Cashplus business bank account review

The Cashplus business bank account is an innovative, 24/7 online banking current account. It’s designed with ease of use in mind, with an expedited application process that makes it fast and easy to sign up.

It’s a different option for businesses who are looking to move away from the bigger banks – and with over 1.6 million customers using Cashplus, it appears to already be making some big waves.

In this article, we’re going to look at what the Cashplus business bank account offers customers, as well as some of the pros and cons of using this banking solution.

What is the Cashplus business bank account?

The Cashplus business bank account is a type of online banking for businesses. Unlike traditional banking, there isn’t a brick-and-mortar bank to go to.

Instead, you access your account through an application on your online device which is available 24/7.

It provides you with a standard debit MasterCard so that you can perform your banking transactions as you normally would. They also include a UK-based customer service team to handle any queries you might have about your account.

Your business can add up to 20 additional cards to the account so that colleagues and members of staff have access to business funds when required. Cards are also available for USA and EU territories, allowing for international banking.

Other useful aspects of the Cashplus business bank account are the ability to use Faster Payments, use the Post Office for transactions and seamless integration with popular accounting software, such as FreeAgent.

Pricing for the Cashplus business bank account

The Cashplus business bank account isn’t free – there is an annual fee of £69 for the service.

There are also additional fees for certain transactions, such as Post Office transactions and ATM cash withdrawals. With that said, they do offer 3 free transactions per month, but after that, it’s 99p per transaction.

However, Bytestart visitors can earn 1% cashback. Plus the standard annual fee will be refunded. Click here to enjoy this special offer for new signups.

Account features of the Cashplus business bank account

One of the biggest benefits of the Cashplus business bank account is its rich list of features that make business banking a little easier. Below are some of the most useful features:

Instant account number and sort code

As the Cashplus platform is fully digital, the company provides you with a sort code and account number instantly. This means that you can make and receive payments as soon as you sign up.

MasterCard

Cashplus provides you with a contactless MasterCard debit card a few days after signing up with them. This is a great feature as MasterCard is accepted almost everywhere, allowing for payments at most establishments and businesses.

Fast online banking

The Cashplus banking application is a dynamic and easy-to-use platform that speeds up your banking transactions. You have the option to instantly pay your bills, send staff their salary or pay off contractors without having to wait for confirmation from your bank.

A central hub for financial management

You can bring all of your accounts together under the unified platform of Cashplus, which allows you to manage all employee cards and business expense cards from a single location. It gives you the power to move finances around, add or remove cards and even restrict certain transactions – all from within the application.

Seamless digital banking

It’s no surprise that the Cashplus business bank account is excellent for digital banking. The company places a strong emphasis on online banking, which means you have 24/7 access to your account from any online-enabled device. From within the application, you have full access to your bank balance, statements and the ability to send payments in just a few clicks.

Boost your credit rating with Creditbuilder

One of the most specialised features of the Cashplus business bank account is the ability to build up your credit rating using an add-on feature. Known as the Business Creditbuilder, this handy extension is a great way to gain more financial credibility which increases your ability to take out loans.

Receive a cash advance

Another handy feature the Cashplus business bank account offers is the ability to receive a cash advance for small businesses. They offer up to £15,000 cash as an advance to help with funding if funds are low.

Full fraud protection

One of the areas where Cashplus excels is its fraud protection for users. They perform 24/7 fraud monitoring on all Cashplus business bank accounts to stop any fraudulent activity from occurring on the account. Moreover, all of your funds (up to £85,000) are protected through the Financial Services Compensation Scheme.

The drawbacks of choosing a Cashplus business bank account

To be objective, and to help you decide whether or not the Cashplus business bank account is suitable for you, take a look at the list of drawbacks below:

  • No way to use cheques
  • Money can only be transferred inside of the UK
  • Lack of 24/7 customer support line
  • No way of contacting Cashplus via mail
  • Fees for Post Office deposits

No Annual Fee + 1% cashback for Bytestart visitors

Sign up to Cashplus and pay no Annual Fee + earn 1% cashback on purchases!

Cashback Business Current AccountJoin Cashplus today and earn 1% cashback. Plus, the normal annual fee is refunded. Click here to find out more.

Last updated: 25th July, 2022

Tide Business Bank Account - £50 welcome bonus!

Exclusive for Bytestart readers + 12 months' free transfers. Find out more.

Combine all of your old pensions into one simple online plan

Sign up in 5 minutes - over 600,000 users, including the Bytestart team!

Tax Investigation Insurance (incl. IR35) - just £99 per year via Qdos

Essential tax protection. Tax enquiry insurance costs just £99 per year.

FreeAgent Online Accounting - 55% off - ByteStart exclusive!

Brilliant software. Get 55% of your first 6 months, then 10% for life.

Related articles

  • bank charges low

    How to keep your business banking charges low

    One of the most frustrating things you will come up against as a small business owner are bank charges. Unlike personal banking, where we are used to paying only to have an overdraft, most business…

  • The secrets of getting a business bank loan

    Borrowing money from a bank to finance your business is a lot harder than getting a loan to buy a new car or to improve your home. Banks have a number of tough rules that…

  • business banking

    Concise guide to choosing a business bank account

    One of the first things you will do when you set up a new business is to open a business bank account. The easy thing to do is to use your personal bankers to act…