CashPlus Business Bank Account - For Good Credit Worthy People

Joe07932

Hi There,

I've got a number of websites that are now generating ad revenue which I run in my spare time.

(Original post: POST ID: 4614475)

I don't want to apply for a high street bank account as:

1. I don't want to go through the credit check because I'm not that serious about running my own business. 'Although I have a great credit file as per credit expert'

2. I just want something really simple for paying money in to from ad platforms and affiliate networks.

3. I don't want it to affect my credit file/rating personally.

4. I'm not really bothered about the potential interest of the balance because it will be negligible anyway as we're only talking about a few hundred pounds per year.

So my questions are really:

1. If I apply for a mycashplus.co.uk/business/ business bank account will it affect my credit file / rating in anyway?

2. Could it affect my credit file in anyway by having a this type of account?

3. Is it as simple as they say - Apply online with no credit checks?

'THIS IS A REAL POST NOT A POST ON THEIR BEHALF'

Cheers,
Joe

paddyrg

Nothing wrong with the high street banks business accounts - you won't be credit checked if you just get a basic account as you are not looking for credit.

Wywth

Have you considered asking your existing bank for a business account?

Any account with even small credit facilities will probably be reflected on your credit file (unless you decide to operate as a separate legal entity such as a limited company), but I can't see how this would adversely affect you unless you plan to run off with the bank's money.

Joe07932

Hi paddyrg,

Thanks for the reply and I've read a post by MSE about basic bank accounts and they seem like lots of hassle.

Filling out forms, waiting for a few days them been approved/accepted plus they seem to be more limited, etc, etc.

I called CashPlus today and they seemed quite nice over the phone and advised me they are a real bank but cannot 'at this time' clear cheques.

Why would you choose a basic high street bank over the CashPlus Business Premier?

Their account is protected by MasterCard credit card stuff unlike a basic account from 'say' the halifax which is a visa electron debit card.

Cheers,
Joe

paddyrg

Cashplus are cautious not to claim to be a bank - they are a prepaid payment card company offering some facilities similar to a bank from what I can see. The division may be fairly moot depending on your business, but I'd be unclear if they are underwritten by the government/etc as 'proper', licensed banks are. I guess, they *could* just walk off tomorrow closing down the company leaving you short - unlikely they would for the sake of your few hundred quid mind. They're registered with the FCA as an electronic payments company, not a bank from what I can see.

I see it's £30/year account fee, not sure what the per item charges are, but you might find some business bank accounts are completely free - some for 18 months, some forever, which may be beneficial. Remember they also have charges for cashpoint use etc, which are free with most business bank accounts (eg Lloydstsb electronic tariff)

Brassedoff

Cash plus Business MasterCard is a good way to collect Internet payments and to pay online business bills if other countries. I use it. I am an director of nine companies, a business consultant and work in R&D for new products and there's nothing wrong with my credit rating. I use it because its safe and not connected to my HSBC & Lloyds Accounts.

One company where I am a director has a lot of on the road engineers. We issue these Cash Plus Pre-paids to them. We can top them up in seconds from the regular bank accounts. We only put £300-500 on them (depending on the engineer). We know there will never be a problem of one of our business cards having £1,000's taken off them.

A good flexable card system if you don't want to confuse things, especially if when you receive payments on them and use them to pay for your websites and other things.

Brassedoff

paddyrg wrote: »

Cashplus are cautious not to claim to be a bank - they are a prepaid payment card company offering some facilities similar to a bank from what I can see. The division may be fairly moot depending on your business, but I'd be unclear if they are underwritten by the government/etc as 'proper', licensed banks are. I guess, they *could* just walk off tomorrow closing down the company leaving you short - unlikely they would for the sake of your few hundred quid mind. They're registered with the FCA as an electronic payments company, not a bank from what I can see.

I see it's £30/year account fee, not sure what the per item charges are, but you might find some business bank accounts are completely free - some for 18 months, some forever, which may be beneficial. Remember they also have charges for cashpoint use etc, which are free with most business bank accounts (eg Lloydstsb electronic tariff)

APS is a big global player in securities and exchange. They do major clearing for 5000 odd cards in the UK. The major high street bank is the Co-Operative Bank. They do have all the correct accreditation e in the UK As a MasterCard and Visa issuer, you are also protected through their guarantees.

As for their other activities, they issue the NHS and Local Government payment card. If you are unsure what thst is, if. Mall trader supplies the NHS, they pay the bill with the card through thst system.

They do loans, but from £250K to £100,000,000

As for banks charging, I wish I had one of those free accounts. My banks charge me an arm and leg every month.

They are a safe company (if any bank is safe nowdays)

Joe07932

Hi Brassedoff,

Thanks for your reply, insight in to and your experience of APS.

As you say 'A good flexable card system if you don't want to confuse things, especially if when you receive payments on them and use them to pay for your websites and other things.'

This is exactly what I want and need to keep things simple.

I had a previous business account with Natwest about 5 years ago but all I got was letters and calls for overdrafts and loans which I didn't want then either.

Also thank you all for your replies.

Cheers,
Joe