Does mycashplus counts as bank account?

xkpa

Hi there. I have Mycashplus prepaid card which comes with sort code and account number, SO, DD etc. When I check the sort code here (http://www.paymentscouncil.org.uk/resources_and_publications/sort_code_checker/) it gives APS FINANCIAL LTD as owner.

What do you think, could i use that account to switch to M&S for example just for the purpose of 100 M&S vouchers? Thanks in advance

dr_adidas01

I doubt it, its not a true bank account as such and isn't reported to the credit reference agencies.

Isn't this one of those accounts that anyone can get that doesn't require a credit check?

You could always give it a go and be laughed at by M&S for even trying!!

Archi_Bald

They are not on the list of participating banks, probably because they aren't a bank to start with, and don't offer current accounts.

http://www.paymentscouncil.org.uk/switch_service/who_is_participating/

charlie.kelly

Actually it is a bank account and is reported as such to the Credit Reference Agencies. Some people use it as their main account.

paragon909

Cash Plus sort codes and account numbers are basically just reseller bank accounts.

And they are generally defined as collection accounts. Which doesn't count as a normal bank account from like TSB or Barclays directly would. Like you couldn't go into a branch and discuss the details of the account details.