Fast, simple, and smart. These are the words that CashPlus, a digital banking service, uses to describe itself. Established in 2004 in London, CashPlus has come a long way in its journey and boasts more than £10 billion payments transacted to date along with a total of 1.9 million pre-paid cards issued to customers in the UK.
It is a one of a kind next generation banking system that consists of no physical branches, instead; all of your account details and day to day finances are presented to you in the palm of your hand via a dedicated smartphone application. In addition to the traditional banking services the company also provides many other add-ons as well to make your experience worthwhile.
How Does it Work?
At CashPlus, they take a completely different approach to traditional banking. Instead of any physical branch, they possess a high end and simplistic smartphone application that takes cares of all your banking needs and more. The UI of the app is simple with the following choices present on the home screen:
- Details of your account including balances, spendings and other relevant details
- The option to activate a card
- The ability to look over additional services if you have signed up for any.
- The payment option and more
The application provides an ease of mind, especially when you are traveling abroad since it allows you to withdraw your amount without any overseas transaction fees within Europe or America. Furthermore, if your mobile goes missing you can easily track and manage your account online from their site.
In order to surpass their rivals, Digital banking company CashPlus has rolled out tons of different add-ons which you will be hard-pressed to find in any traditional banking service. Some of them we have mentioned below:
One of the best things that offer is there CreditBuilder add-on which allows even those individuals who possess a less than perfect credit score a chance to improve your credit score without paying any extra amount. Even if you do not possess any credit score at all, you can easily sign up for CashPlus Credit Builder service to boost your credit score.
This includes agreeing to a 12-month contract in which you will be required to diligently pay their fees at the end of each month. After you pay off all of your payments you will have successfully paid off your Credit Builder loan which works towards improving your credit score.
For now, this is only an invitation-only service, nevertheless, this is must have opportunity especially for students or those having a bad credit score or those who have recently settled in the UK.
The next best thing about Cash Plus services is their debit protection plan. CashPlus’s ‘Debit Protect’ scheme lets you know 24-hours in advance if there is any debit leftover on your card. If for any reason you are unable to pay it in due time, pays it for you with an emergency one-time loan depending on whether you are eligible for this feature or not
Post Office Loads
Even if your network connection is down there is no need to worry because CashPlus has got you covered. With their deals with the UK Post Office, you can easily pay your funds or withdraw cash from your accounts offline via more than 11,500 UK Post Offices.
These features and many more make it the most innovative digital banking service.
Fee & Limits
The fees and limitations of Credit Cards depend on your account. Below we give you a rundown of the two accounts that CashPlus offers to its customers.
The business account comes with the following prices and limitations, CashPlus has worked hard in order to make the perfect package for your business:
- No card issue fees
- An annual fee of £69
- Free UK purchases
- Electronic Payments free up to 3 per month, exceeding that a fee of £0.99 will be charged on each purchase
- No charges on direct debits and bank transfers
- £2 charges on ATM withdrawal within the UK and additional £1 is charged when withdrawing from an overseas ATM
- For deposits on Post Office or stores exceeding £1,000 an additional 0.25% fee will be charged.
CashPlus Personal Account comes in three forms namely: Active Plus, Flexi Plus and Deluxe. The prices and limitations of the personal account are as follows:
|Active Plus||Flexi Plus||Deluxe|
|Card Issue fee of £5.95||Card Issue fee of £5.95||Card Issue fee of £5.95|
|Monthly fee of £5.95||No monthly fee||Monthly fee of £9.95|
|Free UK purchases||A fee of £0.99 on every UK purchase||Free UK purchases|
|Electronic Payments free up to 9 per month, exceeding that a fee of £0.99 will be charged on every electronic transfer||A fee of £0.99 will be charged on every electronic payment and transfer||Electronic Payments and transfer are free|
|An additional card will cost you £5.95 per card||An additional card will cost you £5.95 per card||An additional card will cost you £5.95 per card|
|For deposits on Post Office or CashPlus stores exceeding £1,000 an additional 0.25% fee will be charged.||For deposits on Post Office or CashPlus stores exceeding £1,000 an additional 0.25% fee will be charged.||For deposits on Post Office or CashPlus stores exceeding £5,000 an additional 0.25% fee will be charged.|
|No charges on direct debits and bank transfers||A fee of £0.99 will be charged on each direct debit. The bank transfers are free||No charges on direct debits and bank transfers|
|£2 charges on ATM withdrawal within the UK and additional £1 is charged when withdrawing from an overseas ATM||£2 charges on ATM withdrawal within the UK and additional £1 is charged when withdrawing from an overseas ATM||No charges on ATM withdrawals|
There are no prerequisites in signing up. Due to the credit builder program, even individuals with low credit score can be eligible for a credit card if the information that they provided checks out.
