Read Our Cashplus Review
This Cashplus review should prove helpful as we discuss things like who can apply online to open the Cashplus Personal Current Account and what sort of financial services are provided such as the prepaid Cashplus Mastercard and direct debits. The business was established in 2005 and has continued to grow. In early 2021, it obtained official banking status here in the UK so are now known as Cashplus Bank. It is worth noting that they have taken on 1.6 million customers. As at 2020, they had operated profitably for a period of 9 years. The bank is a member of the Financial Services Compensation Scheme (FSCS) meaning that up to £85,000 of your funds held in one of their accounts is protected. It is also a member of UK Finance.
Who can apply to open a Cashplus Bank Account?
You will be pleased to note from our Cashplus review that 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.You are provided with an instant online decision as to whether you have been accepted. If accepted, you are provided with an account number and sort code number straight away. You should receive your card within 3 to 5 working days.
Electronic identification and address verification procedures are used but if necessary manual documents may be requested.
Those with a history of bad credit may apply.
Is a credit check made when applying for Cashplus?
You may find it interesting to read from this Cashplus review that the company does not undertake a credit reference search on its applicants. So, even if you have defaulted on a loan, are in arrears with your mortgage, have missed a payment on your credit card or have exceeded your overdraft limit on your current account with your present bank or are bankrupt you should be accepted. Undoubtedly, this is a positive benefit for many people in this situation.
What does Cashplus provide?
This is possibly one of the most informative sections of our Cashplus review as it gives you an idea of some of the features and benefits.
For instance, you can have your salary or wages paid in. You can top up the Mastercard 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 bank elsewhere you can transfer monies from their into your Cashplus Current Account.
Our Cashplus review found that 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.
Our review of Cashplus revealed that the contactless card can also be used to withdraw cash from many cash machines and you can purchase things in shops, online or by phone. It can also be used overseas. Having received your GBP card you can order free US$ and Euro cards that you can use when you go abroad.
Some of you will be pleased to read from this review of Cashplus that you may also be able to apply for an overdraft facility of up to £250 that 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.
Our Cashplus Account review found that you can manage it online or/and by using the Mobile App that is something that more and more people are doing these days. You can review your Cashplus account balance and recent transactions meaning that you will know exactly how much money is in it.
Creditbuilder may help you improve your credit rating and this service is provided at no additional cost.
We felt it worth mentioning Cashplus rewards in this review as they are 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 utilise your Cashplus contactless debit card that may be used should, for instance, the company that you have bought something from go bankrupt or if goods are faulty.
There may be a number of people reading this review of Cashplus who find it of benefit that 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.
As you can see from this section of our Cashplus Bank review there are some excellent features and benefits. Cashplus has had other reviews undertaken of it but we hope that you are finding this one of interest.
What does Cashplus cost?
As part of this review we felt it was important to provide a brief overview of some of the costs involved with some of the Cashplus Accounts.
The Cashplus Deluxe Account has a card issue fee of £5.95 and there is a monthly fee of £9.95 although our review revealed that 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 or for making purchases using the card in the UK.
Cashplus has other accounts including Active Plus. Our review found that the card issue fee is £5.95 and the monthly fee is £5.95 that is lower than the Deluxe one but you are charged £2 every time you make a cash withdrawal from ATMs in the UK.
For full details of fees and services please refer to the company’s website.
Cashplus Business Current 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 standard bank business current accounts. Why not read our informative Cashplus Business Account Review.
Cashplus Review Conclusion
We do hope that you enjoyed reading our comprehensive Cashplus review and found it be be informative. The various accounts provide a number of the features and benefits that its competitor traditional high street banks offer such as a contactless debit card to withdraw cash and purchase items, paying bills by direct debit and having your salary paid in. It is particularly suitable for many people with a poor credit history. It is quick and simple to open an account. You can visit the company’s website for more detailed information.