We're officially a full UK Bank

Frequently Asked Questions

• Why did you apply to become a bank?

  Before becoming a bank we had e-money and consumer credit licences from the Financial Conduct Authority (FCA) to provide banking services like current accounts, currency cards, payment services, credit cards and other types of credit. This means we offered financial services a bit like a bank but without actually being one.

  But as a bank we’re now able to improve our existing services and lending products and, importantly, offer you useful new ones, which we know is what many of you want.

• Now Cashplus is a bank, will my card and account continue working as normal?

  Simply put – yes. Now we are a bank you’ll still be able to use your existing card, Account Number or Sort Code just as you have in the past. Simple.

• Will my money still be safeguarded now Cashplus a bank?

  As always, the safety and security of your money remains our highest priority, however the way we protect your funds has changed.

  Before we became a bank, we safeguard your money under e-money regulations. Now, as a bank your money is protected by the Financial Services Compensation Scheme (FSCS), which protects accounts by compensating customers up to £85,000 if financial firms like banks fail. You can find out more about the FSCS here or on its website at fscs.org.uk.

• Have my terms and conditions changed?

  Yes, as your Cashplus Account has become a bank account, the terms and conditions that govern it have now been updated to reflect that change. We wanted to ensure you fully understood what these changes meant for you which is why we sent our customers communication about this in November 2020. You can view your bank terms and conditions in the Cashplus Bank app or Online Banking, or by visiting www.cashplus.com/termsandconditions.

• Will your account and product fees and charges change?

  In most cases our standard fees haven’t changed for accounts and transactions, but if they did we would have communicated these changes to you in November 2020. Some of our products have evolved to align with banking requirements and in the case of iDraft that will affect what you pay.

  Before we were a bank, our iDraft product was a credit line extension that you paid a flat daily fee for whenever you used it. Now we are a bank, iDraft has evolved into a standard overdraft facility that charges a simple interest rate rather than a daily usage fee. Find out more about how overdrafts work here.

   

   

• Now Cashplus is a bank, do you still offer the same products like iDraft, Business Cash Advance, Creditbuilder and Debit Protect?

  We have kept as many of our existing products as possible, although some have changed name to align with common banking names. Let’s break them down product by product:

  Creditbuilder remains just as it was before and hasn’t even changed name, although new terms and conditions do apply – and you would have received communication about this in November 2020.

  iDraft has become a normal bank overdraft and as such, its pricing structure has changed from the daily usage fee we previously charged to a simple interest rate.

  Debit Protect has evolved to become a one-off overdraft facility that performs a similar function to make sure customers don’t miss any Direct Debit payments should they run short of funds now and again.

• What’s the difference between iDraft and an overdraft?

  Before we became a bank, our iDraft product was a credit line extension that you paid a flat daily fee for whenever you used it. Now we are a bank, iDraft has evolved into a standard overdraft facility that charges a simple interest rate rather than a daily usage fee. Find out more about how overdrafts work here.

• Now Cashplus is a bank, will my credit card continue working as normal?

  Simply put – yes. You don’t need a new card, Account Number or Sort Code and there is  no change in your ability to access your account or use your card. It’s that simple.

• Have your credit card fees and charges changed?

  No, nothing has changed at all, including the fees you pay for your Cashplus Credit Card.

• What about customer service? Now you're a Bank, I don’t want to become ‘just a number’ who has to deal with long wait times and overseas call centres

  As a digital challenger for the past 15 years, we’ve been committed to offering fast, smart, simple services. Rest assured, now we are a bank that won’t change and we’ll still offer friendly and helpful UK based customer service. We’ve also heard your feedback, and are committed to improving our existing customer service channels to make it easier and faster for you to resolve any issues or questions you may have.

• Will existing Cashplus customers have to do new credit checks now you've become a bank?

  Don't worry, you won’t have to do a new credit check as part of our transition to being a bank. Regardless of your credit score, the access you have to your account and how you use your account day to day won’t change – you can still do all the same things you did before and use your existing card, Account Number and Sort Code just as you always have.

• What type of account do I have now Cashplus is a bank?

  Now Cashplus is a bank, your existing Personal or Business Account has simply become a Bank Account. As we said above, how you use your account hasn’t changed – and you can still do all the same things you used to do and use your existing card, Account Number and Sort Code just as you always have.

• Will balance limits increase now Cashplus is a bank?

  No, balance limits will not increase now that we are a bank. As normal, we’ll keep you up to date if any changes are made in the future. 

  However, your existing balance limit may be higher than you think -

  • Personal Accounts have a maximum balance limit of £10,000
  • Business Accounts have a maximum balance limit of £50,000.
  • Higher limits may be made available on request if further documentation is provided. Please contact us if you'd like to request a higher balance limit.