Cashplus Business Current Account Eligibility

Searching for a new bank account can be time consuming and we want to make the process as fast and simple as possible. To help you understand if your business account would be approved before applying, here’s our eligibility criteria.

We're currently accepting applications from limited companies, sole traders, charities and partnerships. However, while we do accept applications for most businesses, there are some industries and larger company set ups we cannot accept. For more help you can also read our FAQs.

Sole traders

Applying for a sole trader account is simple and fast:

• you’ll need to be a UK based sole trader or freelancer
• you must not be registered at UK Companies House

Limited companies

We’ve made the application process quick and simple to apply, however you’ll need to ensure your:

• business is based in the UK
• business is registered at Companies House and your business status is classified as active (e.g. not dissolved, in liquidation or about to be struck off)
• confirmation statement with Companies House is up to date

To successfully open an account

• your application must be made by a senior company director
• you’ll need to provide the date of birth and home address of any major shareholders (PSCs) on the application form. You can find out more about PSCs here
• The business will need to meet our standard KYC, fraud and application checks - you can find out more about these here
• your business operates in Cashplus supported industry – you can check our list of unsupported industries below

Unsupported industries

We support businesses in the majority of industries, however, there are some we don’t accept. These are:

• Carbon Credit Traders
• Cash dealers
• Crypto Currency Traders
• Cultural artefacts or other items of archaeological, historical, cultural, or religious significance or of rare scientific value
• Financial services firms 
• Firearms dealers
• Firms issuing bearer shares or with nominated shareholders
• Firms suspected of proliferation financing
• Hydroponic services
• Ivory and items related to other protected species dealers
• Large scale tobacco dealers or manufacturers
• Money service businesses
• Precious metals dealers
• Scrap metal dealers
• Sex industry services
• Waste Management services
• Unregulated finance and insurance services

Corporate shareholder and PSC requirements

There are some simple corporate shareholder and PSC requirements you need to meet to open a Cashplus account:

• your company must have 4 or less PSCs registered with Companies House
• all PSCs must be over 18
• PSCs outside of the UK will require additional checks
• we cannot currently accept applications from businesses with more complex corporate PSCs structures

Cashplus Bank reserves the right to decline applicants who do not pass the relevant checks.

Please note that, for applications with corporate shareholders, if your application is approved and account opened there will be an additional cost of £100 as part of your account opening fee.