Take control of your spending with this flexible current account
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. To compete with their rivals’ worth, Cashplus builds on the traditional bank account system with interesting add-ons to make your money work harder.
What is a Cashplus card?
Cashplus describes itself as “Fast. Simple. Smart”, aiming to be a convenient alternative to older banking systems. Like other next-gen banks Cashplus offers a mobile personal current account, with all the services available through an app on your smartphone.
Cashplus defines itself not only through its mobile format, but also through the different services it provides and the features accompanying them.
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Cashplus CEO Rich Wagner on “making banking right” for consumers and SMEs
How does Cashplus work?
Cashplus works from an app with no physical branches on the high street. From registration to account management Cashplus provides you with almost everything on your phone.
The app focusses on the essentials and offers the option for additional features and services while logged on. You can also log-in and manage your account online, so if you ever lose your phone you don’t lose access to your money.
The Cashplus app is simple and straightforward. The home screen includes:
- A rundown of your account, including your balance, spending allowance and account details.
- Activate a card: Request and activate your Cashplus bank card.
- View credit add-ons: If you have used any of Cashplus’s extra services such as credit cards, extended overdrafts or short-term loans, you can view them here.
- Make a payment: Make payments through the app.
There is also a drop-down menu where you can access:
- Overview: A complete summary of your account status.
- Statements: View your transactions and request a bank statement.
- Manage my card: View card details and manage activation status.
- Payments and transfers: Make and manage your payments, transfers and direct debits.
- Add-ons: View and select different add-ons offered by Cashplus.
You can also find FAQs, settings and access any messages through the dropdown menu.
Using Cashplus abroad
The Cashplus app is always in your pocket when you travel abroad so your money is never too far away. Cashplus also offers prepaid currency cards in dollars and euros, meaning you don’t have to worry about crafty transaction fees overseas.
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 fees and limits
Fees and limits vary depending on the type of account. Both business and personal accounts share:
- Free UK purchases.
- A certain amount of free electronic payments; three on business accounts and up to nine on personal accounts.
- Free direct debits and bank transfers.
- £2 UK ATM withdrawal charge, £3 international charge.
- There are no charges on post office deposits up to £1,000 per month.
- Business accounts cost £69 per year. Cashplus has worked hard to create an attractive package for their accounts, with a number of benefits and services available to keep your business running smoothly.
Personal accounts come in three forms: Activeplus, Flexiplus and Deluxe.
- Deluxe accounts cost £9.95 per month and come with no extra charges on UK ATM withdrawals, bank transfers or electronic payments.
- Flexiplus accounts are free but come with a £0.99 charge on e-payments and transfers, direct debits and purchases. There is also a £2 charge on UK ATM withdrawals.
- Activeplus accounts cost £5.95 per month with no extra charges on direct debits and UK purchases. You also get nine free transfers or e-payments per month. ATM withdrawals cost £2.
Is Cashplus safe?
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.
Customer service is always available in case of emergency.
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).
How does the app look?
Pros and cons of Cashplus
- Have an account running in 20 minutes.
- Optional overdraft to help you in a pinch.
- Currency cards help you spend overseas.
- Online service as well as mobile app.
- Short-term loans to help keep you financially secure.
- “Debit Protect” lets you know if you’ll be unable to pay your direct debits.
- Safe and secure.
- Fully licensed by the FCA and PRA.
- Must pay a monthly fee to keep an account open, or face charges on a free account when you need to use your money.
- Must pay to have your bankcard issued.
- Attempts to upsell different loans and overdrafts, potentially dangerous if you are easily tempted.
- Not all services available via the app.
- Traditional banks are still necessary for anything more than a current account.
If you are serious about mobile banking and are willing to pay the monthly subscription then Cashplus may be for you, the account has competitive fees and the added services are enticing.
However, there are more established mobile banks out there that may fulfil your needs at a lower cost.
Compare Cashplus against its competitors
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