Cash Plus Deluxe Current Account – The Review
You should find this Cash Plus Account review helpful if you are looking for an alternative to a traditional, personal UK bank current account to help manage your money and have a poor credit rating. We discuss things like who can apply online to open the Cashplus Account and what sort of financial services are provided such as the prepaid Gold MasterCard. We also provide a brief Cashplus Business Account review.
Who can apply to open a Cash Plus account?
It is available to UK residents who are at least 18 years of age. So, for instance, if you are employed, self employed or retired you may wish to consider applying to open one. You can do this by completing a brief application form online that should only take a few minutes to process.
Electronic identification and address verification procedures are used but if necessary manual documents may be requested.
Is a credit check made when applying for the Cashplus Account?
You can apply for a Cash Plus bank account even if you have a poor credit history because the company does not undertake a credit reference search on its applicants. So, even if you have defaulted on loans or credit cards, are in arrears with your mortgage or are bankrupt resulting in you getting an adverse record with the credit reference agencies you should be accepted. Undoubtedly, this is a positive benefit for many people in this situation.
What does the Cashplus prepaid Gold MasterCard Deluxe Account provide?
You can have your salary or wages paid directly into the account. You can top up the card by handing over between £10 and £500 per day in cash at Post Office counters. You can also top up your account with cash at hundreds of other retail outlets. If you already have a bank account elsewhere you can transfer monies from it into your Cash Plus Deluxe Current Account.
You can pay regular bills such as your mortgage, rent, council tax, utility bills and insurances by direct debit and standing order or make one off payments.
The card can also be used to withdraw cash from cash machines that display the MasterCard Acceptance Mark and you can purchase things in shops, online or by phone. The card can also be used overseas.
You may also be able to apply for an overdraft facility of up to £250 which is a feature that you do not usually get with poor credit bank accounts.
You may also qualify for an iAdvance which is an emergency loan facility of up to £400 that could be used to cover the likes of car repairs that you have had done to get your vehicle through its MOT.
Creditbuilder may help you improve your credit rating and this service is provided at no additional cost.
Cashplus rewards is a way of getting discounts on a variety of purchases such as clothing, broadband and holidays.
There is a free Purchase Protection facility when you use your Cashplus Gold prepaid MasterCard that may be used should, for instance, the company that you have bought something from goes bankrupt or goods are faulty.
It is possible to get up to 4 additional cards that could, for instance, be used by other family members as long as they are at least 13 years of age.
You do not get a cheque book but nowadays people do not tend to write cheques out preferring to pay for items using a debit card.
You may also wish to look into other bad credit bank accounts such as the eccount money current account.
What would my Cash Plus Account cost?
The card issue fee is £5.95 and there is an account fee of £9.95 per month for the Cashplus Deluxe Account although if the balance is £ zero no monthly fee is payable. There is no additional charge to make cash withdrawals at cash machines in the UK nor for making purchases using the card in the UK.
Cashplus has other account packages including the Cashplus Active Plus Account. It has a card issue fee of £5.95 and an account fee of £5.95 per month that is lower than the Deluxe Account but you are charged £2 every time you make a cash withdrawal from ATMs in the UK.
For full details of fees and services for all their account packages please refer to the website of Cashplus.
Cashplus Business Account
The Cashplus Business Account can be opened by limited companies, partnerships and sole traders and there are no credit checks. It provides many of the services of a standard bank business current account such as being able to pay in cash and set up direct debits and standing orders. You get a prepaid business Mastercard. You can manage the Cash Plus Business Account online. You do not get a cheque book and cannot pay cheques in. There is an annual fee of £99 but no monthly administration charge. There are other charges so please visit their website for further details.
Conclusion about the Cashplus Deluxe Current Account
We do hope that you found the above Cash Plus Account review informative. It provides a number of the financial services of a traditional high street bank current account and is suitable for many people with a poor credit history. You can visit the mycashplus website for more detailed information about the features and benefits that the above Cashplus Account provides such as the prepaid Gold MasterCard as well as the other current accounts they have available including the Cashplus Business Account.