cashplus now a bank

colsten

The newest kid on the UK banking block: cashplus bank. They have traditionally boasted that they do no credit check during the application for their current account, and that still appears to be the case. However, for most people, the cashplus account will be singularly unattractive as it comes with unavoidable charges, and there are alternatives for no-charge basic accounts for people with difficult credit records. Still worth keeping an eye on them, perhaps they might come up with a joining incentive.......

pbartlett

I wonder if they check the CIFAS register? I have seen (regular) threads on here about (usually youngsters) having accounts closed, CIFAS markers, unable to open an account anywhere. I wonder if this would be something they could apply for?

[Deleted User]

Avoid like the plague. A terrible organisation.

Stuart_W

I seem to remember reading somewhere that cashplus are the only one of the newer fintech companies that is actually making money. No idea if this is true, but given the fees on all their products, you can see where the profits come from if they have decent numbers, but surely they are only pitching to a "last resort" customer base who have presumably tried normal banks and failed. Can't imagine them appearing on MSE much (although a while ago I got a prepaid card with more quidco cashback than it cost but I can't imagine they'd be much else money saving about them, and anyway personal customers should check out their local credit union if they really have no other options).

Dandytf

I enjoyed minimal use of cash plus MasterCard.
though 39% approx paid groceries off, avoiding interest.

adamp87

Sure somewhere would give a basic bank account as opposed to paying these fees?