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Cashplus for Business Bank Account review

cashplus for business review image
Robert Bester, Consumer Finance Expert

30th November 2020

3 minute read

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The Cashplus for Business bank account is a great way to manage your business finances as a sole trader, freelancer, start up or small business, with an innovative app to manage your finances without missing a beat.

This is ideal for those who have a bad credit score, but would still like to launch a new business venture while making gradual improvements to your score at the same time. With a fast-online application of less than 4 minutes, no credit check required and an instant online decision, you will be able to manage your finances all in one place, hassle-free, in no time at all.

Our verdict

As a competitive alternative to other business banking providers, Cashplus for business offer a great solution for those looking to start a new business but may have had issues with borrowing money in the past.

Money Guru Rating: 4.6/5

Pros and Cons

 Offers an app-based business bank account

 Application takes under 4 mins

 No credit check required

 Innovative smartphone app to access your money

 Accounting software integration as standard

 Business iDraft available

 Free direct debits

 Business Mastercard for expenses

 Pay in cash at the Post Office

 Annual fee of £69

 Additional cards cost £5.95

 Cash withdrawals cost £2

 Only 3 free transfers per month

Rather than spend time having to trawl through terms and conditions, the Cashplus account is clear and simple. No credit check when you apply and a standard £69 annual fee to pay up front. After that you can get on with managing your overheads and growing your business from the ground up.

Products

  • Business bank account – for an annual fee of £69 you will get access to a business bank account that is made for small businesses and sole traders, which also integrates with current accounting software for ease of use and reporting

Eligibility criteria

  • Over 18 years of age
  • Proof of ID (such as passport or driving licence)
  • Proof of business address
  • Companies House registration number

App features

Using your Cashplus for Business app, you will be able to access your account on your smartphone wherever you are to check your balance, add new payees download statements, make payments and apply for extras, all from the palm of your hand.

Keep track of transactions and payments by checking in with the app to see a full overview of your account. You can use the app on your smart phone or tablet and check your account from anywhere, as long as you have an internet connection.

Track your business spending by tagging expenses and making notes that you can view later. This will help you claim VAT at a later date or simply track your spending month-on-month.

Add credit products such as an iDraft or Creditbuilder through the app, allowing you to add a buffer on the end of your account or make gradual improvements to your credit score.

Security

Your Cashplus for business account is secured using your username and password, allowing you to change your login details whenever you require through the app or online. You can also set up trusted devices to ensure there are no other devices that can access your account unless they’ve been registered by you first.

Cashplus will keep your funds in a regulated bank account as well, meaning if anything were to happen to Cashplus as a business your funds would still be safe.

Spending abroad

You are able to use your Cashplus for business card when outside the UK, but it will come at a price. Foreign card transactions come with a 2.99% fee, while cash withdrawals come with a £3 charge as well.

For international transfers you will have to pay 99p, but this is only after you’ve exhausted your allotted 3 free transfers per month.

Fees and charges

The Cashplus for Business account comes with a number of fees and charges, alongside the standard £69 annual fee. They include the following:

  • Transfer fee (after you’ve used your 3 free transfers in a month) – 99p
  • Replacement card - £5.95
  • ATM withdrawal in the UK - £2
  • ATM withdrawal outside the UK - £3
  • Foreign transaction fee – 2.99%
  • Rejected direct debit - £15

Support

For any issues with your business bank account, there are plenty of questions answered on the Cashplus website, though you can also call their customer service line for anything more urgent. Along with a customer services team they also have a separate credit management team for those having difficulty meeting repayments and a lost or stolen cards number if you need to temporarily block your card.

Summary - 4.6/5

As a competitive alternative to other business banking providers, Cashplus for business offer a great solution for those looking to start a new business but may have had issues with borrowing money in the past.

Make one straightforward annual payment to use your account and the rest is simple. Whilst there isn’t an option for a free banking period, you do avoid having to have a credit check, allowing you to get on with running your business without it immediately affecting your credit score. A functional, straightforward business bank account from a competitive challenger bank on the rise.

Have you been thinking about applying for a Cashplus for business account? Head over to our business banking comparison tables to find the right provider for you. Simply click the button below to start your comparison journey.