Cashplus Overview
Cashplus was founded in 2005 with the aim of providing people with faster, simpler and smarter banking services that work around their needs. In 2008, they launched the first Creditbuilder product in Europe, helping thousands of customers improve their credit rating through their Cashplus account. Since then, they’ve continued to build on their history of innovation, offering the UK’s first credit card with a gambling block and a full set of degradable bank cards.
Your questions answered
What is Cashplus?
Cashplus is an app-based bank that provides all of its services through an app on your phone or online. They offer credit cards, personal accounts and business accounts and pride themselves on their innovative features. Their Creditbuilder feature is what sets them aside from other providers. Cashplus lend you your account fees for a year and then takes your monthly payment as loan repayments, which are reported to the Credit Reference Agencies. If you make all your payments on time, your credit score is likely to improve.
How does Cashplus work?
Cashplus works the same as a high-street bank. You can open a personal current account that comes with all the features you’d expect from a traditional bank. However, you’ll have to pay to open a personal account with Cashplus and there are three different payment options available. You’ll get a card that can be used to make payments and withdraw cash, you’re able to pay direct debits, you can get an overdraft and more. Also, Cashplus online servicing doesn’t offer as many features as other app-based banks so if you want to split your monthly budget into categories and get a monthly overview of your spending, Cashplus isn’t the app-based bank for you.
What accounts does Cashplus offer?
Flexiplus Account
£0/m
Card issue fee
£5.95
Activeplus Account
£5.95/m
Card issue fee
£5.95
Deluxe Account
£9.95/m
Card issue fee
£5.95
UK Purchases
£0.99 each
UK Purchases
FREE
UK Purchases
FREE
Electronic payments and transfers
£0.99 each
Electronic payments and transfers
FREE – up to 9 each month
Electronic payments and transfers
FREE
Direct debits
£0.99 each
Direct debits
FREE
Direct debits
FREE
Additional cards
£5.95
Additional cards
£5.95
Additional cards
£5.95
Paying in cash at Post Offices
0.3% will apply to the total amount paid in
Paying in cash at Post Offices
0.3% will apply to the total amount paid in
Paying in cash at Post Offices
0.3% will apply to the total amount paid in
ATM withdrawal fee (UK)
£2.00
ATM withdrawal fee (UK)
£2.00
ATM withdrawal fee (UK)
FREE
ATM withdrawal fee (Non UK)
£3.00
ATM withdrawal fee (Non UK)
£3.00
ATM withdrawal fee (Non UK)
£3.00
How do I open a Cashplus bank account?
You can easily apply for a Cashplus bank account on the app. If you’re applying for a personal account, Cashplus simply need to verify that you’re at least 18 years old and live in the UK. If necessary, they’ll request personal documents from you in order to open your account.
What features does Cashplus offer?
- Creditbuilder – improve your credit score with Creditbuilder at no extra cost, an add-on unique to Cashplus.
- iDraft– eligible customers can add an overdraft of up to £250 to their account.
- Payment alerts – if you have a direct debit due but there’s not enough money in your account to cover it, Cashplus will send you a reminder to cover it.
- Direct debits and standing orders – set up direct debits or arrange standing orders for recurring payments.
- Post Office banking services – pay cash into your account at any Post Office branch.
Does Cashplus do credit checks?
Cashplus does not do any credit checks when you open an account.
Can I get an overdraft or loan?
Yes, you can get both a loan and an overdraft with Chasplus. You can add an iDraft to your Cashplus account, a low cost fixed credit limit that’s attached to your account. You can dip into it when you don’t have enough money in your account and use it on anything you wish, from paying bills, to everyday purchases and withdrawing cash. It’s available by invitation only. once you’ve received an offer, log in to your Online Servicing account on the app, go to the iDraft section an follow the steps to complete your application. An annual fee applies to your iDraft to cover each year’s use of the feature and the amount will be confirmed when you’re sent an offer. There’s also a flat charge for every day you have a balance of over £5. The daily usage fee varies depending on your credit limit but it will also be confirmed in your Credit Agreement. There’s no late payment fee to pay if you fail to make your repayment on time as it’s covered by your flat daily usage fee.
Cashplus has also created a unique add-on called Creditbuilder. Perfect for people who have defaults on their credit report, or those who have just moved to the UK and want to prove that they’re a responsible lender, Creditbuilder helps improve credit ratings at no additional cost.
How does Creditbuilder work?
- It’s a 12-month loan that you repay over 12 monthly payments.
- Cashplus lend you the equivalent of 12 months in account fees (£71.40 for Activeplus accounts or £119.40 for Deluxe accounts) and they hold the funds for you, so they don’t appear in your account and you’re unable to spend them.
- You pay your monthly account fee as normal and Cashplus take the money as a payment against your Creditbuilder loan, which they report to the Credit Reference Agencies.
- Once all 12 payments have been successfully made on time, you’ll have paid off your Creditbuilder loan which could help improve your credit score.
Cashplus also offer Debit Protect. If you have a direct debit due but not enough money in your account to pay it, Cashplus will send you an alert to let you know that you’re short. If you meet their eligibility criteria, they’ll offer to lend you the exact amount and get it paid on time for you. You can then pay them back when you can afford to.
Does Cashplus pay interest?
No, Cashplus don’t pay interest on savings.
Can I use my Cashplus bank account abroad?
Yes. You can add a Euro or USD card to your Cashplus bank account account at no extra cost. Once you’ve opened your GBP account and received your card, you can order currency cards in a few taps via the mobile app and they will arrive in 3-5 days. The Euro and US cards both offer the same benefits:
- Free to withdraw euros/dollars in the UK and abroad
- No purchase transaction fees when paying in euros/dollars online or face to face
- Transfer money to your card via the app
- Transfer left over euros/dollars back to your GBP Cashplus account
- manage the card via the app 24/7
Can I pay cash and cheques into my account?
It’s not currently possible to pay cheques into a Cashplus account. However, you can pay cash in at any Post Office branch in the UK. Simply visit your nearest Post Office with your cash and Cashplus card, hand it over to the cashier and the money will be available in your account instantly. Cashplus will deduct 3% of the total paid in.
Is Cashplus safe?
Yes. The app is protected with a secure password and is locked if the incorrect password is entered three times. Also, if you’ve been inactive for 15 minutes, you’ll be logged out.
Cashplus online banking is registered with the Financial Conduct Authority as an electronic money issuer, they do not currently have a full banking licence. So, any money deposited into Cashplus isn’t protected by the Financial Services Compensation Scheme (FSCS). However, your money is completely safeguarded. In accordance with the Electronic Money Regulations, Cahsplus keep your funds in a regulated bank account, completely separate from any company money. Your money is never used or accessed by Cashplus, so if Cashplus were to become insolvent, they would be able to pay you back in full.
Can I switch to Cashplus?
Cashplus is not currently part of The Current Account Switch Service.
How does Cashplus compare to other app-based banks?
We compared 5 app-based banks, taking into consideration Cashplus reviews from customers who have had first-hand experience with the apps. We rank providers exclusively on customer experience and product quality and the below table shows you how Cashplus compares to its competitors.
