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  • FIRST POST
    markvenroe
    Cash Plus Business Bank Account, what are your thoughts?
    • #1
    • 12th Sep 12, 11:33 AM
    Cash Plus Business Bank Account, what are your thoughts? 12th Sep 12 at 11:33 AM
    Official MoneySavingExpert.com insert

    For full info on small business bank accounts, see the main website's best business bank accounts guide.

    Back to the original post...

    ------------------------


    Hi all,

    I am looking at starting to contract with the work I do and have set up a LTD company but I am having trouble getting a bank account through the high street banks because I went bankrupt in Aug 2007 (my bankruptcy was a personal one).

    I have gone through the process for a foundation account with Nat West and have been declined. I have a personal account with the CO-OP, which is great. But they won't touch me for a business account until I am 6 years clear of my Bankruptcy.

    I have seen on here that the Cash Plus Business Card is a good alternative, does anyone have any experience with the Cash Plus Business Card/Account specifically? What are your thoughts and what are the charges? I will be using it for a Bacs in once a week and for a direct debit out once a month.

    I have had a good look around the website and I can see there is an annual fee of £29.99 and it looks like everything else is free. So what is the catch? What is your experience with this company.

    Many Thanks

    Mark

    P.s Sorry I posted this in here but realised it was the wrong forum so have put tit in the Bankruptcy forum. Apologies for the double posting.
    Last edited by MSE Helen Saxon; 27-03-2013 at 4:21 PM.
Page 1
  • Wywth
    • #2
    • 12th Sep 12, 3:02 PM
    • #2
    • 12th Sep 12, 3:02 PM
    Hi all,

    I am looking at starting to contract with the work I do and have set up a LTD company but I am having trouble getting a bank account through the high street banks because I went bankrupt in Aug 2007 (my bankruptcy was a personal one).

    I have gone through the process for a foundation account with Nat West and have been declined. I have a personal account with the CO-OP, which is great. But they won't touch me for a business account until I am 6 years clear of my Bankruptcy.

    I have seen on here that the Cash Plus Business Card is a good alternative, does anyone have any experience with the Cash Plus Business Card/Account specifically? What are your thoughts and what are the charges? I will be using it for a Bacs in once a week and for a direct debit out once a month.

    I have had a good look around the website and I can see there is an annual fee of £29.99 and it looks like everything else is free. So what is the catch? What is your experience with this company.

    Many Thanks

    Mark

    P.s Sorry I posted this in here but realised it was the wrong forum so have put tit in the Bankruptcy forum. Apologies for the double posting.
    Originally posted by markvenroe
    You should be fine.

    Only catches I can see are:
    1. (the one you already spotted) £29.99 annual fee
    2. No cheques in or out.

    ETA:
    3. (not sure on this, but...) maximum permitted balance £15,000
    Last edited by Wywth; 12-09-2012 at 3:10 PM.
  • markvenroe
    • #3
    • 19th Sep 12, 9:29 AM
    • #3
    • 19th Sep 12, 9:29 AM
    As a follow up, I had initially tried HSBC over the phone, but a representative said I wouldn't have any joy due to my bankruptcy. I then decided for a long shot to speak with them again but via the chat application on their website.

    I spoke with someone at 1pm and by 5pm the same day I had gone into the local branch with all my details and dressed in my best clothes and I had a standard business account. This is fantastic news and I would recommend to anyone to try HSBC or pop into your local branch.

    Such a relief.

    I did go with CashPlus also, who incidentally send out your card once you have completed step one of their application process! But I have destroyed this now.

    Thanks for your advice.
  • Wywth
    • #4
    • 19th Sep 12, 11:11 AM
    • #4
    • 19th Sep 12, 11:11 AM
    As a follow up, I had initially tried HSBC over the phone, but a representative said I wouldn't have any joy due to my bankruptcy. I then decided for a long shot to speak with them again but via the chat application on their website.

    I spoke with someone at 1pm and by 5pm the same day I had gone into the local branch with all my details and dressed in my best clothes and I had a standard business account. This is fantastic news and I would recommend to anyone to try HSBC or pop into your local branch.

    Such a relief.

    I did go with CashPlus also, who incidentally send out your card once you have completed step one of their application process! But I have destroyed this now.

    Thanks for your advice.
    Originally posted by markvenroe
    Congratulations on securing a standard business account from HSBC.

    Can I ask why you have destroyed the CashPlus card you applied for?
    As you had already applied and agreed to pay for it's issue (first annual fee), it may have been useful to keep in addition to the HSBC account.
    If you really do wish to withdraw from the agreement you entered, I suggest you do so by following term 12.2 of the applicable terms you originally agreed to
    https://secure.membersaccounts.com/tc/bus-tc1/terms-and-conditions.pdf
  • markvenroe
    • #5
    • 19th Sep 12, 3:24 PM
    • #5
    • 19th Sep 12, 3:24 PM
    Thanks, its the most positive thing that has happened since I went bankrupt and I will be moving all my accounts to HSBC if I am happy with them.

    I rang up cashPlus and because the card was sent through without me paying the charge, this charge was just a negative on the account they advised to not activate the card and destroy it.
  • YoYoY
    • #6
    • 20th Sep 12, 9:13 AM
    • #6
    • 20th Sep 12, 9:13 AM
    Thanks, its the most positive thing that has happened since I went bankrupt and I will be moving all my accounts to HSBC if I am happy with them.

