Business Current Account Service Information

 

Information about how to open a business current account

To open any of our accounts, a new customer will need to provide us with the documents and information set out in the applying for a Cashplus account help page. We may request additional information or documents in individual cases.

You can open a business current account:

Without visiting a branch

Yes

Where a visit to a branch is required, without an appointment

N/A

By sending us documents and information electronically

Yes

By post

No

 

Information about current account services

The Financial Conduct Authority requires us to publish the following information about our business current accounts.

How and when you can contact us to ask about the following things:

 

24-hour help?

Telephone

Online Banking

Cashplus Banking App

Contact details

 

Customer Service team: 0330 024 0924

Credit Management team: 0203 059 5784

Cashplus Online Banking

iTunes App store

Google play store

Checking the balance and accessing transaction history

No

Yes

No

No

Sending money within the UK, including setting up a standing order

No

Yes

No

No

Sending money outside the UK

No

No

No

No

Paying in a cheque

No

No

No

No

Cancelling a cheque

No

No

No

No

Cash withdrawal in a foreign currency outside the UK

No

Yes

No

No

A lack of funds: including unarranged overdrafts, payments we allow despite lack of funds and payments we refuse due to lack of funds

No

Yes

No

No

A direct debit, or allowing someone to collect one or more payments from your account using your debit card number

No

Yes

No

No

Third party access to an account, for example under a power of attorney

No

Yes

No

No

Problems using internet banking or mobile banking

No

Yes

No

No

Reporting a suspected fraudulent incident or transaction

No

Yes

No

No

Progress following an account suspension or card cancellation, e.g. following a fraud incident

No

Yes

No

No

Account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available

No

Yes

No

No

Note: this is a list of common queries. It does not represent the full list of queries you can raise in relation to your account.

 

How and when you can use your bank account to do the following things:

 

Telephone

Telephone Banking

Online Banking

Cashplus Banking App

Checking the balance

Monday to Friday, from 8am to 8pm, and Saturday from 8am to 4pm.

24/7

24/7

24/7

Accessing transaction history

Monday to Friday, from 8am to 8pm, and Saturday from 8am to 4pm.

No

24/7

24/7

Sending money within the UK

Monday to Friday, from 8am to 8pm, and Saturday from 8am to 4pm.

No

24/7

24/7

Setting up a standing order

Monday to Friday, from 8am to 8pm, and Saturday from 8am to 4pm.

No

24/7

24/7

Sending money outside the UK

No

No

No

No

 

Paying in a cheque

No

No

No

No

 

Cancelling a cheque

No

No

No

No

Note: this is a list of common actions. It does not represent the full list of actions you can take in relation to your account.

 

Information about Operational and Security incidents 

We are obliged to notify the Financial Conduct Authority if we become aware of a major operational or security incident which prevents our customers from using our payment services.

 

In the 3 months between 1 January 2021 and 31 March 2021

In the 12 months between 1 April 2020 and 31 March 2021

Total number of incidents reported

1

2

Incidents affecting telephone banking

1

2

Incidents affecting mobile banking

1

2

Incidents affecting internet banking

1

2

 

Complaints data

Financial Conduct Authority rules require us to provide them with a report of our complaints data every six months. In certain circumstances, we are also required to publish a summary of our complaints data.

The most recent summary is available on our Complaints data page.

The Financial Ombudsman Service publishes its complaints data every six months. You can see their complaints data about us at http://www.ombudsman-complaints-data.org.uk/

 

Opening a Business Current Account with us

Go to https://www.cashplus.com/help/opening-an-account/ to find out how you can open an account, and what information and documents you need to give us to open an account.

 

How quickly do we open business current accounts?

We give customers an account number and enable them to start paying into the account:

  • the same day, for 99.85% of customers;
  • on average, in 0.0 days; and
  • within 0 days for 99% of customers

These figures are based on the time taken from our receiving all the information and documents we ask for on our opening an account help page, in a case where we don’t need any further information or documents to open the account.

How quickly do we give customers a debit card?

Once an account is open, we give customers a debit card:

  • the same day, for 0.0% of customers;
  • on average, in 4.6 days; and
  • within 6 days for 99% of customers

How quickly do customers get internet banking?

  • The same day for 100% of customers
  • On average, in 1 days
  • Within 1 days for 99% of customers

How quickly is an Overdraft available?

  • The same day for 94.25% of customers
  • On average in 0.0 days
  • For 99% of customers, within 2 days

Replacing a Debit card

How quickly do we replace debit cards which have been lost, stolen or stopped?

  • the same day, for 0.0% of customers;
  • on average, in 4.4 days; and
  • within 5 days for 99% of customers

What is the interest rate being charged on our products?

Product

Range of annual interest rates payable for arranged overdrafts on 31st March 2021

Annual interest rate payable for unarranged overdrafts on 31st March 2021

Refused payment fee on 31st March 2021

Business account

48.01% - 69.98%

Not available

£0

How do our overdrafts compare?

A good way to compare the cost of our overdraft with other overdrafts or other ways of borrowing is to look at the APR. The APR shows the cost of borrowing over a year.

Information about overdraft pricing in the 3 months between the 1 January 2021 and 31 March 2021.

Product

Range of advertised APRs during the quarter

Business account

59.9% - 79.4%

API Performance

Read about the availability and performance of Online Servicing, the Cashplus Mobile App and our Open Banking API. These are reported and published online quarterly.

View API performance data

Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK.

For full website terms including information on Cashplus Bank, Mastercard and use of Trademarks, please see our full legal disclosures at https://www.cashplus.com/legal/.

Advanced Payment Solutions Limited (APS) provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria. APS is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Our Firm Reference Number (FRN) is 671140.

♦Calls to 03 numbers cost no more than a national rate call to a 01 or 02 number and will count towards inclusive minutes in the same way as 01 and 02 calls. Calls may be recorded.

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