means that Cashplus is a member of the Financial Services Compensation Scheme (FSCS). Customer deposits are protected, up to the value of £85,000 per customer.
Prior to getting a UK banking license, Cashplus operated with prepaid Mastercards. These are no longer available. When Cashplus received its banking license, all previous customers were moved to a new UK current account.
How easy is it to set up a Cashplus account?
A Cashplus account can be set up in as little as four minutes. Most people can apply easily through the Cashplus app, though you will be asked to verify your identity. For verification you’ll need to have access to a passport, driving license or other accepted ID document. You may also be asked to provide proof of address, like a utility bill or another bank statement from elsewhere. Once you’ve registered for a Cashplus account, you’ll be sent a card that you can easily activate online.
How much does it cost to maintain a Cashplus account?
Most people will pay £9.95 per month for their Cashplus account. This subscription charge is for the Deluxe product, which comes with very few additional charges once you’ve paid your monthly fee. If you want to run your bank account without worrying about how much you’re using it, then the Deluxe plan is the best plan to be on.
An Activeplus account is available for £5.95 per month, but additional costs can start mounting up after your first few transactions each month. A third option is a Flexiplus account, which doesn’t come with a monthly fee but comes with charges for every transaction.
Is browser-based banking an option with Cashplus?
Though Cashplus offers a smartphone banking app, it’s also possible to do all your banking using a browser-based system.
The browser-based online banking system is simply an alternative to the smartphone app that’s available on iOS and Android. Both options have the same functionality, so customers won’t lose out if they choose one over another.
How much money can I keep in a Cashplus account?
Cashplus accounts have a maximum balance of £10,000. Customers may be able to request a higher balance limit, if they have good reason for doing so. All requests are considered on an individual basis.
Cashplus doesn’t currently offer a savings account product, so if you reach your £10,000 limit you will need to store any residual money elsewhere and with a different provider.
Are business bank accounts available?
It is possible to get a business bank account, as well as personal accounts, with Cashplus. Both business and personal credit cards are also available.
Whilst Cashplus personal accounts come with a monthly fee, a Business account includes an annual charge rather than a monthly subscription. The only option is to pay an account fee of £69 per year. There are no alternative Business account products, and there are additional charges after you’ve used your first three free transactions each month.
What functionality does a Cashplus debit card have?
A Cashplus card is a Mastercard Debit, so it can be used wherever Mastercard is accepted. Cashplus cards have contactless functionality, though in accordance with UK rules you may be asked to enter your PIN for Strong Customer Authentication (SCA) after you’ve made five contactless payments.
How long has Cashplus been operating in the UK?
Despite only getting a UK banking license in early 2021, Cashplus has been around since 2005. This provider originally started as the UK’s first prepaid credit card product, expanding and adapting following early success. Other challenger banks started in a similar way, moving from prepaid credit card offerings to a standard UK bank account.
Despite Cashplus operating in the UK for almost 20 years, there are no branches to visit to make banking transactions in person. If customers need to deposit cash, then they can do this at any Post Office, though there are additional charges associated with these transactions.
Are Cashplus accounts available in other currencies?
As well as having a GBP account, Cashplus customers can choose to apply for a Euro or US dollar card. Using a foreign currency card will enable customers to pay in their chosen currency, as well as getting a competitive exchange rate with free overseas withdrawals and no additional transaction fees. Euro and USD cards are available at no extra cost, so any customer can add one or both of these cards to their account.
Is a Cashplus account suitable for someone with a bad credit score?
Cashplus accounts are available to customers with poor credit ratings. You can get an account without a credit check, and start using your account almost instantly.
Cashplus also offers a Creditbuilder product, so customers can improve their credit score without spending any extra money. Customers instead take out a small loan to cover their annual account fees. Cashplus will store this loan away, so it can’t be used for other purchases, then the customer’s monthly account fee payments will be used to pay back the loan debt. A Cashplus account, even with Creditbuilder, won’t make a huge difference to your credit score. However, it could be what you need to make a small initial change.
Other Cashplus features that might help you improve your credit score include transaction categorisation and spending insights.
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