Cashplus business account review

Learn more about Cashplus and if it is right for your business.

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Cashplus

Cashplus business

★★★★★

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Poor credit friendly

Instant notifications

Software integration
Opening a business bank account with bad credit can be complicated. Most banks will carry out a credit check when you put in your application and reject it if you don’t meet the requirements. All is not lost, though! Some companies, like Cashplus, offer banking services perfect for people who have a poor credit history. There are no credit checks when you apply. The only thing that needs to be verified is your contact details.
  • Have account up and running in 2 minutes
  • Overdraft option "Cashplus iDraft" once you're eligible
  • Currency cards to use overseas
  • Online services in addition to the mobile app
  • Charge to have your bank card issued
  • Not all services can be accessed via the app
  • Traditional bank still needed for majority of your business finance needs
Account fee £69
UK ATM Charge £2
Account software integration platforms FreeAgent, Xero
UK transfer charge £0.99
Additional cards
Additional card fee 5.95
Credit check
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
Cashplus business
Account fee£69
First year's annual fee refunded.
FSCS protected
UK ATM charge£2
Account software integration
Accounts software integration platformsFreeAgent, Xero
Additional card fee5.95
Requires credit check
Credit check
Key benefitsFirst year's annual fee refunded.
Overdraft
Freeze card from app or online banking
Instant notifications
Interest rate0%
Current account switch guarantee

Doing business overseas with Cashplus

Cashplus business
Cashplus business
Overseas transaction charge2.99%
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.

Compare business accounts

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Starling Business Account
Free
Free
Xero, FreeAgent
Free

Min. 18 months trading to apply
App, Online
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free spending abroad and at home in any currency, instant payment alerts, automatic categorisation
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
Cashplus business
£69
First year's annual fee refunded.
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
First year's annual fee refunded.
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