Zempler Bank (formerly called Cashplus) is a 24/7 online current account with a fast application and easy account management. It pitches itself as an alternative to the conventional high street banks and over 2.2 million customers have joined Zempler so far. Zempler Bank offers a current account, pre-paid debit card, and a credit card too.
Key Features:
- Monthly fee: Free
- UK Card Purchases: 3 free then £0.30
- ATM withdrawals: £2
- Bank Transfers: 3 free then £0.30
- Overdraft: No
- Access: App & Online
Protection:
- FSCS protected: Yes, up to £85,000
- FCA regulated: Yes
- No monthly or annual fee
- Deposits are FSCS protected
- Can apply online
- UK phone support
- Accounting software integration
Zempler Bank Business Services
Current Accounts
Zempler offers three distinct business bank accounts: Business Go, Business Extra, and Business Pro.
Its Business Go account is a free current account, with no monthly or annual fees.
Zempler makes it easy to set up an account. The application process takes just a few minutes, and
Once the bank approves your application, you’ll receive a sort code and account number instantly so you can begin accepting payments. New customers normally receive a debit MasterCard within 3-5 days of opening an account.
With a Business Go account, you can receive customer payments and transfers for free, with no limit on the number of transactions.
However, this account only allows customers to make 3 external payments or transfers for free each month. After that, you’ll have to pay 30p every time you pay or transfer money to someone else. There’s £2 fee per ATM withdrawal which increases to £3 per withdrawal for ATMs outside the UK. The maximum amount that you can take out of your account by ATM is £500 per day.
To pay cash into your account, simply visit any Post Office location. There’s a £3 fee (or 0.50% of the transaction value) for each deposit you make, up to a total of £5,000 per day.
Business Go customers can add up to 20 additional cards to their current accounts at a cost of £5.95 each. You can also request Euro and USD cards.
In addition to the free Business Go account, Zempler offers two paid current accounts: Business Extra, which costs £9 per month, and Business Pro (£19 per month).
Unlike the free Business Go account, the Business Extra and Business Pro options have no upfront card fees and no fees for making cash withdrawals in the UK or abroad. Whereas the Business Go account charges 2.99% for any non-sterling transactions, Business Extra and Business Pro customers can use their cards abroad without incurring any additional charges.
Beyond that, Business Extra customers can make 20 external payments or transfers for free every month, or pay a 30p for every additional payment/transaction. There are no fees for sending money from a Business Pro account.
Like the Business Go account, Business Extra and Business Pro members must pay £3 (or 0.5% of the transaction value) for any money paid in at a Post Office branch, up to a limit of £5,000 per day.
Business Extra customers can hold up to £500,000 in their accounts, whilst there’s no limit for Business Pro members.
Both Business Extra and Business Pro customers can earn cash back on purchases made through Zempler, up to a maximum of £1,000 per month. Extra customers earn 0.5% whilst Pro account holders earn up to 1% cash back on eligible purchases.
Business Pro customers also receive other benefits such as a dedicated customer service management team, 1.75% interest on savings (for savings of up to £10,000 for existing customers or £100,000 for new customers), and unlimited ATM withdrawals, among others.
All Zempler Bank customers benefit from customer service support online and by phone through their UK-based call centre.
Similarly, the Zempler Bank app allows customers to create digital invoices, capture digital receipts, and track cashflow. The app also comes with useful business integrations with accounting and Making Tax Digital software.
Savings Accounts
Zempler Bank does not currently offer savings accounts as such. However, Business Go, Business Extra, and Business Pro account holders can open a ‘pot’ which is separate from their current account.
These ‘pots’ allow customers to “ringfence” money for tax purposes, savings, unexpected expenses, or for a multitude of other reasons.
Money held in a pot is FSCS protected (up to £85,000) and can be transferred back into your current account instantly. However, money in the pot cannot be used to make payments until it has been transferred back into your current account.
Business account holders can only open 1 pot at present, although Zempler has indicated that it plans to allow multiple pots soon.
For limited companies in search of a more traditional business savings account, Zempler has launched a partnership with Aldermore Bank. Aldermore Bank offers a free savings account for Zempler business customers, provided that they are limited companies and can deposit a minimum of £1,000.
Overdrafts
Zempler Bank offers overdrafts, but this feature is only available by invitation to business account holders.
To be eligible, you must have had a business account with Zempler for at least 3 months. Invitations are sent via email, SMS, through the app, or by a message in your online account.
The bank doesn’t charge fees for overdrafts of £5 or less, but overdrafts over £5 accrue interest on a daily basis. Zempler may impose additional fees (such as an annual charge for using your overdraft) and these are stated in the invitation you receive.
Account holders must repay at least the minimum repayment charge each month. If Zempler determines that you are repeatedly using overdrafts, they may suspend your ability to use this service.
Business Finance and Loans
Zempler has a business credit card offering up to 1% cashback on eligible purposes.
The business credit card is aimed at sole traders and directors of limited companies registered with Companies House. Applicants must be at least 18 years old and must not have any recent CCJs, IVAs, or CVAs against them.
Zempler’s business credit card has no monthly or annual fees, and the company offers up to 56 days of interest-free credit when you pay off the balance in full every month.
If you don’t pay the balance in full, you can expect to pay a variable annual interest rate of at least 19.9 percent.
The company recently paused applications for its business credit card but states “We will reopen applications as soon as we can.”
Zempler Bank Reviews and Ratings
Trustpilot reviews are very mixed, with 55% rating Zempler Bank 5/5 and 31% having a bad enough experience to rate them 1/5. Many recent reviews are critical, with customers complaining of missing payments, blocked accounts, and technical problems. They also say it’s hard to get help on the phone. The positive reviewers think Zempler Bank is a ‘no nonsense’ business account with handy features.
There are also a substantial amount of Smart Money People reviews which are mainly positive. Reviews.co.uk comments are mainly negative, with similar complaints to Trustpilot.
The account isn’t included in the Which? list of ‘Best & Worst Banks’.
Zempler Bank was named as Paybefore’s ‘Top Challenger Bank 2017.’
At the end of 2024, Zempler announced that more than 169,000 new customers had opened accounts with the bank, representing at 10% increase from the previous financial year. The bank also increased its microbusiness loans by 23% during that period.
Smart Money People – 4.83/5 (based on 16,796 reviews)
Trustpilot – 3.7/5 (based on 11,874 reviews)
Reviews.io – 1.4/5 (based on 100 reviews)
Which? – not included
Pros
- The oldest UK challenger bank.
- Includes credit products.
- Clever, intuitive features.
Cons
- Extra fees on top of annual fee, even for very routine, basic account features.
- Credit products have a higher APR compared to other banks.
- Very critical recent reviews. They seem to have had some technical issues.
Website: Zempler Bank Website