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).
What is a Cashplus personal current account?
A 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.
Cashplus CEO Rich Wagner on “making banking right” for consumers and SMEs
Cashplus CEO, Rich Wagner, on the speed and ease of opening a Cashplus account: “We have connectivity to a number of databases to validate your identity and who you are, so you don’t have to prove it. We can go to other places and do it for you, so it takes the complexity out of getting a bank account, in addition to speeding up the process of getting a bank account.”
The Cashplus app
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:
- 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.
Cashplus fees and limits
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: Flexiplus, Activeplus and Deluxe.
- Flexiplus accounts are free but come with a £0.99 charge for UK card purchases, e-payments, bank transfers and direct debits. There is also a £2 charge for UK ATM withdrawals.
- Activeplus accounts cost £5.95 per month with no extra charges for direct debits and UK card purchases. You also get 9 free transfers or e-payments per month. ATM withdrawals cost £2.
- Deluxe accounts cost £9.95 per month and come with no extra charges for UK card payments, ATM withdrawals, bank transfers or direct debits.
For all the accounts, it costs £5.95 to receive the accompanying card.
You can also deposit cash into Cashplus accounts at Post Office branches. A 0.3% fee will apply to the total amount paid in (with a minimum £2 charge).
Using Cashplus abroad
For all personal accounts, withdrawing cash abroad costs £3 per ATM transaction.
But Cashplus also 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.
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.
Cashplus is registered with the Financial Conduct Authority (FCA) as an electronic money issuer, but doesn’t have a full banking licence. This means that money deposited in Cashplus accounts isn’t protected by the Financial Services Compensation Scheme (FSCS). But under FCA rules, Cashplus will have to safeguard its customers’ money, by holding the funds in a ring-fenced account at a licensed UK bank.
Cashplus customer reviews
Cashplus has an average rating of 4.6 out of 5 from almost 18,000 reviews on the App Store, and over on Google Play it also has an average score of 4.6 out of 5 from more than 9,600 Android app users (March 2021).
On Trustpilot, Cashplus receives a mark of 3.4 out of 5, and a rating of Average, from around 5,000 feedback posts. Customer reviews on this platform are mixed, with some users praising the easy-to-use app and simple account set-up, while others highlight problems with making payments or logging into their accounts.
How does the app look?
Pros and cons of Cashplus
- Have an account up and running in 20 minutes.
- Use the credit builder feature to improve your credit score.
- Optional overdraft to help you in a pinch.
- Currency cards available for spending overseas.
- Online banking service as well as a mobile app.
- Short-term loans can be applied for.
- “Debit Protect” lets you know if you’ll be unable to pay your direct debits.
- Must pay a monthly fee for an account, or face charges on the free version when you need to use your money.
- Fee to have your bank card issued.
- The upselling of different loans and overdrafts could potentially be dangerous if you are easily tempted.
- Not all banking services are available via the app.
- Traditional banks would still be necessary for anything more than a standard current account.
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 a bad credit score and want to improve it. This could be particularly useful if you don’t want to take out a credit card or won’t be accepted for one. However, make sure you also have a look at our bad credit guide and compare your options first.
Compare Cashplus against its competitors
Frequently asked questions
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