My cash plus business bank account

muney

Has anyone used the services of MYCASHPLUS.co.uk.

They are offering a PAYG type of business bank account and they state the only difference with their and the main high street banks is they have no cheque cashing facility.

Anyone used them? What they like? Any downfalls etc?

[Deleted User]

You've answered your own question there.

1. It doesn't accept cheques.
2. *PAY* as you go.

Assuming you're a sole trader (not a Ltd or a PLC), you'd be better off giving HSBC's Business Direct account a shot for low volumes of transactions, or comparing the high street market for higher usage.

Failing that, just open a normal bank account. What's a business account going to do for you that a normal one wouldn't? Only one I can think of - let you accept cheques in your trading name, which the Cashplus account won't let you do anyway.

I'd liken the Cashplus account to a jamjar with "Business Money" written on it. Except a jamjar doesn't charge you a "convenient annual fee"...

muney

Thanks for that, the business is a Ltd.
Anyhow just rang them up earlier and they said I can only set up a maximum of 100 direct debits per month with a maximum value of £50,000. I will exceed the direct debit amount anyhow.
And majority of the transactions will be direct debits coming into the account. And also will be used for standing orders.
I have not got any ccj's etc, but am only 18 so hard to get a business account with the big boys.

JuicyJesus

muney wrote: »

I have not got any ccj's etc, but am only 18 so hard to get a business account with the big boys.

Have you even applied?

This MyCashPlus product sounds pointless to me. Even if you do fail scoring for a business bank account, some banks do basic business accounts which are doubtless a lot more flexible than this rubbish glorified prepaid card.

jonesMUFCforever

If you have a Limited company you really need a proper business account with a proper bank.

Ink200

Hi
Would anyone know why Cashplus would terminate a business account. Section 12.3i terms and conditions does not give a comprehensive reason. Making a phone call did not seem to work either they would not give an explanation..

Has anyone else experienced this please?

JuicyJesus

Ink200 wrote: »

Hi
Would anyone know why Cashplus would terminate a business account. Section 12.3i terms and conditions does not give a comprehensive reason. Making a phone call did not seem to work either they would not give an explanation..

Has anyone else experienced this please?

Banks and such can close an account for any reason they like, including no reason at all, and do not have to give an explanation.