Cashplus Bank

Cashplus Bank

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?

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29%
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Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

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?

Features

Contact Info

Email
partners@cashplus.com
Address
6th Floor, One London Wall, London, EC2Y 5EB
Phone
0330 024 0924

First Glance

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.

Pros

  • Sign up in as little as four minutes
  • Full UK banking license
  • Browser-based and app-based online banking
  • FSCS protection
  • Overdrafts available

Cons

  • 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.

Introducing Cashplus

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.

Spending Insights

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.

Credit Builder

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

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.

Travel Cards

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 credit 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

Cashplus
6th Floor
One London Wall
London
EC2Y 5EB

Telephone: 0330 024 0924

Email: partners@cashplus.com

Cashplus FAQs

Does Cashplus have a UK banking license?

How easy is it to set up a Cashplus account?

How much does it cost to maintain a Cashplus account?

Is browser-based banking an option with Cashplus?

How much money can I keep in a Cashplus account?

Are business bank accounts available?

What functionality does a Cashplus debit card have?

How long has Cashplus been operating in the UK?

Are Cashplus accounts available in other currencies?

Is a Cashplus account suitable for someone with a bad credit score?

Have a question about Cashplus Bank?

Find answers in Q&As and ask your question

Can you ( Cashplus) offer me a Direct Debit service for my clients to pay rather than a standing order thanks — John Bradley

Cashplus Bank Reviews

Remi Zubairy
March 29, 2024

“Avoid at all cost, blocked account at 23:29PM with no explanation, customer service”

Avoid at all cost, blocked account at 23:29PM with no explanation, customer service…. my kid could do a better job… monies being received being returned… stay away

One person found this helpful
Louie Cooper
March 26, 2024

“Terrible bank. They simply do not care. I have had a business bank account with Cashplus for almost 4 years”

Terrible bank. They simply do not care.

I have had a business bank account with Cashplus for almost 4 years. A few weeks ago, I could no longer log in to my account online. When I called customer service, they instructed me this was due to a form not being filled in and therefor froze my account.

This form was sent via email and was landing in my junk email. After the call, I found the form, filled it in and submitted it straight away. They already had 99% of the information requested on the form already. So why they felt the need to freeze our account in order to have a form filled in with basic information they already have is mind boggling.

I called back to let them know it had been sent to my junk, however I’ve now filled it in and need access back to my account. I was then told this process could take up to 10 working days! How on earth do they expect a business to operate without a bank account for 2 weeks!

Since the freezing of my account, I have called the customer service centre on 3 separate occasions. All of which said that the matter had been escalated to “urgent” and that I would receive a call with an update in 24 hours. I NEVER received a phone call with an update. It’s now been 10 working days since my account was frozen and I still have no access to my account.

Suppliers haven’t been paid and some will no longer send goods without payment in advance. I have received multiple late fee charges for direct debits which Cashplus have cancelled. Finally, I have 42 members of staff who I can’t pay their wage today.

It’s an absolute disgrace, it’s theft and an abuse of their powers. Once my account is accessible I will be leaving immediately.

I would tell any business owners who are considering banking with Cashplus to avoid them like the plague.

No care for their customers, no accountability, no honesty, no morality.

Tom Butler
March 26, 2024

“Appalling company. I advise everyone not to bank here”

Appalling company. I advise everyone not to bank here. They take your money and block access to your account. They are the worst financial institution I have ever encountered

David szell
March 26, 2024

“Blocked a business account without any notification just to get a proof of address and ID”

Blocked a business account without any notification just to get a proof of address and ID. I don't have to explain what damage they casued with their act. I tried to call them, they couldn't even identify why they need these documents. When i explained, that because of their act we can not trade, and i can not pay out my team, they did not seem to be cared. Currently we are about to start legal actions, and the Bank has been reported to the ombudsman

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