Cashplus account

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 don’t 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 he’s opened a Cashplus account as it’s 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??

john1002

Could be just a flyer looking to get him to open an account or he might want to build a credit history which this card can do for a small monthly charge. He might want flexibility or thinks it might be easier to get an overdraft or direct debit protection they offer after a qualifying time.

John

eDicky

A prepaid Cashplus account costs at least a fiver per month, with dubious benefits. I think they also offer credit at high interest and even a credit card.

You could suggest to him the Loot prepaid account instead to avoid the fees, and he may then tell you what he's using Cashplus for that Loot doesn't do.

https://loot.io/

Anthorn

eDicky wrote: »

A prepaid Cashplus account costs at least a fiver per month, with dubious benefits. I think they also offer credit at high interest and even a credit card.

You could suggest to him the Loot prepaid account instead to avoid the fees, and he may then tell you what he's using Cashplus for that Loot doesn't do.

https://loot.io/

There is another alternative and that's The Change Account from Raphael's Bank. It harks back to the Secure Trust Bank current account and is a virtual clone with the addition of a mobile app and instant notifications. To briefly sum up, you get a secure wallet account and a Debit MasterCard. Deposit money into the card and then transfer from the card to the wallet as needed. Thus money can be ring fenced against fraudulent transactions. The cost compares favourably with the Cashplus card.

home page: https://www.thechangeaccount.com
costs and usage limits: https://www.thechangeaccount.com/costs/

Some people like prepaid cards because they know what charges they will pay every month (if any), there are no penalties, no overdraft to tempt you and depending on the account money is ring fenced against fraudulent transactions.

Basic bank accounts have done away with the need for prepaid cards and bank accounts and it was basic bank accounts which Secure Trust Bank blamed for the demise of its prepaid current account. But prepaid still persist so there must be demand.

SnowTiger

Anthorn wrote: »

There is another alternative and that's The Change Account from Raphael's Bank. It harks back to the Secure Trust Bank current account and is a virtual clone with the addition of a mobile app and instant notifications. To briefly sum up, you get a secure wallet account and a Debit MasterCard. Deposit money into the card and then transfer from the card to the wallet as needed. Thus money can be ring fenced against fraudulent transactions. The cost compares favourably with the Cashplus card.

home page: https://www.thechangeaccount.com
costs and usage limits: https://www.thechangeaccount.com/costs/

There's a charge of £4.25 a month;
£1 per ATM withdrawal;
50p to make a Faster Payment; and
50p for each direct debit.

Alternatively, Cashplus offers no monthly fee;
ATM withdrawals are free;
Faster Payments are free; and
Direct debits are free.

And punters earn £4.05 (paying a £5.95 for card and getting a £10 credited to their account). Sign up via https://www.moneysupermarket.com/prepaid-cards/.

Cashplus customers are also likely to be offered a credit card after keeping their account in good order for a while.

Or there's Loot. It doesn't offer direct debits or standing orders at the moment. It's easy to get an account and there's (virtually) no charges.

paragon909

Loot is rubbish, I would use Monese, It's free, Offers free faster payments, direct debits, contactless card costs like £4.95, free deposit using post office and bank transfer, And it also offers paypoint which I like. Get your own account number and sort code.

No problems with that app so far.

SnowTiger

paragon909 wrote: »

Loot is rubbish, I would use Monese, It's free, Offers free faster payments, direct debits, contactless card costs like £4.95, free deposit using post office and bank transfer, And it also offers paypoint which I like. Get your own account number and sort code.

No problems with that app so far.

ATM withdrawals £1 each. £4.95 for a real card.

Monse has flipflopped. It was free, then brought in charges, now mostly free again.

Candyapple

mrrobinson88 wrote: »

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 don’t 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 he’s opened a Cashplus account as it’s 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??

If it was just rubbish, why didn't he throw it in the bin? Sounds like he's hiding something.

Could he possibly be in debt/overdrawn with his other current account?

Or perhaps he may have fallen foul to money launderers due to his age. Lots of threads about this who target younger / vulnerable / unemployed people with the lure of easy money:
https://forums.moneysavingexpert.com/discussion/5790196

eDicky

paragon909 wrote: »

Loot is rubbish,

In what way? Have you used it?

paragon909

eDicky wrote: »

In what way? Have you used it?

I've had a cashplus account in the past with their ridiculous fees and customer services. Or the high rate overdraft they give you... Or recording incorrect details on your credit file then cannot remove because they can't find the data.

eDicky

paragon909 wrote: »

I've had a cashplus account in the past with their ridiculous fees and customer services. Or the high rate overdraft they give you... Or recording incorrect details on your credit file then cannot remove because they can't find the data.

So what does that have to do with Loot, a totally different company and product that you say is 'rubbish'?