Opening a new business current account shouldn’t be a hassle. Cashplus Bank makes it easier, with an instant online decision and instant account details (so long as your company checks out) so you can start trading right away.
You can open your Cashplus Bank’s Business Current Account at the same time you form your limited company with Machfast. There’s no complicated paperwork to sift through, and you will be ready to start trading in no time at all (<10 minutes).
There are no annual or monthly fees for the first 12 months if you open a business current account with CashPlus using the MachFast company formation app.
Cashplus Bank’s Business Current Account normally has an annual fee of £69 and additional fees for certain transactions.
It’s a great choice if you want a simple and easy-to-manage business current account for your new company. Starting a business is an incredibly exciting process and Cashplus adds no stress to the process thanks to their quick account approvals.
Funds are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
Cashplus Bank’s Business Current Account Key Features
- Open a business account in minutes
- No monthly fees – just £69 annually (refunded in the first year for Machfast applicants)
- Faster Payments
- Contactless MasterCard
- Pay in and withdraw cash at the Post Office
Cashplus Bank’s Business Current Account Fees
The Cashplus Bank’s Business Current Account has a £69 annual fee which is paid upfront. There’s no monthly payment option.
This works out at £5.75 per month, which is less than most other banks (for example, Lloyds charges £7 per month for their Business Current Account).
In addition to the £69 annual fee, there are additional fees, including:
- Electronic Payments and Transfers (including Standing Orders) – The first 3 are free, after which they are £0.99 each
- Additional cards – £5.95
- ATM withdrawals (UK) – £2.00
- ATM withdrawals (non-UK) – £3.00
- Paying in with Cash at UK Post Offices – 0.3% fee for the total amount paid in.
*See full terms and conditions for all fees and charges
Cashplus Bank’s Business Current Account Unique Features
Instant account number and sort code
Once Cashplus has authorised your account you’re open for business. You will be given an account number and sort code, so you can start accepting payments immediately. You’ll be able to use these with mobile banking and online servicing.
Business Cash Advance
Subject to approval. Business Cash Advance lets your business access up to £15,000 in cash if it accepts card payments. Unlike a loan, you pay back the advanced credit through a small percentage of your card transactions in line with your cash flow.
Business Expense Cards
Cashplus can issue up to 20 additional cards to your business that employees can use for shopping and general expenses. Each card is linked to mobile banking and online servicing, so you can monitor expenses and see who spends what.
The Cashplus app has a spending insights feature which is linked to Google Maps, so you can tag payments to locations and track transactions. You can also attach receipts and add notes to individual transactions, making money management easier.
5 Things You need to Know
- Cashplus offers one of the quickest ways to get a business current account with an instant online decision. Your account can be opened on the same day.
- The Cashplus Business Current Account is for micro and small businesses, making it easy to pay in cash and manage payments.
- You can integrate your Cashplus account with all the main UK accounting software, including Sage Accounting and KashFlow.
- Your first MasterCard is free with your business account, but additional cards carry a small fee of £5.95 per new card.
- Cashplus has a UK-based customer service team. Whether you want to make a payment or report your card lost, someone in the UK will answer the phone to help.
The Cashplus App
The nature of business today means banking on your smartphone or other mobile devices will probably be the main way you bank. Cashplus has an excellent mobile app for this which lets you perform the following tasks:
- Track your transactions and payments
- See your spend in real-time
- Make payments
- Move money between accounts
- Manage multiple cards
- Apply for credit
- Add notes, tags and receipts to card transactions
Alternatively, you can use internet banking, which Cashplus calls ‘online servicing’. You can do all the same things with online servicing that you can with the app.
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