Cashplus Account
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- Authorised by the FCA
- 1.9 million+ cards issued
- £9.4 billion payments processed
- Pay in cash at any UK Post Office branch
Updated . What changed?
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.
Cashplus also offers credit cards (and you can read about them here), but this review only looks at its personal current accounts. (Cashplus also operates business current accounts, which you can discover more on here).Cashplus Account
The Cashplus personal current account is digital-only, 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 has an average rating of 4.5 out of 5 from more than 12,000 reviews on the App Store, and over on Google Play it has an average score of 4.0 out of 5 from 7,500 Android app users.
On Trustpilot, Cashplus received a mark of 3.4 out of 5, and a rating of Average, from around 4,700 feedback posts. Customer reviews on this platform were mixed, with some users praising the easy-to-use app and simple account set-up, while others highlighted problems with making payments or logging into their accounts.
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
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Hi there, why is there a limit to what you can receive? How much can I receive if I have business cash plus accounts?
Hi Michael,
Thanks for getting in touch with Finder. I hope all is well with you. :)
The amount of money you can deposit is up to £1,000 per month without incurring fees. This does not mean that you can only deposit more than $1000 per month. You can still deposit more than that however, you would need to pay a fee for that.
Both business and personal account allows you to deposit more than £1,000 per month. Please feel free as well to get in touch with Cashplus to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Just got my card through in the post, what happens if I don’t activate it?
Having read up on this card today it is not something I am looking for so have no use for it, has not been used or activated.
Hi Dan,
Thanks for your inquiry.
If you did not activate your card, it will automatically expire on the date visible on the card.
I hope this helps.
Kind regards,
Bella
Can any EU-resident with a UK company apply for an account with you?
Hello Sue,
Thank you for your comment.
According to the eligibility criteria of CashPlus for personal applications, only residents of the UK are eligible and must be at least 18 years old. You may want to verify directly with CashPlus if they can maybe consider your residency status.
Regards,
Jhezelyn
Why does a Cashplus business account have a max £15000 balance limit?
Hi Gary,
Thanks for getting in touch with finder. I hope all is well with you. :)
While I can’t tell you exactly why they have this limit in place, it is possible that you cancel this limit. What you can do is give their sales team a call and your request would then be subject to approval.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Why don’t the ATM machines in my area allow me to withdraw cash with my prepaid Cashplus card?
Hello Fin,
Thank you for your comment.
Sorry to hear about you not being able to withdraw cash using the prepaid Cashplus card. There have been reviews as well that they’re unable to withdraw cash using the same card. You may directly get in touch with the Cashplus support to report this matter.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
What is this annual fee of £69 for?
Hi Ty,
Thanks for getting in touch with finder. I hope all is well with you. :)
The £69 fee is your annual fee if you open a business account with Cashplus. Since it comes with more features and benefits, Cashplus charges an extra fee for this type of account.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I transferred funds from my normal bank to Cashplus account, I can’t find how long it takes? It doesn’t seem to be in the account yet and it’s been half hour.
Hi Helen,
Thanks for getting in touch with finder. I hope all is well with you. :)
When topping up your Cashplus account, it should only take within a few hours to one day before you see your money in your account. If you haven’t received your money after one day, you may want to directly get in touch with Cashplus’ customer support.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi
I would like to know if there’a any maximum amount I can have it on my personal cashplus MasterCard and also what’s the maximum amount I can deposit or transfer into my account?
Thanks
Hi Stella,
Thanks for getting in touch with finder. I hope all is well with you. :)
There’s no mention of the maximum amount of money you can hold in your Cashplus account. However, please note that you can deposit up to £1,000 per month at no extra cost through the post office. More than that, you might have to pay an extra fee.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Can I use to pay a monthly standing order?
Thanks.
Hi Kim,
Thanks for reaching out to finder.
Yes, you can use Cashplus for standing orders and for electronic payments and transfers as well. Cashplus pricing for standing orders are as follows:
Activeplus- Free up to 9 each month; a fee of £0.99 will apply thereafter
Flexiplus- £0.99 each
Deluxe- Free
If you need further information on this, please feel free to contact Cashplus directly. I hope this helps.
Cheers,
Charisse
What is the maximum daily withdrawal limit for my Cashplus business account?
Hello Kev,
Thank you for your comment.
According to the CashPlus terms and conditions, the Maximum ATM Withdrawal Limit Per Day is £500. For higher limits, it may be made available at Card issuer AFL’s sole discretion. Please see CashPlus’ website for details of their daily and individual minimum and maximum limits for paying-in funds to Your Account. Please note that the limits are subject to change without notice.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn