Cashplus business bank account review
You can open a Cashplus business account without a credit check. Learn more about its features and fees, and if it could be the right choice for your business.
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 has been featured as our best business bank account for bad credit.
What are the features of a Cashplus business bank account?
Cashplus Bank offers a business account that caters for most day-to-day banking needs, including setting up direct debits. It also comes with a Mastercard, which you can use to make payments and withdraw cash.
If you need additional cards for your team, you can get up to 20 of them, at a cost of £5.95 each. You can set individual spending limits for your staff and track their expenses through the business account’s banking app.
There are charges for using your business account cards overseas, but if you do need to go abroad, you can get a separate euro or dollar card for free, which you can use to make card payments or ATM withdrawals without foreign currency transaction fees.
In addition, as a customer of Cashplus, you may also be able to get funding for your business if you need it, in three different ways:
- An overdraft. When your business is eligible you can get up to £2,000 of credit, but interest will be charged at a representative rate of 69.9% APR.
- 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 business cash advances through its partner Liberis.
How much does a Cashplus business account cost?
- Monthly fees. There’s no monthly fee for Business Go, but you’ll pay £9 a month for Business Extra.
- Card issue fee. £9.95 for Business Go, no fee for Business Extra.
- Direct debits. These are always free.
- Making bank transfers. With Business Go, the first 3 payments are free each month, then it costs 30p for each transfer after that. With Business Extra, the first 10 payments are free each month, then they cost 30p a time.
- Card spending. Free in the UK, a fee of 2.99% when making purchases overseas.
- ATM withdrawals. Withdrawals in the UK £2 each for Business Go and £1 for Business Extra. ATM withdrawals abroad are a standard £3 each.
- Additional cards. Any additional cards you want to order for your team cost £5.95 each.
- Depositing cash at a Post Office. A 0.5% fee will apply to the total amount paid in, with a minimum charge of £3.
- Paying money in by bank transfer. This can be done for free.
- Accepting international payments by bank transfer. There is a flat fee of £15 for each inbound international payment.
What does the Cashplus business app look like?
Cashplus’s business fees and features
Doing business overseas with a Cashplus business account
Who can open a Cashplus business account?
You can open one of these accounts if you are the owner of a limited company or partnership, or if you’re a sole trader.
What documents do I need to open a Cashplus business account?
Cashplus says you can apply for a business account in a matter of minutes, and then the account will be open soon afterwards. You will be asked to provide the following information for your application:
- Your business name and address
- Whether you’re a contractor/freelancer
- Your company registration number, if you’re a limited company
- Details about your business, such as its website address, the industry it operates in, the number of employees and your expected monthly spend
How can I pay cash and cheques into a Cashplus business account?
Unfortunately you cannot deposit cheques into a Cashplus business account.
International banking with a Cashplus business account
You can accept international payments into your Cashplus business account in sterling or euros. The time it takes for an international payment to arrive in your account will vary depending on which country and bank it’s coming from.
Cashplus charges a flat fee of £15 per inbound international payment.
You cannot, however, make an outbound international transfer from your Cashplus business account. So if you do business overseas and need this facility, you might want to consider a different account.
It’s worth noting that you can use your Cashplus card abroad, where you’ll pay a fee of 2.99% on any purchases you make, and £3 to withdraw cash from an ATM.
But you do also have the option of ordering a separate euro or dollar card for free, which you can use to make card payments or ATM withdrawals in those two currencies without incurring foreign transaction fees. You can transfer money onto those cards from your Cashplus account, via online banking.
Is a Cashplus business account safe?
Cashplus was granted its full banking licence in February 2021. This means that funds you deposit into a Cashplus business bank account are protected by the Financial Services Compensation Scheme (FSCS), up to the value of £85,000.
Pros and cons of a Cashplus business account
- Quick and easy to set up
- FSCS protected
- No credit checks
- The account can be managed digitally
- Able to deposit cash into your account at a Post Office
- Loan and overdraft options available
- Can’t make outbound international payments
- No ability to deposit cheques
- No bank branches if you want to speak to someone in person
- Fees apply to certain transactions
The Cashplus business account could be appealing if you’ve just started your business, or if you or your business has bad credit. You can open the account easily online and without credit checks, plus it offers a decent range of features and you can also borrow money if you need it.
Get started by visiting the Cashplus website and sign up for an account. If you have read this review and decided that Cashplus’s account is not for you, you can also compare other business bank accounts on the market.
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