Cashplus is a next-gen current account changing the way we manage our day-to-day finances. Cashplus looks to provide customers with a quick and accessible alternative to traditional banks, using smartphone technology to deliver banking on demand. Its main focus is serving customers who have a poor credit score.
It also does credit cards (and you can read about them here), but this review only looks at its current accounts. Cashplus offers both personal and business current accounts; we’ve looked at them both, so pick which you want to read about.
Cashplus offers digital-only personal current accounts, with all the services available through an app on your smartphone or directly online.
With Cashplus, you get all the standard features of a current account: a card, bank payments, ATM withdrawals, direct debits, an overdraft option and so on.
However, Cashplus’ main focus is helping people to improve their credit score, so it offers a “credit builder” feature that’s what really distinguishes it from other providers.
If you activate it, Cashplus “lends” you your monthly current account fee, and then treats your monthly payments as loan repayments, which are then reported to the credit reference agencies. If you keep up with the payments, your credit score will improve.
The Cashplus app is simple and straightforward, although not quite as feature-rich as you may expect from a digital-only account (no spending categories or budgeting features here, sorry).
The home screen includes:
There is also a drop-down menu where you can access:
You can also find FAQs, settings and access any messages through the dropdown menu.
Unlike many challengers, banking with Cashplus doesn’t come for free. Fees and limits vary depending on the type of account.
Personal accounts come in three forms: Activeplus, Flexiplus and Deluxe.
For all the accounts, getting the card initially costs £5.95. There are no charges on Post Office deposits up to £1,000 per month.
For all personal accounts, withdrawing cash abroad costs £3 a transaction.
Cashplus offers free prepaid currency cards in dollars and euros. The cards allow you to withdraw and spend money in Europe or America at no extra cost, and because they’re prepaid they also help you manage your budget.
Cashplus takes security seriously and requires basic information alongside certified documents to register your account. Your account is kept behind a secure password and is locked if the wrong password is entered three times; additionally, after 15 minutes of inactivity you are logged out automatically.
Cashplus is registered with the Financial Conduct Authority as an electronic money issuer, but doesn’t have a full banking licence. This means that money deposited on Cashplus accounts isn’t protected by the Financial Services Compensation Scheme (FSCS).
Cashplus mostly focuses on helping people build up their credit score, and if you’re just looking for a digital-only current account, there certainly are cheaper options.
However, the credit builder feature may have something in it for you if you have bad credit and want to improve it. It’s an option if you don’t want to take out a credit card or won’t be accepted for it. However, make sure you also have a look at our bad credit page and compare your options first.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Incidences of online shopping and auction fraud increased by over a third (37%) during the first half of 2020, reaching 40,900 cases.
See if you can get your next Currentbody order for less with our hand-tested voucher and promo codes.
If you’re considering applying for a £200,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.
If you’re considering applying for a £100,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
Are you aged over 50 and looking for an easy access account for your savings? Our guide examines how you can choose the best option.
With a generous rewards points scheme and 0% balance transfer period, the Sainsbury’s Bank Nectar credit card is a well-rounded and low-cost reward card.
Small World offers competitive rates, instant transfers and multiple payment options to send money to more than 190 countries.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.