Cashplus Business Account Review - 2024

Looking for a new business account? One option is Cashplus, which is particularly popular with small businesses.

To help you decide if it’s the right fit for your company, we’ve put together an essential guide to Cashplus business bank accounts. Cashplus recently rebranded to be known as Zempler Bank, but we’ll continue calling it Cashplus in this article.

So read on for everything you need to know, from account features to fees.

We’ll also show you a non-bank alternative - Wise Business, which lets you effortlessly manage your business finances across 40+ currencies, including GBP, USD and EUR.

💡 Learn more about Wise Business

Cashplus business account - quick overview

Cashplus launched in the UK in 2005, finally getting its UK banking licence in 2021. It’s a business specialist, although it does also offer accounts for personal customers.

The bank’s business accounts are designed for freelancers, sole traders, small and growing businesses. This makes it a popular choice for startups and SMEs.

Cashplus bank business accounts are available on one of two plans - Go and Extra. The Go plan has no monthly fee, while Extra is £9 a month but offers more fee-free services and perks.¹

Let’s take a look at what you get with each:

	Cashplus Business Go	Cashplus Business Extra
Monthly fee	None	£9
Cashplus business card	£9.95 each	Included
Online and app banking	✅	✅
UK support	Phone only	Phone and app
FSCS protection	✅	✅
24/7 fraud protection	✅	✅
Post Office cash deposits	✅	✅
Integrated accounting	✅	✅
Cashback on card spending	❌	✅ - 0.5%
Sending money	3 free payments a month	20 free payments a month
Receiving money	Free and unlimited	Free and unlimited
Spending abroad	Fees apply	Fee-free

If you need access to credit, there’s also the option of add-ons such as overdrafts. There aren’t any Cashplus business loans available though.

Cashplus business account review

When choosing a new business account, there are a handful of factors that are likely to influence your decision. These are features, fees, limits and customer service. We’ll look at what Cashplus has to offer for all four of these aspects below, so that you can decide if it’s right for your business.

But first, it’s worth a quick look at what other customers think of the provider. Cashplus (now Zempler Bank) has an ‘average’ rating of 3.6 on TrustPilot, based on 10,600+ reviews.²

Cashplus business key features

While it varies by plan, the main features and services on offer with the Cashplus business account include:¹

• Cashplus business cards.
• Faster payments through online banking and the Cashplus mobile banking app.
• Centralised account management, where you can track spend, add cards, manage expenses and more all from one online dashboard.
• Business Credit Builder tool to improve credit score (Extra plan only).
• Cashback on card spending (Extra plan only).
• Cashplus API to integrate your account with accounting and other business tools.
• Post Office branch services, including depositing cash.
• Invoicing.
• Overdraft (on application).
• Pots for savings and ring fencing funds.
• UK-based customer support.
• FSCS protection.

One of the only drawbacks with the account is that you can’t send international payments - you can only receive them, and there’s a fee involved.³ This could be a deal-breaker for some businesses, especially those looking to expand overseas or hire remote employees.

But you have a better option to cut your costs and manage international finances with ease. You can associate your Cashplus Business Account with an international account provider such as Wise Business, where you can send, receive and spend on many different global currencies.

💡 Learn more about Wise Business

Cashplus business account limits

Cashplus business accounts do have some limits. Let’s take a look:⁴

• Account balance - max. £500,000
• ATM withdrawal - max. £500 a day
• Contactless payments - max. £225 cumulative spend
• Payments and transfers - max. £25,000 per transaction
• Post Office cash deposits - max. £5,000 a day
• Overdraft - max. £2,000.⁵

You can also ask Cashplus for your limits to be increased.

Cashplus business account fees

Here’s how much it costs to use a Cashplus business account, with fees based on the Business Go plan (£0 a month):¹

Type	Fee
Monthly fee	£0 for Go plan £9 for Extra plan
Business debit card	£9.95 initial fee per card
Payments and transfers	£0.30 per payment, after free allowance of 3 a month
Post Office cash deposits	0.5%
ATM withdrawals	£2 within the UK £3 overseas
Card spending overseas	2.99% non-sterling transaction fee
Receiving international payments (sending international payments unavailable)	£15 per payment⁶

If you upgrade to the Business Extra plan, you’ll pay a monthly fee but some of the above fees will be reduced or waived altogether.

