Cashplus could help if your credit history isn’t great

Fixing your credit score isn’t easy, but one option is Cashplus - similar to a current account and all done online.

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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’s accounts

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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 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 two forms: Freedom and Activeplus.

  • Freedom accounts are free but come with a charge for UK card purchases, e-payments, bank transfers and direct debits. There is also a charge for UK ATM withdrawals.
  • Activeplus accounts has a monthly fee with no extra charges for direct debits and UK card purchases. You also get a set number of free transfers or e-payments per month. However, there is a fee for ATM withdrawals.

For all the accounts, there is a cost associated with receiving the accompanying card.

You can also deposit cash into Cashplus accounts at Post Office branches, however you’ll have to pay a small percentage fee.

Using Cashplus abroad

For all personal accounts, there is a cost associated with making a transaction abroad.

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 fully regulated by the Financial Conduct Authority (FCA). This means that money deposited in Cashplus account is protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

Cashplus customer reviews

Cashplus has an average rating of 4.7 out of 5 from around 43,600 reviews on the App Store, and over on Google Play it has an average score of 4.4 out of 5 from around 21,500 Android app users.

On Trustpilot, Cashplus receives a mark of 4.0 out of 5, and a rating of Great, from over 9,000 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 (August 2023).

How does the app look?

Pros and cons of Cashplus


  • Have an account up and running in 20 minutes.
  • Credit builder feature available 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.
  • Payment alerts for 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.

Customer service information for Cashplus

Email support
Telephone support
In-app or live chat
Contact form
Branch support

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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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32 Responses

    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?

      JoshuaMarch 3, 2019Finder

      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!


    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.

      BellaFebruary 22, 2019Finder

      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,

    Default Gravatar
    SueJanuary 17, 2019

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

      JhezelynJanuary 18, 2019Finder

      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.


    Default Gravatar
    GaryJanuary 13, 2019

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

      JoshuaJanuary 16, 2019Finder

      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!


    Default Gravatar
    FinJanuary 7, 2019

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

      JhezelynJanuary 8, 2019Finder

      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.


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