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The Zempler Bank business account has something to offer everyone, but if you or your business have bad credit, the absence of a credit check is where the account may come into its own.
The paid-for Business Extra account from Zempler Bank (which was formerly known as Cashplus) even allows you to build your credit history through its Business Creditbuilder feature.
Zempler Bank (formerly Cashplus) Business Go Account
Free
Free
3 free per month
n/a
- Available to UK registered companies with at least one UK resident director or UK-based sole traders and self-employed
- Applicants must be aged 18+ and have a valid UK phone number and residential address
NerdWallet's Review Summary
The Zempler Bank’s business account may appeal to customers with bad credit, as there is no credit check when you apply for this account. Additionally, its paid-for Business Extra account, which costs £9 per month, can bolster your credit score using the Business Creditbuilder feature.
For more details, check out NerdWallet’s Zempler Bank Business Account review.
Cashplus key features:
- Credit and overdraft facilities: An account can offers the chance to apply for a business overdraft, or a business credit card.
- Business Creditbuilder: If you open an account, you can upgrade to boost your credit score with the Zempler Bank Business Creditbuilder.
- No maintenance fee: There is no monthly charge for having this account.
- FSCS protection: Zempler Bank is a fully-licensed bank, so your eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
NerdWallet's Pros & Cons
Pros:
- Zempler Bank offers a business bank account with no monthly fees.
- Accounts can be accessed online and through Zempler Bank’s mobile app, on iOS and Android.
- Zempler Bank claims that 99.92% of its customers open an account on the same day as their application.
- Zempler Bank business customers can potentially access an overdraft and a business credit builder.
Cons:
- You cannot cash cheques with a Zempler Bank business account.
- You cannot send international payments through your Zempler Bank account.
- Zempler Bank doesn’t have any physical branches, though account holders can deposit cash at the Post Office.
- Zempler Bank does not have 24/7 customer service.
This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.
Learn more about how we bring you our review.
Key features
- Free and paid accountsZempler Bank offers the choice between accounts with and without monthly fees.
- FSCS protectionSince Zempler Bank is a fully licensed bank, your eligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- Credit and overdraft facilitiesWith Zempler Bank, you may be able to access a business overdraft or a business credit card, though online applications for the latter are currently closed.
- Business CreditbuilderYou may be able to build your business credit score using the Zempler Bank Business Creditbuilder.
Zempler Bank business account full review
Zempler Bank, a digital-only UK challenger bank formerly known as Cashplus, has established itself as a leading provider of consumer and business banking and lending services. Zempler Bank is authorised by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority.
Zempler Bank introduced the first general-purpose prepaid card in the UK in 2005, and, it claims, the first instant approval online business account. More recently, in February 2021, Zempler Bank secured a full UK bank licence.
For businesses, Zempler Bank offers multiple accounts: the Business Go and Business Extra accounts, as well as the upcoming Business Pro account. All accounts allow you to automatically categorise your spending to create reports and can be integrated with accounting software, such as Xero, QuickBooks and Sage.
Business Go
Zempler Bank’s Business Go account has no monthly fee and comes with the following features and fees:
- an account limit of £500,000
- three free in-app or online payments per month, with any payments outside of that allowance costing 30p per transaction
- a £9.95 fee for a contactless Mastercard, with additional debit cards costing £5.95 per card
- a £2 fee per ATM use (£3 for non-UK ATMs)
- a 0.5% fee for cash deposits at the Post Office
This means it may be better suited to smaller businesses that don’t need to make a large number of payments.
With a Business Go account you don’t have access to the Zempler Bank Business Creditbuilder, nor will you receive cashback on your card spend.
Business Extra
The Zempler Bank Business Extra account costs £9 a month, and comes with the following features and fees:
- an account limit of £500,000
- 20 free in-app or online payments, then costing 30p per transaction
- 0.5% cashback on your card spend
- free contactless Mastercard, with additional debit cards costing £5.95 each
- free ATM withdrawals in the UK or abroad
- 0.5% fee for cash deposits at the Post Office
With Business Extra, you will also have access to the Zempler Bank Business Creditbuilder. With this add-on, Zempler Bank lends you the equivalent of 12 months of fees (£108 for the £9 per month Business Extra account). Zempler Bank holds these funds separately so that you cannot see or use them. Your payment of the standard £9 monthly fee for the account is taken as payment of the Creditbuilder loan. If you pay on time for a year, this may then help boost your business credit score, as it shows credit agencies that you can make regular payments without a hitch.
