Cashplus Business Bank Accounts
Who are Cashplus?
Cashplus are a fully regulated British bank. They are authorised by the FCA and covered by the FSCS, just like major high-street banks.
They offer a range of personal and business services including bank accounts and credit cards.
What is a Cashplus Business Bank Account?
A Cashplus business bank account is a modern bank account designed for small businesses, sole traders and limited companies.
Business bank accounts are essential for limited companies as you are legally required to hold your company money in an account in your business’s name.
For freelancers, contractors and sole traders, business bank accounts are an efficient way of organising your finances, separating them from your personal finances, and streamlining your income and expenditure tax reporting.
Who are Cashplus Business Bank Accounts for?
- Sole traders
- Limited companies
What are the benefits of a Cashplus Business Bank Account?
Cashplus business bank accounts have several features that make your company banking:
- Convenient and hassle-free
Here’s a list of our favourite features of their business bank accounts:
- Cashplus banking app
- Online Banking
- Free business debit card
- Bank transfers in and out
- Set up direct debits and standing orders to manage ongoing payments
- Cash deposits at UK Post Offices
- ATM withdrawals in the UK and overseas
- Save digital receipts in the app
- Integration with accounting software like Xero, QuickBooks and FreeAgent
- Categorised and analysed business spending
- Export your statements as CVS or PDF files
- UK based customer service team
All these features make your banking easier and more efficient, which leaves more time for you to focus on the things that matter to your business.
Are Cashplus Business Accounts free?
The Cashplus business account comes at an annual charge of £69 per year.
There are also other charges you’ll incur from using your account, but you won’t pay for these if you don’t use them:
- £0.99 for electronic payments and transfers after your first 3 free per month
- £5.95 per additional card
- 0.3% charge on your cash deposits at the Post Office
- £2 for UK ATM withdrawals
- £3 for overseas ATM withdrawals
Are Cashplus business accounts safe?
Cashplus is authorised and regulated by the FCA which means they must behave in line with their rules to protect customers.
As Cashplus is a fully regulated bank, they are also covered by the Financial Services Compensations Scheme (FCSC).
The FSCS covers you for up to £85,000 of your deposit in the event that Cashplus goes into administration.
What do I need to apply for a Cashplus Business Account?
If you’re a sole trader and not a limited company, then you can open an account online in minutes.
You’ll just need to provide some basic information about yourself and your business and have two documents that prove your ID and address. This could be your passport and driving license, for example.
You can submit copies of these digitally, so there’s no need to complete postal application forms.
For limited companies, Cashplus need to verify that your business is based in the UK.
Limited companies are also required to confirm the address and date of birth of any Persons of Significant Control, so make sure to get these ready to speed up your application process.
How do I apply for a Cashplus Business Account?
The easiest way to apply for a Cashplus business account is online. You can open your account in minutes without a credit check and can speak to the UK customer service team if you get stuck or have questions.
Which bank is Cashplus?
Cashplus is a bank in its own right, although it is a trading name of Advanced Payment Solutions Ltd.