    I rang up cashPlus and because the card was sent through without me paying the charge, this charge was just a negative on the account they advised to not activate the card and destroy it.
    Originally posted by markvenroe
    i.e. a debt.

    Debts don't usually just disappear...
  • markvenroe
    • #7
    • 20th Sep 12, 9:38 AM
    • #7
    • 20th Sep 12, 9:38 AM
    Nope no debt because the card was not activated. But I have just checked and I did need to contact customer services to let them know that the account needed to be cancelled.
    Last edited by markvenroe; 20-09-2012 at 9:45 AM.
  • amaze12345
    • #8
    • 15th Mar 14, 1:42 AM
    stay away
    • #8
    • 15th Mar 14, 1:42 AM
    Its up to you to try cashplus,, but my experience stay away,, what I achieved nothing,, n what I lost is
    @ £5 on applying card
    @ few £££ wasted while contacting them to receive the pin number which never came
    @ and now received an an email for another £5 for not using it ,,

    Overall u will receive a dummy Gold MasterCard,, stay away from cashplus
    • CKhalvashi
    • By CKhalvashi 15th Mar 14, 2:50 AM
    • 8,803 Posts
    • 25,140 Thanks
    CKhalvashi
    • #9
    • 15th Mar 14, 2:50 AM
    • #9
    • 15th Mar 14, 2:50 AM
    As mentioned above.

    Speak to HSBC, explain the situation, and they will help you on condition that no immediate borrowing is required.

    I spoke with someone yesterday who, after a year with them and 4 years after discharge, has borrowing facilities with HSBC on a limited company, plus all the bells/whistles from them on the personal side (CC, OD, Premier banking), so they're definitely worth a go.

    CK
    "I kada sanjamo san, nek bude hiljadu raznih boja" (L. Stamenkovic)

    Call me Remainer or Romaniac, but not Remoaner. It's insulting and I have the right to have my voice heard too.

    I can spell, my iPad can't.
    • darkfield
    • By darkfield 15th Mar 14, 7:20 AM
    • 107 Posts
    • 68 Thanks
    darkfield
    Your wasting your time, CKhalvashi.

    This thread is 18 months old, and the OP hasn't been back since then.
    (Hopefully they have got a solution in the mean time)
    • CKhalvashi
    • By CKhalvashi 15th Mar 14, 8:08 AM
    • 8,803 Posts
    • 25,140 Thanks
    CKhalvashi
    Your wasting your time, CKhalvashi.

    This thread is 18 months old, and the OP hasn't been back since then.
    (Hopefully they have got a solution in the mean time)
    Originally posted by darkfield
    Thanks, sorry, didn't check date.

    CK
    "I kada sanjamo san, nek bude hiljadu raznih boja" (L. Stamenkovic)

    Call me Remainer or Romaniac, but not Remoaner. It's insulting and I have the right to have my voice heard too.

    I can spell, my iPad can't.
    • HowesJim
    • By HowesJim 5th Oct 15, 11:53 AM
    • 1 Posts
    • 0 Thanks
    HowesJim
    Hi Markvenroe,

    Now it's been a while, how are things going with HSBC. I'm in a similar position as you were and wondering if it's worth trying them?

    Cheers!
    • Mr Thaker
    • By Mr Thaker 13th Jun 16, 12:48 PM
    • 1 Posts
    • 0 Thanks
    Mr Thaker
    Beware of Cashplus Business
    DO NOT USE!

    I was initially told that my bank account was accepted and I waited for my card. They had they rejected my application without telling me. So I paid my fee which I lost and I'd also passed on the bank details onto my clients who had paid money into the account which we also lost!

    When I called the customer helpdesk they could not give me any information of any transaction or why I had been declined after being accepted and they could not tell me why I was not given any notification.


    I had read lots of bad reviews about this account before I signed up but I thought heck lets try it anyway. Turns out that it really is as bad as everyone had suggested.


    For your own sake stay away!!
    • Blue_Max
    • By Blue_Max 26th Aug 16, 6:32 PM
    • 666 Posts
    • 165 Thanks
    Blue_Max
    Cashplus Business Card Application Problem
    Few days ago I started to make an online application for Cashplus Business card.
    At one stage I was told about their charges, omething I did not know about.
    So I did not proceed with my application.
    I did not give them my bank details either.
    I then got an email saying that my application was successful.
    Few days later I received their card with a letter asking to pay into this account, activate the card, get your PIN, Register for members area, area.
    I did nothing.

    Do I have a legally binding contact with them?
    I am liable for their fees?
    Thanks!
    Last edited by Blue_Max; 26-08-2016 at 6:45 PM.
    • mrrobinson88
    • By mrrobinson88 11th Jan 18, 8:58 PM
    • 2 Posts
    • 0 Thanks
    mrrobinson88
    Hi,

    I noticed an envelope which had Cashplus on it, addressed to my stepson. He is 18 and is currently looking for work. I asked him what it was (as I donít want him getting into debt - he has no income, meaning potential trouble arriving at my door!) but he told me it was just rubbish and put it in his pocket.

    I have done some research on Cashplus and I have a feeling heís opened a Cashplus account as itís instantly approved. My question is, why would someone open an account like this, if they are out of work and already have a current account on the high st??
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