Cashplus Bank, Established in 2005 was until recently a Financial Fintech Lender Service for Small & Medium Size Businesses as well as an alternative solution to the high street bank for the general public who had a poor credit rating.

Cashplus Bank announced this year on the 3rd February 2021 that the Prudential Regulation Authority has approved their license to become a Bank with immediate effect.

The bank announced on 18th February 2021 that it was seeking to raise capital investment of at least £50m in 2021 to support further growth across all segments and unlock a higher proportion of deposit funding for SME lending following bank authorization.

On the 19th February 2021, Cashplus Bank appointed banking veteran Mark Sismey-Durrant as its Chairman.

On 16th March 2021, Cashplus Bank announced it had added a further five leading Payroll technology platforms to the growing list of partners using its Payments API product.

Note From the Editor.

As a loyal customer of Cashplus Bank – APS Financial LTD and being one of the first businesses to join this company from the start, the bank has served the editor well although with limitations the bank still has a way to go to compete with high street banks.

For example, there is no walk-in service and everything is done online or over the phone. For overdrafts, you cannot apply for an overdraft, if you want to have one you have to be invited to apply. There are also limitations on how much money you can transfer at any given time or hold in your account. Personal Bank Accounts are opened with a maximum balance limit of £10,000. Business Bank Accounts are opened with a maximum balance limit of £50,000 (although can be increased on application. They also do not have the facility for you to transfer money abroad.

So if you have a lot of capital it may be worth looking into opening a high street bank for larger transactions.

The other disadvantages are:

  1. You cannot bank cheques
  2. ATM withdrawal transactions are chargeable if you do not upgrade your account at £3.00 per withdrawal.
  3. If you transfer money this is also chargeable (business accounts) you get the first few transactions free per month and then there is a fee for all transactions you transfer with no option to upgrade.

Additional Fees.

  1. The business Account opening fee is free then £69 annually thereafter.
  2. Card issuance Free.
  3. Additional card £5.95.
  4. Online account management Free.
  5. UK point of sale transaction Free.
  6. Non-UK point of sale transaction Free, but there is a foreign exchange transaction fee of 2.99% of the amount withdrawn/spent.
  7. £2.00 for ATM withdrawals within the UK.
  8. £3.00 plus 2.99% of the transaction value for ATM withdrawals outside the UK.
  9. £3.00 for a cash advance within the UK at a bank or Post Office.
  10. Loading up to £1000 per month at any UK Post Office/Cashplus store Free. Over £1000 per month 0.25% of load amount.
  11. Direct Debits Free.
  12. Direct Debit rejected payment fee £15 (up to a maximum of £60 per month).
  13. Account cancellation fee £10.
  14. Electronic transfers – first 3 payments sent per month Free. £0.99 per transfer thereafter.
  15. International inbound payments £15.
  16. Printed statement £10 per copy.

Applying for an account online is relatively easy, your account gets approved within minutes subject to due diligence checks. Customers also receive their Sort Code and Account number straight away after their credentials have been approved. The plus side is APS Financial LTD is they have been the only non-bank to have real-time withdrawal and cash loading capability at the UK Post Office®.” However, they are now an Official Bank.

For me personally, what I do for my personal account I pay the maximum monthly fee which allows for unlimited bank transfers and direct debits. I have opted out of having printed statements as you can download the PDFs and print them yourself.

I also do not keep all my eggs in one basket and have a high street bank to fall back on.

To Open An Account Visit the Link Here!

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