Open your Cashplus account now
- Powered by Mastercard
- Authorised by the FCA
- 1.9 million+ cards issued
- £9.4 billion payments processed
- Pay in cash at any UK Post Office branch
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 a digital-only personal current account, 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.
Just like its personal one, Cashplus’ business account is a digital-only account that can be entirely managed online or from the app. It can be opened in a few minutes and without credit checks: Cashplus will only need to verify your company’s details.
Cashplus isn’t technically a bank, but the business account does all you can expect, from setting up direct debits to giving you a debit card to make payments and withdraw cash. In addition, you may also be able to get funding for your business if you need it, in three different ways.
You can also load cash on your account at every Post Office in the UK for free up to £1,000 a month.
Finally, if you need additional cards for your team, you can get them easily, set individual spending limits and track expenses through the app. If you need to go abroad, you can get a euro or dollar card for free and make card payments or ATM withdrawals without foreign currency transaction fees.
Aside from the cost of borrowing money through it, expect quite a few different fees even for using the Cashplus business account in a standard way:
The Cashplus business account can be appealing if you’ve just started your business or if it has bad credit: you can open it easily and without credit checks, it offers a good range of features and you can also borrow money if you need it.
If you could easily qualify for a standard business account instead, it’s probably not the very best shout because there are cheaper options available, that either don’t charge a monthly fee or allow free unlimited bank transfers and ATM withdrawals.
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