We're applying to become a bank!

Follow our journey to become a bank through our regular updates below

Frequently Asked Questions

  • At the moment we have 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 offer financial services a bit like a bank but without actually being one.

    But as a bank we’d be 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.

  • Simply put – yes. If we do become a bank you’ll still be able to use your existing card, Account Number or Sort Code just as you do now. Simple.

  • If we become a bank the safety and security of your money will remain our highest priority, however the way we protect your funds will change.

    Currently, we safeguard your money in a regulated bank account that we can never use, no matter what happens. But as a bank your money would instead become 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 on its website at fscs.org.uk.

  • Yes, as your Cashplus Account would become a bank account, the terms and conditions that govern it would update to reflect that change. Don’t worry though, we’ll let you know well in advance what those changes will be and how they’ll affect you and your account (if they do at all).

  • In most cases our standard fees won’t change for accounts and transactions, but if they do we’ll let you know well in advance what those changes will be. Some of our products are also evolving to align with banking requirements and in the case of iDraft that will affect what you pay.

    Currently, our iDraft product is a credit line extension that you pay a flat daily fee for whenever you’re using it. If we become a bank, iDraft will evolve into a standard overdraft facility that charges a simple interest rate rather than a daily usage fee.

     

  • We’re intending to keep as many of our existing products as possible, although some may change name to align with common banking names. Let’s break them down product by product:

    Creditbuilder will remain just as it is now and won’t even change name, although new terms and conditions may apply – but we’ll let you know what that implies closer to the time.

    iDraft will become a normal bank overdraft and as such, its pricing structure will change from the daily usage fee we currently charge to a simple interest rate.

    Debit Protect will evolve 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. If this impacts you, we’ll let you know the details closer to the time.

    iAdvance will no longer be offered as an add-on.

  • Currently, our iDraft product is a credit line extension that you pay a flat daily fee for whenever you’re using it. If we become a bank, iDraft will evolve into a standard overdraft facility that charges a simple interest rate rather than a daily usage fee.

  • Simply put – yes. If we do become a bank, you won’t need a new card, Account Number or Sort Code and there’ll be no change in your ability to access your account or use your card. It’ll be that simple.

  • No, nothing will change at all, including the fees you pay for your Cashplus Credit Card.

Banking licence application updates

  • We’ve got some exciting and important news about Cashplus

    We’re applying to become a bank!

    It’s early days, but we’re really excited to tell you that we’ll soon be applying to become a bank.

    We actually started preparing our application last year, but these things take time as we’ve gone through lots of initial regulatory checks to make sure we’re on the right track. But if all goes to plan, we could be a fully-fledged bank within the next 12 months.

    Why are we applying to become a bank?

    At the moment we have e-money and consumer credit licenses 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 offer financial services a bit like a bank but without actually being one.

    But as a bank we’d be 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.

    So, why are we telling you now?

    While 12 months may seem like a long way off, time flies and we want to make sure you’re completely up to date and comfortable with what we’re doing every step of the way. We’ll also be sending you regular updates to let you know how we’re progressing and give you more precise timeframes should the regulators approve our application.

    In the meantime you don’t need to do a thing – your Cashplus Account will be completely unaffected and you can continue to use it and your Cashplus card as normal.

    We’re here to help

    Questions or concerns? Our Customer Services team is always happy to help. Try them on 0330 024 0924 or check the Contact Us page for details.

     

    Thanks

    The Cashplus Team

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