Cashplus customer service

If you need to contact Cashplus, you can do it via:

• Phone - call the UK customer service centre on 0330 024 0924, available Monday to Friday, 8am to 8pm, and Saturday from 8am to 4pm.⁷
• In-app messaging (Business Extra plan only).

FAQs - Cashplus business account

Is Cashplus bank safe?

Cashplus business accounts are safe to use. The bank is regulated by the Financial Conduct Authority (FCA) in the UK, and offers protection up to £85,000 per account under the Financial Services Compensation Scheme (FSCS).

It also uses sophisticated security measures to protect its customers. This includes Transport Layer Security (TLS) and 256-bit secure encryption to protect data, along with regular testing by independent security experts.

Does Cashplus pay interest?

Cashplus doesn’t pay interest on funds held in its business accounts, nor does it have a savings account available. It does have Pots, but these are designed for setting money aside for things like expenses and taxes - and they don’t pay interest.

If you would like to make returns on funds you’re not using - while still having full access to all your money - check out Wise Interest.

It lets you earn returns on GBP, USD and EUR through your Wise Business account, where your money is invested in a fund that holds government-guaranteed assets. You can access your money and spend any time, all while you grow. Remember though - capital at risk.

Get started with Wise Business 🚀

Does Cashplus accept Faster Payments?

Yes, you can send and receive Faster Payments through your Cashplus business account.

However, you can’t send money outside the UK with Cashplus. It currently only allows inbound international payments, for a fee.

What type of card is Cashplus business?

Cashplus business cards are contactless Mastercard debit cards, which you can use anywhere that Mastercard payments are accepted. This includes overseas, although there are fees involved.

You’ll get an initial business card (free for Business Extra plan holders), and can also add extra travel currency or expenses cards to your account for an additional fee per card.

There are also Cashplus business credit cards available, although applications for these are currently suspended.

What documents do I need to open a Cashplus business account?

You should find it quick and easy to open a Cashplus business account online, as long as you meet the eligibility requirements and have the right documents ready.

You’ll need to be over 18 and have an active UK-based business registered with Companies House (not applicable for sole traders).⁸

Cashplus will ask for proof of ID and address when you sign up. Your passport and/or driving licence will suffice, although other documents may be accepted. The bank might also get in touch to ask for further documents and details relating to your business.

Wise Business, a non-banking alternative

If you need to pay or get paid in foreign currencies, you could be better off with a simpler and more straightforward option - the Wise Business account.

Whether it’s managing your business finances in the UK, paying contractors and suppliers overseas, or accepting global customer payments digitally, Wise has low cost solutions to help.

Wise Business accounts can hold and exchange 40+ currencies, send payments to 160+ countries and come with local account details to get paid in 8+ currencies like a local.

Use your Wise account to get paid in a selection of major foreign currencies by customers and clients, and through online marketplaces. Whenever you need to send, spend or exchange foreign currencies, you’ll benefit from the mid-market exchange rate, with low, transparent fees.

When you open a Wise Business account, you’ll benefit from all of these useful features:

• Hold and exchange 40+ currencies in one powerful online account
• Send payments to 160+ countries for low fees and mid-market exchange rates
• Get local account details to get paid in 8+ currencies like a local.
• No ongoing fees, minimum balance requirements or foreign transaction fees
• Debit and expense cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 people at once with the Wise Batch Payments feature
• Integrate with your favourite cloud accounting solutions, and use the Wise API for automation and streamlining workflow
• Use the Wise Interest feature to make your money work harder when you’re not using it.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Check out the requirements here.

Get started with Wise Business 🚀

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And there you have it - our comprehensive Cashplus business account review, covering all the essentials that matter to UK business owners. We’ve looked at available account plans, features, limits and fees, along with customer service, cards, payments and more.

So, you should now have all the info you need to compare Cashplus to other providers, including non-bank alternatives like Wise. It’s important to get the right fit for your business, so that you end up with an account that does everything you need it to.

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Sources used:

1. Zempler Bank - Current Account
2. TrustPilot - Cashplus/Zempler Bank
3. Zempler Bank - Help - Payments
4. Zempler Bank - Limits
5. Zempler Bank - Overdraft
6. Zempler Bank - Receiving an international payment
7. Zempler Bank - Contact
8. Zempler Bank - Step-by-step application process

Sources last checked on date: 23-Aug-2024