Cashplus business account review
Learn more about Cashplus and if it is right for your business.
Updated . What changed?
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?
- 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.
First year's annual fee refunded.
|UK ATM charge||£2|
|Account software integration|
|Accounts software integration platforms||FreeAgent, Xero|
|Additional card fee||5.95|
|Requires credit check|
|Key benefits||First year's annual fee refunded.|
|Freeze card from app or online banking|
|Current account switch guarantee|
Doing business overseas with Cashplus
|Overseas transaction charge||2.99%|
|Overseas ATM charge||£3|
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.
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