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Zempler Business Account Review
Get a Zempler business account in minutes. Fully regulated bank accounts with FSCS protection. Click below for more information or to apply online.
3 Products Compared
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Monthly Fee
Free -
Card Purchases
Free -
Bank Transfers
Free -
Overdraft
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Access
App/OnlineNo cash or cheque facilities
Product Features
- Get a Revolut Pro debit card for your freelance expenses and earn cashback on your spend
- Use your Pro card for business expenses to earn up to 1.2% cashback every time you spend
- Start selling online or in-person or let your customers pick their preference
Eligibility Criteria
- Designed for freelancers, sole traders and contractors
- You must be self-employed (not a company)
- You must have a Revolut Personal account
*Make at least one genuine card transaction of at least £5 or equivalent from your Pro account in the first 30 days of you opening your Revolut Pro account.
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Monthly Fee
£9 per month -
Card Purchases
Free -
Bank Transfers
20 free per month
20 per month free, 30p after
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Overdraft
-
Access
App/OnlineNo cheque facilities, Cash paid in via Post Office (0.5% fee)
Product Features
- 24/7 app and online account facilities
- Centralised management for up to 20 business expense cards (£5.95 issue fee per card)
- UK-based customer services team
Eligibility Criteria
- Available to UK registered companies or UK-based sole traders
- Application made by UK Director
- UK Director 18 years old plus
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Monthly Fee
FreePlus a one-off card issue fee of £9.95 -
Card Purchases
Free -
Bank Transfers
3 free per month3 free per month, then 30p thereafter -
Overdraft
-
Access
App/Online- No cheque facilities
- Cash paid in via Post Office (0.5% fee)
Product Features
- 24/7 app and online account facilities
- FSCS protection – up to £85,000
- UK-based customer services team
- Invoicing tools that allow you to create and send invoices easily
Eligibility Criteria
- Available to UK registered companies or UK-based sole traders
- Application made by UK Director
- UK Director 18 years old plus
Zempler Business Banking Overview
Cashplus is a UK-based business bank account provider that offers a range of services designed to cater to the needs of freelancers, sole traders, SMEs, and growing businesses. Established 15 years ago as a UK startup, Cashplus has evolved into a full UK bank, regulated by the Financial Conduct Authority (FCA), similar to high street banks, and offers Financial Services Compensation Scheme (FSCS) protection up to £85,000, ensuring a high level of security for its customers’ funds.
Cashplus provides a digital-only business account, which can be entirely managed online or through its app. Focussing on digital banking, they offer 24/7 access and features such as secure card controls, instant notifications, digital receipt capture, and integration with accounting software like Xero, Quickbooks, and Sage. This integration allows for scheduling payments, categorizing spending, and harnessing digital banking tools through Open Banking. Cashplus also supports cash deposits at any UK Post Office, making it convenient for businesses that handle physical cash.
The Cashplus business account includes a Mastercard for making payments and withdrawing cash, with the option to add up to 20 additional cards for team members. These cards come with individual spending limits and the ability to track expenses via the app. Additionally, Cashplus offers various financing options, including overdrafts, direct debit protection, and business cash advances through their partner, Liberis. The bank account caters to most day-to-day banking needs, including setting up direct debits.
In terms of cost, Cashplus offers two main account types: Business Go and Business Extra. Business Go has no monthly fee, while Business Extra has a monthly account charge. Other fees include charges for card issuance, ATM withdrawals, bank transfers, and international payments. Notably, there’s no fee for direct debits, and the first few bank transfers each month are free, depending on the account type. Additional cards for team members are available at a cost, and there’s a fee for depositing cash at a Post Office.
Cashplus was granted a full banking licence in February 2021, further solidifying its position as a reliable banking provider. Despite its strengths, there are some limitations to the Cashplus business account. For instance, it doesn’t support outbound international payments or cheque deposits, and there are no physical bank branches for in-person assistance. However, these cons are balanced by the account’s ease of setup, digital management capabilities, FSCS protection, and available loan and overdraft options.
Zempler Business Accounts FAQs
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What are the advantages of a Cashplus business account?
Cashplus offers business bank accounts with no monthly fees. The accounts are accessible online and through a mobile app available on iOS and Android. They are FSCS protected, ensuring the safety of deposits. Cashplus reports that most customers can open an account on the same day they apply, and business customers may access overdraft and credit facilities.
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Are there any limitations to Cashplus business accounts?
You cannot cash cheques or send international payments through a Cashplus business account. Also, Cashplus does not have physical branches, and customer service is not available 24/7.
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What are the eligibility criteria for opening a Cashplus business account?
To be eligible, you must be a UK resident and have a business based in the UK. You must also be at least 18 years old. Sole traders, partnerships, limited companies, trustees, and other approved legal business entities can apply. Notably, there are no credit checks required, so you can apply even if you or your business has a poor credit history.
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How can I apply for a Cashplus business account?
The application process involves selecting which account you want and filling in an online form with personal and business information, including business type, name, and registration number. You also need to provide details of any persons of significant control (PSC). Approval for the business account typically occurs on the same day as the application.
Services offered by this provider may change over time. Always check Ts&Cs.