(No monthly fees. No annual fee for first year. Full banking licence. 7% of new UK business account market.)
The Cashplus Bank Business Bank Account is a ‘basic’ business bank account for UK residents over 18 with a UK registered small business that is available to those who may not be able to obtain a high street bank business current account.
Some individuals and companies are not be able to open a high street business current account because of a previous bad credit history. Even of you wish to open a business account for a limited company, banks will still look at the credit history of the directors of the company. Some businesses just want a simple current account to pay funds in and out of without any credit facilities. Also many people do not want to go through the hassle of producing a business plan only to be refused an account.
There are no credit checks for the account and it is guaranteed if suitable personal ID and proof of the business can be provided.
Cashplus Bank are probably best known for providing the first and most popular consumer personal prepaid Mastercard debit card in the UK with more than 1.9 million cards already having been issued. Their personal prepaid debit Mastercard comes attached to a personal current account.
Cashplus has now been awarded a full banking licence and is now a fully fledged UK bank.
The only real downsides of this business account are that it is not possible to deposit cheques and the balance limit is £50K (compared to the £250K for the CardOneMoney business account). This £50K limit can be increased though.
No interest is paid on the account balance.
As well as a business current account, a business credit card and a business expense card account is also available.
What the Cashplus Business Bank Account offers:
- Guaranteed acceptance (subject to business, identity and residency checks).
- Instant account number and sort code.
- First year’s annual fee is now Free (was £69).
- No monthly fees.
- Available to businesses (verified) who are sole traders, partnerships or limited companies.
- No credit checks. Individuals who are undischarged bankrupts or those with an IVA (Individual Voluntary Arrangement) are accepted. Identification and address checks will be carried out. Original ID documents may be required if residency / proof of identity details cannot be verified.
- Business prepaid Mastercard debit card which can be used to pay for goods and services online or by phone and withdraw cash at Mastercard cash machines worldwide.
- Maximum account/card balance is £50,000 (which can be increased).
- Cashplus has full UK banking licence.
- As little as 4 minutes to apply.
- Receive card within 3-5 working days once account is approved.
- Business or organisation name printed on debit card.
- Direct Debits and Standing Orders.
- Deposit cash at any UK Post Office or Cashplus store (1600 in UK) (The Money Shop).
- Inward electronic payments (BACS, Faster Payments).
- Outward electronic payments (bank transfers).
- Mobile and online account management.
- Additional cards (up to 99) available for employees.
- Overdraft (iDraft) of up to £2000 for eligible customers.
- Downloadable online (and printed copy) statements.
- Telephone account managers available.
- Withdraw up to £500 in cash per day using the prepaid Mastercard debit card at any cash machine in the UK and abroad displaying the Mastercard symbol. Withdrawals are subject to sufficient funds being available and some ATMs may charge a fee.
- No cheque book provided.
- Can’t pay in cheques.
- Maximum balance £50,000 (but this can be increased).
- Some charges do apply (see below).
Some of the fees for this Cashplus Business Bank Account include:
(see their Terms and Conditions for the full list)
Account opening fee is free then £69 annually thereafter.
Card issuance Free.
Additional card £5.95.
Online account management Free.
UK point of sale transaction Free.
Non-UK point of sale transaction Free, but there is a foreign exchange transaction fee of 2.99% of the amount withdrawn/spent.
£2.00 for ATM withdrawals within the UK.
£3.00 plus 2.99% of the transaction value for ATM withdrawals outside the UK.
£3.00 for a cash advance within the UK at a bank or Post Office.
Loading up to £1000 per month at any UK Post Office/Cashplus store Free. Over £1000 per month 0.25% of load amount.
Direct Debits Free.
Direct Debit rejected payment fee £15 (up to a maximum of £60 per month).
Account cancellation fee £10.
Electronic transfers – first 3 payments sent per month Free. £0.99 per transfer thereafter.
International inbound payments £15.
Printed statement £10 per copy.
“The Cashplus Business Account offers all the online features of traditional business banking with online payments and transfers (including Direct Debits and Standing Orders), online account management and free Purchase Protection – all for one low annual fee of £69. APS’ accounts are available to applicants regardless of their past credit history. Customers also receive their Sort Code and Account number within minutes of applying. APS are the only non-bank to have real time withdrawal and cash loading capability at the UK Post Office®.”