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Cashplus review June 2019

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.

Cashplus Activeplus

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  • 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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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

Pros

  • 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.

Cons

  • 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.

The verdict

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

Updated June 16th, 2019
Name Product Fees and charges Delivery speed
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
None
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

Updated June 16th, 2019
Name Product Foreign ATM withdrawals Foreign transactions fee Card cost Delivery speed
N26
ATM fees differ depending on country
No fees
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
No ATM fees
No fees
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
No ATM fees up to £300 a day.
No fees
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
€1 per withdrawal
2% on card spend and ATM usage
Card delivery is free
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

Updated June 16th, 2019
Name Product Fees and charges Interest Savings goals
N26
Free
None
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the app
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create different spending goals and protect money from daily spending
None
No interest
Not a feature

Compare up to 4 providers

Updated June 16th, 2019
Name Product Direct debits UK ATMs Payments Freeze your card
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut currently only supports direct debits with the Euro IBAN account
Free up to £200 a month
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Yes - future Direct Debits shown as alerts
Free, limited to £300 a day
Pay via bank transfer or using PayPal or Google Nearby
Yes: touch of a button in app
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Yes - can cancel with touch of a button too
£1 per withdrawal
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

Compare up to 4 providers

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32 Responses

  1. Default Gravatar
    MichaelFebruary 27, 2019

    Hi there, why is there a limit to what you can receive? How much can I receive if I have business cash plus accounts?

    • Avatarfinder Customer Care
      JoshuaMarch 3, 2019Staff

      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

  2. Default Gravatar
    DanFebruary 21, 2019

    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.

    • Avatarfinder Customer Care
      BellaFebruary 22, 2019Staff

      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

  3. Default Gravatar
    SueJanuary 17, 2019

    Can any EU-resident with a UK company apply for an account with you?

    • Avatarfinder Customer Care
      JhezJanuary 18, 2019Staff

      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

  4. Default Gravatar
    GaryJanuary 13, 2019

    Why does a Cashplus business account have a max £15000 balance limit?

    • Avatarfinder Customer Care
      JoshuaJanuary 16, 2019Staff

      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

  5. Default Gravatar
    FinJanuary 7, 2019

    Why don’t the ATM machines in my area allow me to withdraw cash with my prepaid Cashplus card?

    • Avatarfinder Customer Care
      JhezJanuary 8, 2019Staff

      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

  6. Default Gravatar
    TyJanuary 1, 2019

    What is this annual fee of £69 for?

    • Avatarfinder Customer Care
      JoshuaJanuary 2, 2019Staff

      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

  7. Default Gravatar
    HelenDecember 15, 2018

    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.

    • Avatarfinder Customer Care
      JoshuaDecember 17, 2018Staff

      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

  8. Default Gravatar
    StellaNovember 4, 2018

    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

    • Avatarfinder Customer Care
      JoshuaNovember 19, 2018Staff

      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

  9. Default Gravatar
    KimOctober 10, 2018

    Can I use to pay a monthly standing order?
    Thanks.

    • Avatarfinder Customer Care
      CharisseOctober 11, 2018Staff

      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

  10. Default Gravatar
    KevOctober 9, 2018

    What is the maximum daily withdrawal limit for my Cashplus business account?

    • Avatarfinder Customer Care
      JhezOctober 9, 2018Staff

      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

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