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Cashplus are a UK challenger bank who not only provides two current account options but also an opportunity for customers to improve their credit score through their Creditbuilder service. This, along with many other features make it an ideal alternative to major high-street banks.

Whilst they don’t provide a free current account, customers can benefit from a whole host of additional benefits such as a free currency card and an iDraft borrowing feature. We’ve put together all the relevant information on Cashplus so you can decide whether they’re the right challenger bank for you.

Our verdict

Overall, Cashplus is the only challenger that is specifically designed for those with a bad credit score to make positive improvements to their finances.

Money Guru Rating: 4.5/5

Read on to find out more or use the links below to navigate to different chapters in the article.

Pros and Cons

 Offers two types of current account

 Activeplus and Deluxe both charge a monthly fee

 Ideal for those with a bad credit history

 Get an extension on your account using an iDraft

 Creditbuilder can improve your credit score 

 No credit checks required on application

 Manage your account online

 Order a free currency card in Euros or Dollars

 No free account options

 Physical debit card costs £5.95

 ATM withdrawals cost £2 in the UK and £3 abroad

 Only allowed up to 9 free transfers per month

iDraft costs £20 then 75p per day

Cashplus are a challenger who have entered both the personal banking and business banking sectors, allowing those with a bad credit score to still benefit from a secure bank account that suits them.

Both of their current account offerings have a monthly fee, but don’t require a credit check, making it much easier to apply and keeping your credit score intact. Through the Creditbuilder feature, you can also start to make improvements to your credit score over 12 months, with no risk to yourself.


  • Activeplus – you can expect to pay a monthly fee of £5.95 for an Activeplus account from Cashplus, which is ideal for those with a bad credit score
  • Deluxe – you will get all the benefits of an Activeplus account, along with free payments, free transfers and free ATM withdrawals in the UK

Eligibility criteria

  • At least 18 years old
  • Proof of identity
  • Proof of address
  • Valid email address
  • Smartphone or computer to access your account

App features

Downloading the Cashplus app on iOS or Android will allow you to have instant access to your account at the touch of a button. This includes keeping your account secure and monitoring direct debits leaving your account on a monthly basis.

iDraft is an overdraft feature that is available straight from the app and will give you a buffer on your account protecting you from overspending. However, the feature will cost £20 to set up and 75p per day, capped at £10 per month.

Creditbuilder is a handy feature that can also be set up from the app, for those who want to make improvements to their credit score. Cashplus will lend you 12 months’ worth of account fees, hold them for you so you can’t spend them and your monthly fee will go towards paying off the total. This will act like a credit builder loan and gradually improve your score.

Lock your card is available through the app, which is useful for emergencies where you may have lost it or had it stolen. If you haven’t got access to your phone you can also lock your card through the online version of their app.


Cashplus use a 256-bit secure encryption to protect your account details and allow access through their mobile app and online servicing portal via the website. This means you can easily monitor your personal funds and lock your card if and when required.

Your username and password are the main details you will need to access your account, and depending on your smart device you can also use Touch ID or Face ID too. 

Spending abroad

Rather than spend using your current account debit card, you’re advised to order a free currency card, available in Euros or Dollars. This card allows you to withdraw cash for free, make purchases abroad for free and make transfers back to your current account whenever you need to.  Just make sure you spend in the local currency to get the best exchange rate.

Fees and charges

Since there is no free account available, you will always have to pay fees as a Cashplus customer, but the upside is you can make improvements to your credit score. The following fees and charges will apply:

  • Activeplus – monthly fees are £5.95 and you will be charged an additional £5.95 for a physical debit card. You will pay 99p for every transfer you make after your monthly limit of 9, and pay £2 for every cash withdrawal in the UK. Outside the UK, cash withdrawals will cost you £3 every time. You can also deposit £1000 in cash per month for free but will have to pay 0.25% thereafter
  • Deluxe – you will pay £9.95 per month for the deluxe account, along with £5.95 if you would like a physical debit card. You can make unlimited free transfers, deposit up to £5,000 in cash for free and withdraw cash for free in the UK as well. Withdrawing cash abroad will still cost £3 though


Having issues with your Cashplus account? You can access the Cashplus help centre at any time and browse the FAQs to solve any issues you might have. Alternatively, you can get relevant account information through the mobile app or online via the website.

If your card has been lost or stolen, or you have any other issues you can also get in touch with their UK contact centre over the phone.

Summary - 4.5/5

Overall, Cashplus is the only challenger that is specifically designed for those with a bad credit score to make positive improvements to their finances.

The Creditbuilder feature, which comes as standard, is ideal for those who have struggled managing money in the past and would like to actively improve their credit score, so they can access more financial products in the future.

Unlike other challengers, they don’t offer a free current account, but if you would like to improve your money management and don’t mind paying monthly fees, you might want to consider a switch to Cashplus.

Does Cashplus sound like the best challenger bank for you? Find out more details about Cashplus over on their provider page, or start browsing our current account tables using the link below.