Cashplus review

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

• 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

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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 accounts

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Name	Product	Account fees	UK ATM fees	UK purchase fee	Interest (AER)	Arranged overdraft	Link	Key benefits
Cashplus Personal Account		£5.95 per month	£2.00	£0	0%	N/A	Go to site	Guaranteed acceptance plus a credit building feature		loading Fetching your data...
Deluxe		£0	£0	£0	0%	N/A				loading Fetching your data...

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Cashplus CEO Rich Wagner on “making banking right” for consumers and SMEs

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.

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?

Quick mobile-only application

It's quick and easy to apply for a personal or business account. As fast as 3 minutes in the app.

Manage your money better

Go to the homepage for all your basic banking features. See your budget and make payments.

Build your credit

Once approved, you can use credit add-ons to build up your credit score.

Simple payments page

Add news payees and set up faster payments.

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Pros and cons of Cashplus

Our verdict

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.

Frequently asked questions

• How does Cashplus make money?

  Net interest income: Cashplus uses customer deposits as overdrafts and loans for other customers.
  Treasury income: The Bank of England holds money that isn’t used for loans and overdrafts, where it generates interest.
  Interchange income: The small fee Cashplus takes from card transactions made on certain accounts.
  Fees and commission: Cashplus upsells credit cards, loans and overdrafts, which generate income through the interest customers must pay back on top of the borrowed amount.

• Is it easy to top up your Cashplus account?

  Very easy. Transfer money from another bank account or deposit cash through a Post Office branch. A 0.3% fee will apply to the total amount paid in (with a minimum £2 charge).

• Can I set up standing orders with Cashplus?

  Yes, you can use Cashplus for standing orders and for electronic payments and transfers as well. Cashplus’ pricing for standing orders is as follows:

  Flexiplus account – £0.99 each
  Activeplus account – 9 free each month; a charge of £0.99 will apply thereafter
  Deluxe account – Free

• Can I transfer money abroad with a Cashplus personal account?

  No. You can receive international payments into your account, but you can’t make outbound international payments from your account.