Pros and Cons
- Quick and Easy signup process
- A dedicated smart application with online help if needed
- Short term loans to help you stay financially stable
- Debit Protect feature lets you if you are unable to pay your debts in time
- Internationally recognized Master Card service which allows you to use your card overseas as well
- Safe and Secure
- Pay an annual fee or monthly fee, otherwise, pay additional fees whenever you use your money on the free account
- Charges on issuing of a credit card
- High APR and interest rate, meaning you must absolutely pay back all your balance before the 56 days are up otherwise high-interest rates (49.96%) will be charged
- Not all services are available through the app
Comparison with Other Competitors
|Tandem Bank Journey Mastercard||Tesco Bank Foundation Clubcard Mastercard||ASDA Money Cashback Start Mastercard|
– Cash Advance 2.5% or £2.5
– Overseas 0%
– Balance Transfer
– Cash Advance 3.99 or £3
– Overseas 2.75%
– Balance Transfer 3.99%
– Cash Advance 3% (min. £5)
– Overseas 2.99%
– Balance Transfer 3% (min. £3)
|24.9% APR||27.5% APR||34.9% APR|
|24.9% – Cash Adcvance||39.94% – Cash Advance||34.9% – Cash Advance|
|No additional fees when making purchases or withdrawing cash abroad.||After every £4 minimum spends in Tesco you obtain 1 Tesco Clubcard point|
While you get 1 Clubcard point for every £8 minimum purchase outside of Tesco.
The points are converted into vouchers after every 3 months
which can be used in Tesco or Clubcard
Reward Partners to avail enticing offers
|On every shopping, you get 1% cashback from Asda Stores|
(0.2% elsewhere). The payback is given in terms of Asda Vouchers
Is it easy to top up your Cashplus card?
Extremely easy, you can transfer your money from another account or through the post office. Just remember that for transactions exceeding £1,000 a small fee will be charged.
Can I set-up standing orders with Cashplus?
Yes! For standing orders and electronic payments and transfers, you can easily use. In the business account, you can set up up to 3 standing orders to electronic transactions per month, exceeding which a fee of £0.99 will be applied.
In the personal account, you have the following options
ActivePlus: Free for up to 9 standing order or electronic transactions per month, exceeding which a fee of £0.99 will be applied.
FlexiPlus: £0.99 for every standing order and transaction.
What is the maximum daily withdrawal limit for my business account?
According to CashPlus terms and conditions, the maximum amount that you can withdraw via ATM is £500 per Day. If you want to increase that limit you have to contact customer support for any changes.
Can I transfer money abroad with a Cashplus standard personal account?
No. Currently, international payment services are supported by CashPlus’s business accounts only.
What’s a Cashplus business account?
CashPlus rolled out its business account for those individuals owning a business. It is considered an easier alternative to a bank business account and consists of many features. The most key feature being you do not have to go through a credit check to get an account.
You will be provided one as long as the information you provide about your account checks out. It has an annual fee of £69. Its additional benefits include free bank transfers, and UK purchase transactions, and more.
Is there a fee if I go over the credit limit?
If you go over the credit limit. You will be charged an additional £12, which will be subjected to interests if you are unable to pay it back within 30 days
Is there a fee if I don’t make payments on time?
If you do not pay your balance on time you will be charged a late fee of £12, which will be subjected to interests if you are unable to pay it back within 30 days.
Majority of the reviews concerning CashPlus are aimed at their customer support and lack of management. The company has scored 3.6 ratings on choosewisely.co.uk and 3 on Trustpilot.com out of 5 with more than 50% 5-star ratings.
Customers complain that CashPlus Customer support is incompetent with no idea about the internal workings of the company. Many customers complain that they are left in the dark about many things and whenever they call to inquire about them, they are told to wait a few days.
Regarding their management, many customers complain that their accounts do not close even when they have gone through all the paperwork. Their transactions are slow and many individuals complain that CashPlus cannot handle overseas account transactions as their employees have no clue about the status of money.
Overall, 32% of their customers report an extremely bad experience with most of them being of their money gone missing or them being overcharged for a particular add-on with CashPlus refusing to refund it.
CashPlus is one of the leading digital banking services out there and was among the foremost companies in digitizing the banking procedure. It is registered with FCA but currently does not have any banking license. The company offers many outstanding packages for business owners and individuals alike.
Despite their many perks CashPlus seems to have a bit of a problem in following up the complaints of their customers, if you are someone who does not withdraw money often and can wait for their transactions to take place then this seems to be the right choice for you. Ultimately the experience differs from individual to individual and your choice only depends on whether their packages meet your requirements.