Zempler Bank business account features: at a glance
| Business Go | Business Extra | |
| Monthly fee | Free | £9 a month |
| Transaction fees | Yes (fees apply to payments and transfers after free allowance of three per month. There are also charges for ATM withdrawals and cash deposits) | Yes (fees apply to payments and transfers after free allowance of 20 per month. There are also charges for cash deposits but ATM withdrawals are always free) |
| Account management | Online Via a mobile app | Online Via a mobile app |
| FSCS protection | Yes | Yes |
| Set-up time | Same day | Same day |
| Cash deposits | Yes (0.5% fee, minimum £3) | Yes (0.5% fee, minimum £3) |
| Cheque deposits | No | No |
| Access to other banking services | Yes (overdraft, credit card but applications currently closed) | Yes (overdraft, credit card) but applications currently closed) |
| International payments | Can receive but not send international payments | Can receive but not send international payments |
| Customer service | 0330 024 0924 (8am to 8pm Monday to Friday, 8am to 4pm Saturdays) | 0330 024 0924 (8am to 8pm Monday to Friday, 8am to 4pm Saturdays) |
| Multiple user access | Yes | Yes |
| Create and send invoices | Yes | Yes |
| Integration with accounting software tools | Yes | Yes |
Where the Zempler Bank business account stands out
- Building credit history: If you pay for a Business Extra account, you will have access to the Zempler Bank Business Creditbuilder. If you activate this add-on, and meet your standard monthly account fee payments on time for a year, this may help your business improve its credit score.
- FSCS protection: Zempler Bank is a fully licensed bank, meaning that eligible deposits up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS). If you are a sole trader with both personal and business accounts, this will be up to £85,000 across both accounts.
- Quick set-up: Zempler Bank claims that 99.90% of its business customers were able to access their accounts on the same day as their application. This quick set-up is, in part, because Zempler Bank does not conduct a credit check when reviewing your application.
- Access to overdraft and credit facilities: Unlike some other online-only business banking providers, you may be able to access credit facilities with your Zempler Bank account. These may include an overdraft of up to £2,000 or a business credit card.
- Sole traders, limited companies and LLPs: Zempler Bank offers accounts to partnerships as well as sole traders, limited companies and trustees – not every bank does this.
Where Zempler Bank business account falls short
- Transactions: You only get a small number of free payments with each account type (three for Business Go, and 20 for Business Extra) before you need to pay. There is also a fee to use an ATM if you only have a free account with Zempler Bank as well as costs for making Post Office cash deposits for all account holders. You also cannot make international payments or deposit cheques.
- Customer support: Zempler Bank does not offer 24/7 customer support. Instead, you can call 0330 024 0924 from 8am to 8pm Monday to Friday, and 8am to 4pm on Saturdays.
- No branch access: Zempler Bank does not have any branches. This means you cannot visit a physical location to ask questions or make transactions, beyond visiting the Post Office to deposit cash.
Zempler Bank business account customer reviews
Zempler Bank customers have left reviews on a range of sites. Generally, these reviews are positive.
It’s worth remembering that some of these reviews are from all Zempler Bank customers, not just its business banking customers.
- App Store: 4.7 out of 5, based on over 51,600 reviews
- Google Play: 4.5 out of 5, based on over 24,600 reviews
- Trustpilot: 3.6 out of 5, based on over 10,600 reviews
This information is correct as of 15 July 2024.
Zempler Bank business account eligibility
To open a Zempler Bank business account, you will need to:
- be a UK resident
- have a business based in the UK
- be at least 18 years old
Sole traders, partnerships, limited companies, trustees and other approved legal business entities are all eligible to apply for a Zempler Bank account. There are no credit checks, so you can apply if you or your business has a poor credit history.
How to apply for a Zempler Bank business account
To apply for a Zempler Bank business account, you will likely need to complete the following steps:
- Select whether you want to apply for a Business Go or Business Extra account and fill in an online form.
- This will include providing personal and business information, including business type, name and registration number (where applicable). You should make sure any details registered with Companies House are correct ahead of time. You will also need to supply the details of any persons of significant control (PSC).
- Wait for Zempler Bank to approve your business account, which should be on the same day as your application.
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