The Cashplus Bank prepaid Gold Mastercard issued by Advanced Payment Solutions is one of the UK’s leading prepaid debit cards and was the first consumer prepaid Mastercard to be launched in the UK. More than 1 million Cashplus cards have been issued.
This prepaid Gold Mastercard can also be used as an alternative to a basic personal UK bank account as it does offer some facilities such as Direct Debits and Standing Orders normally found on standard current accounts. The card is available to anyone (including undischarged bankrupts and those in an IVA) provided they are UK residents over 18 and subject to identity and address checks. There are charges and fees for using this prepaid Mastercard bank account.
Cashplus has recently been awarded a full banking licence and is now a fully fledged UK bank.
What Cashplus Bank Prepaid Debit Card Account offers:
- A guaranteed acceptance (subject to ID checks) basic personal prepaid bank account for those resident in the UK. Applicants will initially receive an ‘Express Access’ account until they upgrade to the ‘Total Access’ account. Total Access accounts give cardholders much higher card loading limits and also allows them to top up their card from a bank transfer or their salary/wages. To upgrade the account requires the cardholder to send documentary proof of identity and address to Cashplus. This must consist of a certified copy of proof of identity (e.g. passport/driver’s licence) and an original copy of proof of address (e.g. council tax bill).
- No credit checks. Applicants who are undischarged from bankruptcy or are in an IVA (Individual Voluntary Arrangement) can open an account.
- Mastercard prepaid debit card. The prepaid card can be used at more than 29 million places worldwide to buy goods and services as well as withdraw cash at Mastercard® branded ATMs in the UK and abroad. It can also be used to make online and phone purchases. Sufficient funds must be loaded onto the Cashplus card before it can be used.
- Cashplus has full UK banking licence.
- Choice of several pricing plans including the Pay Monthly Activeplus and the Pay As You Go Flexiplus. The cardholder can change plans at any time.
- Direct Debits and Standing Orders.
- No penalty fees for refused Direct Debits or failed Standing Orders. If it looks like there will not be enough money in the account to cover a payment, Cashplus will send the cardholder an insufficient funds/top up alert allowing the cardholder plenty of time to top up the account. Cardholders who are short of funds to pay a Direct Debit may be eligible for the Cashplus ‘Debit Protect’ service which provides a loan of up to £1000 to cover the cost of the Direct Debit. Cardholders who are short of funds to pay a Standing Order may be eligible for the Cashplus ‘iAdvance’ service which provides a loan of up to £400 to cover the cost of the Standing Order. Cardholders can check to see if they are eligible for these loans by logging into the member’s area of their account.
- Pay in cash at Post Offices for free.
- Withdraw up to £500 cash per day using the prepaid Mastercard debit card at any cash machine in the UK or abroad displaying the Mastercard symbol.
- Online banking plus an automated telephone service and SMS text and alerts service.
- Improve one’s credit rating with the Cashplus Creditbuilder plan. This service adds positive payment history information to a cardholder’s credit report. Cardholders must be on the pay monthly Activeplus plan with Total Access to take advantage of this service.
- Small overdraft facility available.
- Cashback by shopping online with the card at major retailers.
- Pay in salary/wages once the account has been upgraded to Total Access.
- Additional cardholders allowed. They must be at least 13 years old.
- Online statements.
- No cheque book.
- No cheque deposits.
- Fees and charges apply.
No interest is paid on any credit balance.
Some of the fees for this Cashplus Bank Prepaid Debit Card Account include:
Monthly account fee (except when the balance is zero) Free to £9.95 per month depending on plan chosen.
UK Sterling purchase transactions Free to £0.99 each depending on plan chosen.
Electronic payment fee (Direct Debit, payments and transfers) Free to £0.99 each depending on plan chosen.
Card issue fee £5.95.
Additional card and replacement £5.95.
Top-up using cash Free.
Top up electronically (including bank transfer and wage payment) Free.
Online account management Free.
ATM withdrawals UK (Non-UK) £2.00 (£3.00), £2.00 (£3.00), Free (£3.00) depending on plan chosen. Some ATM owners may charge additional fees.
Cash withdrawals at bank £3.00.
Cancellation and refund fee £10.00.
Account maintenance (120 days of no activity) Up to £4.95/£9.95 per month depending on plan chosen.
Foreign transaction fee 2.99% of transaction value.
Click on button below to go to Cashplus Bank Prepaid Debit Card Account page.