Review: Cashplus Bank – Is it any good?

Accounts, Fees and Features

Cashplus Bank provides you with banking facilities as an online and app based bank. But, you can also deposit money at any Post Office.

Cashplus Bank has a personal and business bank account that you can apply for. In addition, it has a Creditbuilder facility, to help you improve your credit score.

It is FSCS protected, so you do have security on your money from the UK government.

Content

  • Personal Account
  • Deposit Money at the Post Office
  • Business Account
  • Banking app
  • Pros and Cons
  • Fees
  • How to pay for your bank account
  • Our conclusion

Personal Account

You can apply for a Personal Account straight from your mobile or online and there is no credit check. You will get an instant decision.

If successful you will get an account number and sort code and have your card delivered within 3-5 working days.

You can easily set up direct debits and standing orders like you can with any bank.

The contactless Debit Mastercard can be used in over 200 countries worldwide. Anywhere they accept the Mastercard.

There are two types of accounts available.

  • Activeplus
  • Freedom

The monthly account fee for Activeplus is £5.99 whilst the Freedom is free. They have varying features and charges.

Deposit Money at the Post Office

If you would like to deposited some money into your account, then you can do that at any Post Office. This means, there should be good accessibility to deposit cash. And, the money is available immediately in your account.

Apply for a Cashplus Personal Account, here: Cashplus Personal Account.

Business Account

When you open a Business Account, Cashplus will provide you with your new account detail straight away online so you can take payments.

You can pay your bills, suppliers and employees easily via online banking or through a banking app.

If you need an additional card for expenses or an employee, then you can manage the card centrally. You will then be able to track spending, add or remove money from the account. In addition, you can block cards and add restrictions.

If you need cash for your business, you can apply for a cash advance of up to £15, 000. This could be beneficial if you are struggling with your cash flow and need extra money for the business.

Apply for a Cashplus Business Account, here: Cashplus Business Account.

Banking app

You can manage your Personal and Business Account 24/7 with the Banking app.

You can get real time balance of your account as well as make payments.

Pros and Cons

Pros

  • No credit check
  • Banking app and Online Banking
  • Get an instant decision on application
  • Purchase protection
  • Can use Cashplus to improve your credit score
  • Deposit money at any branch of the Post Office
  • Business cash advance – up to £15, 000

Cons

  • Monthly fees for Activeplus
  • Minimum of £2 or 3% to deposited cash at the Post Office
  • £3 for ATM withdrawal (for Activeplus)

Fees

ActiveplusFreedom
Card Issue Fee£5.95£9.95
Monthly Account Fee£5.95Free
Depositing Cash at Post Office Minimum £2 or 3% Minimum £2 or 3%
ATM withdrawal (UK)£2Free

FSCS

Your money is protected by the FSCS in the UK. So, if the bank cannot meet its financial obligations the FSCS will compensate you.

How to pay for your bank account

You can pay for your bank account in a number of ways. You can pay by debit or credit card or electronically by a bank transfer.

When you have finished your application, you will receive a payment letter by email. You can take a print of the letter or show the letter on your phone to any shop taking payments by PayPoint.

Our Conclusion

Cashplus Bank is a really good option if you are not able to open a regular bank account. Or, if you want to open a quick business bank account.

You have to pay fees for depositing and withdrawing cash.

However, there is all the banking facilities available to you.

Additional Information

If you are interested, check out: Best Bank Accounts for Bad Credit.

If you are looking for the best SIM only deal, read out article: Best SIM Only Deals UK – best SIM only plans available

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If you are looking for advertise on the web, check out Google Ads, here: Google Ads.

Money Advice Service
For debt management and advice on how to pay for bills go here: Money Advice Service info page.

If you are looking for home insurance, read our article: Home Insurance – Compare Cheap Quotes.

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