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Cashplus business account review

Just like its personal account, Cashplus’s business account is a digital-only account that can be entirely managed online or from the app. You can open an account in a few minutes and without a credit check – Cashplus will only need to verify your company’s details.

Cashplus business account features

Cashplus isn’t technically a bank, but the business account does all you would expect from a business account, including setting up direct debits and giving you a debit card to make payments and withdraw cash. In addition, you may also be able to get funding for your business, if you need it, in three different ways.

  • An overdraft. Cashplus calls it an “iDraft”. You can get up to £2,000 of credit and using it costs £1.50 a day.
  • Direct debit protection. The app will notify you when a direct debit is due and you don’t have enough funds to cover it. Cashplus will then give you a quote for a loan on that amount.
  • Business cash advances. Read more on what they are and how they work in this guide. Cashplus offers cash advances through its partner Liberis.

You can also load cash on your account at every post office in the UK for free up to £1,000 a month.

Finally, if you need additional cards for your team, you can get them easily. You can also set individual spending limits and track expenses through the app. If you need to go abroad, you can get a euro or dollar card for free and make card payments or ATM withdrawals without foreign currency transaction fees.

How much does it cost?

Aside from the cost of borrowing money through it, expect quite a few different fees even for using the Cashplus business account in a standard way:

  • Annual fee. You’ll need to pay £69 a year.
  • Bank transfers. Only the first three each month are free. After that, it’s 0.99 each.
  • ATM withdrawals. You’ll pay £2 for each withdrawal in the UK, and £3 if you’re abroad.

Cashplus business account review: the verdict

The Cashplus business account can be appealing if you’ve just started your business or if it has bad credit: you can open it easily and without credit checks, it offers a good range of features and you can also borrow money if you need it.

If you can easily qualify for a standard business account, the Cashplus business account is probably not the best option because there are cheaper options available that either don’t charge a monthly fee or allow free unlimited bank transfers and ATM withdrawals.

Compare business accounts

Updated December 15th, 2019
Name Product Interest Monthly fee Overdraft
Tide
0%
No monthly fee
No overdraft available
Get a business account in minutes.
Revolut for Business
0%
Basic free plan, or paid subscription plans
No overdraft available
ANNA
0%
Starts from £5
No overdraft available
Starling Business Account
0%
No monthly fee
Overdraft available
Cashplus Business
0%
No monthly account management fees, annual account fee is £69
Up to £2,000 of credit, using it costs £1.50 a day
Yorkshire Bank Business Account
Yorkshire Bank Business Account
0%
Free for 25 months
Overdraft available
HSBC Business Current Account for Startups
0% AER
£6.50 per month
Subject to status
T&Cs Apply
Free banking for 18 months for start-ups with turnover below £2m, followed by a 12 months fixed price period of £6.50 per month . T&Cs apply. Interest Rate refers to in credit balances.
HSBC Business Current Account for Switchers
0% AER
£6.50 per month
Subject to status
T&Cs Apply
Free banking for 12 months for switchers with turnover below £2m, followed by a 12 months fixed price period of £6.50 per month . T&Cs apply. Interest Rate refers to in credit balances.

Compare up to 4 providers

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